Well Casing Market 2020 Global Industry Brief Analysis by Top Countries Data, key Players, Strategic Outlook and Forecast to 2026
The well casing market 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.
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.
The Report Lists the
key Companies in the Well Casing 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)
Market Driver:
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.
Regional Analysis:
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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