DUBLIN--(BUSINESS WIRE)--The "Well Casing & Cementing Market by Type (Casing, Cementing), Service (Casing pipe, equipment & services, Cementing equipment & services), Operation (Primary, Remedial), Application (Onshore, Offshore), Well, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Well Casing & Cementing Market is Projected to Reach USD 11.7 Billion by 2024 From an Estimated USD 9.2 Billion in 2019, at a CAGR of 5.0% During the Forecast Period.
New oilfield discoveries globally have increased the demand for well casing & cementing operations. Furthermore, shale developments and rising drilling activities are driving the market. However, managing well integrity compliance with the national and international drilling standards is a strong challenge for the well & casing market.
The horizontal segment, by well type, is expected to be the largest and the fastest growing market from 2019 to 2024
The well type segment is categorized as horizontal and vertical, the two drilling methods adopted by companies. In 2018, horizontal wells accounted for about 70% of the wells drilled globally. This is majorly due to the increasing drilling activities in the Middle East and Europe, where horizontal drilling is more prominent. North America is expected to hold the largest horizontal well type market, with continuous shale developments in lower-48 states in the US.
The offshore segment, by application, is expected to be the fastest growing market from 2019 to 2024
The offshore segment is expected to be the fastest growing application subsegment during the forecast period, owing to the new discoveries in the deepwater and ultra-deepwater locations. The offshore wells create demand opportunities for well casing & cementing due to challenging geographic conditions and regulatory standards by nations.
Moreover, recent discoveries in Guyana, the US, and Cyprus located in ultra-deepwater, which is wholly owned by oil majors, indicates that oil companies aim to focus on deepwater exploration. This is driving the offshore segment of the well casing & cementing market. Asia Pacific is projected to be the largest offshore application market by 2024, owing to the discoveries in the Gulf of Thailand and China Sea.
North America: The largest and the fastest growing region in the well casing & cementing market
North America is expected to dominate the global well casing & cementing market between 2019 and 2024. The North American drilling activity has risen drastically, owing to the stabilized WTI crude oil prices since 2016. Moreover, the continuous shale activities in the region are driving the demand for well casing & cementing. The upstream operators, such as Total, ExxonMobil, Chevron, and Apache, also have a major presence in North America. This creates more opportunities for service and equipment providers to capture long-term contracts.
The leading players in the well casing & cementing market are Halliburton (US), Schlumberger (US), BHGE (US), Weatherford (US), and NOV (US).
- Continuous Shale Developments Likely to Drive the Market
- Revitalizing Oil Prices Expediting Upstream Investments
- New Offshore Well Drilling in Europe and Africa
- Decreasing Oil Demand From Europe
- Technological Advancements in Carrying Out Well Drilling Processes
- New Oilfield Discoveries Creating Immense Opportunities
- Complying With International Regulations and Standards
Supply Chain Overview
- Key Influencers
- Casing Pipe Manufacturers
- Casing & Cementing Equipment Manufacturers
- Casing & Cementing Service Providers
- Service Integrators
- Oilfield Operators
- Baker Hughes, A GE Company
- Centek Group
- Frank's International (Blackhawk Specialty Tools)
- Innovex Downhole Solutions
- Nabors Industries Ltd.
- National Oilwell Varco
- Schlumberger Limited
- TMK Group
- Trican Well Service Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/u0o0wy