NEW YORK , June 27, 2023 /PRNewswire/ — The market value of casing cementing equipment is expected to increase by US$2,277.34 million at a CAGR of 4.25% during the forecast period. Full Size Details market for historical period (from 2017 to 2021) and forecast period (from 2023 to 2027) – view sample report.
Increasing investment in oil and gas production is a key factor driving the growth of the casing cementing equipment market. This is due to population growth and industrialization, energy security has become one of the most important factors. Many technological breakthroughs in the oil and gas industry have contributed to the development of oil and gas resources.
In addition, oil and gas production from many conventional fields is declining. Oil and gas producers are increasing investment in mature oil and gas fields to overcome this challenge and maximize revenues from these fields. Increased investment in oil and gas production will lead to more drilling and oil production. Hence, these investments are expected to drive market growth over the forecast period.
The development of intelligent completion technology is the main growth trend of the casing cementing equipment market. This advanced technology uses permanent downhole sensors and surface-controlled downhole flow control valves.
Additionally, using this advanced technology, well operators can remotely monitor reservoir and completion integrity data and analyze and manage results in real time without the need for well intervention. To ensure well integrity, these devices collect, transmit and analyze data from the well. Thus, using intelligent completion systems to maximize hydrocarbon production is a cost-effective alternative to increase reservoir production potential and reduce non-productive time.
Volatility in oil and gas prices is a major challenge restraining the growth of the casing cementing equipment market. Oil and gas companies have suffered negative financial losses due to sharp drops and increases in prices. As a result, the oil and gas industry lost much of its market potential because it was unable to attract significant investment. Prices for crude oil sold are determined by market forces. In addition, production costs are fixed. As a result, falling crude oil prices negatively impact oil and gas producing companies. Therefore, fluctuations in crude oil prices are expected to restrain the growth of the casing cementing market during the forecast period.
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Companies covered in this report include Baker Hughes Co, Centek Holdings Ltd., DRILLING Tools INTERNATIONAL, Drillstar Industries, Ferro-Tube Oil Tools Co. LP, Forum Energy Technologies Inc., Halliburton Co, Innovex, Inrock Drilling Systems Inc. , Nabors Industries Ltd., Neoz Energy Pvt Ltd., PJSC TMK, Sledgehammer Oil Tools Pvt. Ltd., Summit Casing Equipment, Techint, Trican Well Service Ltd., Vallourec SA, Weatherford International Plc, WellPartner AS and NOV Inc., among others.
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The competitive scenarios presented in the Casing Cementing Equipment market report analyze, evaluate and position companies based on various performance indicators. Some of the factors considered for this analysis include the company’s financial performance over the past few years, growth strategy, product innovation, new product launches, investments, market share gains, etc.
The report broadly covers the market by application (onshore and offshore), type (casing equipment and cementing equipment) and geography (North America, Europe, Asia Pacific, Middle East & Africa, and South America).
The onshore market share growth will be significant over the forecast period. Increasing oil and gas production and exploration will contribute to the growth of this segment. Onshore oil and gas exploration and production operations have contributed significantly to the development of the oil and gas industry. Because drilling deeper wells in harsh subsea environments requires more advanced technology and equipment, operating costs for onshore oil and gas exploration and production operations are significantly lower than for offshore oil and gas exploration and production operations. Hence, these factors are expected to fuel the growth of this segment during the forecast period.
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Baker Hughes Co., Centek Holdings Ltd., DRILLING Tools INTERNATIONAL, Drillstar Industries, Ferro-Tube Oil Tools Co. LP, Forum Energy Technologies Inc., Halliburton Co., Innovex, Inrock Drilling Systems Inc., Nabors Industries Ltd., Neoz Energy Pvt Ltd., ПАО ТМК, Sledgehammer Oil Tools Pvt. Ltd.、Summit Casing Equipment、Techint、Trican Well Service Ltd.、Vallourec SA、Weatherford International Plc、WellPartner AS и NOV Inc.
Parent market analysis, market growth drivers and barriers, fast growing and slow growing segments analysis, COVID-19 impact and recovery analysis, and future consumer dynamics and market analysis during the forecast period.
Post time: Mar-29-2024