Well Casing Market Size to Surpass USD 65.18 Billion by 2026 | Offshore Exploration Activities to Fuel Demand for Well Casing
According to Fortune Business Insights, the global Well Casing market size is projected to grow from USD 7.93 Billion in 2018 to USD 13.46 Billion in 2026, at CAGR of 6.8% during forecast period.
Pune, India, Sept. 20, 2023 (GLOBE NEWSWIRE) — The global well casing market size is predicted to reach USD 13.40 billion by 2026, exhibiting a CAGR of 6.8% during the forecast period. The increasing demand for hydrocarbon around the world will be a critical factor in boosting the well casing market revenue during the forecast period. The surge in aviation industry and growing electricity requirement will spur demand for oil and gas, which, in turn, will aid the market in the forthcoming years. The surge in offshore exploration activities will consequently create opportunities for the well casing market in the foreseeable future.
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According to the published report, titled “Well Casing Market Size, Share & Industry Analysis, By Casing Type (Conductor Casing, Surface Casing, Intermediate Casing, and Production Casing), By Application (Onshore and Offshore), and Regional Forecast, 2019-2026” the market size stood at USD 7.93 billion in 2018. The well casing market report focuses and elaborates the definition, types, applications and major players in detail. Deep analysis about well casing market status, competition pattern, enterprise, advantages and disadvantages of enterprise products, industry development trends, regional industrial layout characteristics and macroeconomic policies, industrial policy has also been studied and provided within the synopsis. From raw materials to downstream buyers of this industry has been analyzed scientifically, the feature of product circulation and sales channel is presented as well. This report is aimed at helping companies, investors and potential shareholders along with establish a bird’s eye view prospect of industrial development and characteristics of the market. The report also benefits its readers by providing the unrivalled data in well-organized manner.
Key Industry Developments:
September 2019 – Vallourec secured a contract from Abu Dhabi National Oil Company for the supply of tubing and casing for five years with two years possible extension. The USD 900 million contract covers a full range of products from standard API to high-end premium OCTG for both onshore and offshore oilfields as well as conventional to complex wells.
|Forecast Period 2019 to 2026 CAGR||6.8%|
|2026 Value Projection||USD 13.40 Billion|
|Market Size in 2018||USD 7.93 Billion|
|Historical Data for||2015-2017|
|No. of Pages||120|
|Segments covered||Well Casing Market Size, Share & Industry Analysis, By Casing Type (Conductor Casing, Surface Casing, Intermediate Casing, and Production Casing), By Application (Onshore and Offshore) And Regional|
|Growth Drivers||Rising Energy Consumption to Spur Market Opportunities|
|The rising urbanization, industrialization and population growth will boost the well casing market growth|
Market Growth Drivers:
Rising Energy Consumption to Spur Market Opportunities
The rising electricity demand in the residential sector will have a positive impact on the well casing market share during the forecast period. For instance, the use of household appliances such as refrigerator, toaster, kettle, microwave and blender in emerging nations. The increasing implementation of numerous government schemes to promote electrification will bolster healthy growth of the market in the forthcoming years. The rising income in the developing nations and capital investment in the power sector will accelerate the well casing market trends. The growing investment by key players in offshore exploration activities of oil and gas will enable speedy growth of the market in the forthcoming years. For instance, Kuwait Oil Company (KOC) bagged an award for an integrated offshore drilling services contract for six high pressure high-temperature exploration wells on two jackup rigs in the Arabian Gulf sea. KOC will receive assistance from Halliburton company for manage drilling, fluids, wireline and perforating, well testing, cementing, and all offshore logistical services.
This market is expected to be negatively affected during the COVID-19 pandemic due to disruptions in multiple industry verticals. The alarming spike in COVID-19 patients may lead to the closure of transport activities. Furthermore, the closure of manufacturing facilities significantly reduced the service demand. However, the resumption of manufacturing activities may enhance manufacturing activities, thereby fostering the demand for the service. These factors may propel the market development during the pandemic.
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The report provides an analysis of the major trends propelling industry expansion throughout the projected period. It further offers an account of the significant factors impelling business expansion over the anticipated period. Other aspects comprise an account of the vital initiatives adopted by major industry players for the consolidation of their business positions.
Well Casing Market Segmentation:
By Casing Type Analysis, The casing is a heavy metal pipe which used to prevent the borehole from caving in. It plays a crucial role in avoiding fluid migration and protecting freshwater aquifers. Production casing projected to dominate the casing type analysis. It is an essential type to provide structural well integrity and pressure control of the hydrocarbon during production.
By Application Analysis, The substantial share of a hydrocarbon produced from onshore wells. Onshore E&P activities offer many advantages such as economical and feasible operation, availability of equipment, and personnel. Besides, onshore production is one of the established segments encompasses ease of operation and competitive production and operational cost as compared to offshore production.
Surge in Hydrocarbon Projects to Propel Market in North America
The market in North America generated a revenue of USD 3.59 billion in 2018 and is expected to witness high growth during the forecast period. The growth in the region is attribute to the growing demand for hydrocarbon to enable power generation. The surge in transport industry along with ongoing hydrocarbon projects in the U.S. and Canada will create opportunities for the market in the region. The stellar requirement for petroleum and natural gas owing to the passenger and private vehicles in the region will contribute positively to the market growth. For instance, petroleum and gas energy accounts for more than 65% in U.S. primary consumption. Asia Pacific is predicted to witness rapid growth in the forthcoming years owing to massive demand for energy from India and China. The rising urbanization, industrialization and population growth will boost the well casing market growth in the region. The increasing investment in E&P to reduce the foreign exchange on imports of oil and gas along with hydrocarbon consumption will create opportunities for the market in Asia Pacific. Europe is likely to hold the second largest share in the market owing to the ongoing hydrocarbon projects in Norway, the UK, Russia, and Germany
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The well casing market is shaped by a blend of established industry leaders, innovative newcomers, technological advancements, environmental considerations, and strategic partnerships. As the industry evolves to meet the changing energy and environmental landscape, adaptability and a commitment to quality and sustainability remain key drivers of competitiveness.
A List of Key Manufacturers Operating in the Global Market:
- Schlumberger (United States)
- Halliburton (United States)
- Weatherford (United States)
- Baker Hughes (United States)
- Vallourec (France)
- Parker Drilling Company (United States)
- Odfjell Well Services (Norway)
- Gulf Oil & Gas International (UAE)
- Express Energy Services (United States)
Well Casing Market Segmentation:
By Casing Type:
- Conductor Casing
- Surface Casing
- Intermediate Casing
- Production Casing
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Table of Content:
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Regulatory Landscape
4.4. Industry SWOT Analysis
4.5. Porters Five Forces Analysis
5. Global Well Casing Market Analysis (USD Billion), Insights and Forecast, 2015-2026
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Casing Type
5.2.1. Conductor Casing
5.2.2. Surface Casing
5.2.3. Intermediate Casing
5.2.4. Production Casing
5.3. Market Analysis, Insights and Forecast – By Application
5.4. Market Analysis, Insights and Forecast – By Region
5.4.1. North America
5.4.2. Latin America
5.4.4. Asia Pacific
5.4.5. Middle East and Africa
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