Well Casing Market Size, Industry Analysis Report, Regional Outlook, Application Development, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3586
Well Casing Market size will witness growth owing to increasing exploration & production activities coupled with growing demand for petroleum products. For instance, Baker Hughes, announced the international rig count has increased from March 2019 to April 2019 i.e. from 1,039 to 1,062. Furthermore, growing demand for crude oil and natural gas including shale oil, tight oil and CBM to fulfil the energy demand from developing nations will enhance the industry growth.
Increasing oil & gas drilling activities along with regulatory inclination toward oilfield development will drive the well casing market. According to the U.S. Energy Information Administration, the production of dry natural gas from oil formation increased from 8% in 2013 to 17% 2018. In addition, growing investment toward the redevelopment of mature wells will further drive the industry growth.
Growing shale oil production to reduce the import dependency from other countries along with rising capital expenditure from major industry players will propel the U.S. well casing market. In February 2019, BP announced to invest USD 2 billion in the Eagle ford and Haynesville shale formations.
Offshore well casing market is projected to witness growth owing to increased drilling activities in the deep and ultra-deep wells. For instance, in August 2018, Wintershall announced to invest USD 2.3 billion in exploration and production of offshore Norway by 2020.
Qatar well casing market will witness growth owing to its rising capital expenditure toward the development of nation’s extensive crude oil reserves coupled with increasing export of natural gas. For instance, in 2017, the Qatar Petroleum announced to enhance North field production inline of increasing the export of liquified natural gas by 30% until 2023.
Onshore well casing market is set to witness robust growth on account of excessive drilling for unconventional energy resources mainly across the North & South America. For instance, in October 2018, Argentina based YPF announced to invest USD 4 billion to USD 5 Billion every year in order to boost the country’s onshore energy production through 2022.
Growing demand for crude oil as a feed stock from refinery facilities along with abundant availability of conventional & unconventional offshore resources will facilitate the Norway well casing market growth. As per Norway statistic agency (SSB), the industry operating across the nation are anticipated to expand their investment from USD 18.92 billion in 2018 to USD 20.6 billion in 2019.
Eminent market participants in well casing market comprise of Schlumberger, Halliburton, Weatherford, Tenaris, Vallourec, PAO TMK, Forum Energy, NeOz Energy, National Oilwell Varco, Trican, and Innovex Downhole Solutions amongst others. Introduction of technological innovations and mergers & acquisitions by industry leaders across the industry will aid in improving the business dynamics. Furthermore, continuous R&D investments for enhancing the production efficiency will further incorporate a sustainable business scenario.
What Information does this report contain?
Customize this Report
Our Market Research Reports Include:
- Market snapshot
- Market Segmentation
- Value Chain Analysis
- Growth Dynamics
- Potential Market Opportunities
- Regulatory Overview
- Technology Evolution
- Innovation & Sustainability
Benefits of Association
Data Coverage & Quality
GMI reports provide the most comprehensive coverage of any focus industry, ensuring a holistic and deep understanding of the market, along with actionable and granular data. We also take pride in our commitment to quality and strive to ensure that our clients get their moneys worth.
Client Trust & Security
GMI maintains strict code of conduct as a business and is committed to ensure that the privacy and trust of our clients are always maintained. As an organization, we also strive to be fully compliant with privacy laws, PCI and information security guidelines.
Our customers rely on us to produce accurate, reliable and timely information. Service orientation is a key mission for us as an organization; our process is guided by the desire to ensure that our clients are provided the best possible solutions in optimal timeframe. GMI stands by its commitment to service, providing timely assistance in both pre-sales and post-sales support for our clients.