LONDON--(BUSINESS WIRE)--According to Technavio Research Report "Landing String Equipment Market application (deepwater, ultra-deepwater, and shallow water) and geography (APAC, MEA, Europe, North America, and South America) is witnessed to grow USD 315.49 billion, at a CAGR of 6% from 2019 to 2023”.
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Deepwater application segment will garner the highest share.
The deepwater segment was the largest segment of the landing string equipment market in 2018 and is expected to grow faster than the overall market during the forecast period. Deepwater oil and gas E&P activities have been gaining traction across the world to cater to the rising demand for oil and gas. Oil and gas companies have shifted their focus from shallow waters to deepwater resources due to vast untapped reserves, which is one of the reasons for the growth of this segment.
“The strong recovery of crude oil prices has encouraged companies to invest in E&P operations in places with large oil reserves. As a result, deepwater oil and gas projects have been increasing significantly over the past few years. Hence, the rise in offshore deepwater oil and gas E&P projects will spur the demand for landing strings for safe landing of casing strings as wells as drilling, thereby driving the growth of the landing string equipment market size,” says a senior research analyst at Technavio.
Growing advances in landing string control systems
Over the past few years, the landing string equipment market has been witnessing many advances in systems, which have optimized the use of landing strings in subsea wells. Landing string control systems that are currently available in the market are large, which makes it difficult to transport them to and around the rig. They also comprise of a surface control unit, an umbilical reel, and a riser control module that collectively cost millions of dollars. Therefore, vendors have introduced new landing string control systems that have a much smaller footprint than the existing control systems. These systems enable a one-fifth reduction in operational expenditure through minimized rig up times, logistics, deck space, personnel onboard requirements, and ancillary support equipment. Such advances will fuel the global landing string equipment market growth during the next five years.
Landing string equipment to witness fastest adoption in APAC.
The landing string equipment market is witnessing the fastest growth in the APAC region, primarily driven by the increase in a number of deepwater and ultra-deepwater oil and gas projects in China, Australia, and a few countries in Southeast Asia. The high number of offshore oil and gas projects in the region is expected to propel the use of landing strings for drilling and safe landing of casing strings and heavy equipment on the seabed. This will drive the landing string equipment market in APAC during the forecast period.
Few Major Players for the Landing String Equipment market are:
- Expro Holdings UK 2 Ltd.
- National Oilwell Varco Inc.
- Superior Energy Services Inc.
- Vallourec SA
- Yantai Enerserva Machinery Co. Ltd.
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