NEW YORK, July 10, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, global centralizers and float equipment market is projected to reach $1,439.3 million by 2024, registering a CAGR of 6.3% during the forecast period. The demand for centralizers and float equipment is primarily driven by the increasing prosperous new discoveries of oil and gas reserves, growing demand for oil and gas products, and recovery in the global crude oil prices.
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Recent recovery of crude oil prices helped the crude oil upstream industry, which in result, encouraging the demand for well completion equipment, since mid-2016. In last couple of years, many exploration and production (E&P) companies had resumed operations of deferred projects and retendering of other E&P projects. For instance, British Petroleum (BP) plc began the second phase of the Mad Dog oil field operations, Royal Dutch Shell plc announced its plans to develop the Penguins field in the North Sea, and several other global players also demonstrated active participation in E&P operations. Thus, this trend in E&P initiations is expected to propel the centralizers and float equipment market in the forthcoming years.
Based on the equipment, the centralizers and float equipment market is bifurcated into centralizers and float equipment. Between the two, in 2018, float equipment accounted for larger revenue share of more than 55% in the market. This significant market share is ascribed to the increasing E&P activities, coupled with the rising necessity for preventing the backflow of cement slurry in well completion operations. As per oil and gas industry experts, the crude oil prices are expected to remain constant in the upcoming years, which in result, would fuel the market growth during the forecast period.
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On the basis of application, the centralizers and float equipment market is classified into onshore and offshore. In terms of both volume and value, onshore application held larger market share by accounting more than 80% in 2018. This significant market share is attributed to the number of onshore drilling wells across the globe. Middle East & Africa (MEA), Latin America (LATAM), and North America are the major regions for onshore oil and gas drilling wells. The growing E&P operations in these regions are expected to further boost the demand for centralizers and float equipment in the coming years.
Some of the major players operating in the global centralizers and float equipment market are Halliburton Company, Weatherford International plc, Centek Group, Ray Oil Tool Company, Downhole Products, Summit Casing Equipment, Sledgehammer Oil Tools Pvt. Ltd., NeOz Energy, Puyang Zhongshi Group Co. Limited (PYSZ), National Oilwell Varco Inc., and Oilmec Drilling Equipments Pvt. Ltd.
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The centralizers and float equipment market is highly dispersed in nature and is characterized by the presence of a limited number of players operating at a large scale. Top five market players accounted for more than 60% market share in 2018 and remaining market share was shared by hundreds of small companies.
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