LONDON--(BUSINESS WIRE)--The global oil and gas conductor pipe market is expected to post a CAGR of nearly 7% during the period 2019-2023, according to the latest market research report by Technavio.
In 2014, when the average crude oil import cost was USD 96.2 per barrel, the global active rig count was high. In 2016, the decline in the average crude oil import costs to an average of USD 40.4 per barrel has an impact on the total number of global active rigs. This was due to a decrease in active rigs by nearly 55% from 2014 to 2016. As gradually recovered to USD 70.7 per barrel, the average active rig count increased by more than 38%, by 2018.
As per Technavio, the rise in deepwater and ultra-deepwater projects will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global oil and gas conductor pipe market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global oil and gas conductor pipe market: Rise in deepwater and ultra-deepwater projects
Oil and gas production in onshore locations and offshore locations has been successful for decades. Oil and gas companies have shifted their focus to deepwater and ultra-deepwater resources after shallow water drilling.
“Even though offshore deepwater and ultra-deepwater drilling projects are increasing, however, drilling activities at such depths are very challenging. Therefore, the need for rugged equipment for well drilling will have a positive impact on the growth of the market in offshore sites,” says a senior analyst at Technavio.
Global oil and gas conductor pipe market: Segmentation analysis
This market research report segments the global oil and gas conductor pipe market by applications (onshore and offshore) and geographical regions (APAC, EMEA, and the Americas).
The onshore segment held the largest market share in 2018, accounting for over 88% of the market. This application segment is expected to dominate the global market throughout the forecast period.
The Americas led the market in 2018 with a market share of nearly 51%. This region is expected to dominate the market through 2023.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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