LONDON--(BUSINESS WIRE)--The global oilfield casing spools market is expected to post a CAGR of over 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Currently, with large investments involved, oil and gas operators will focus on increasing profits to sustain in the market and will do so by raising crude oil production from oilfields. Increasing investments in the upstream oil and gas sector will drive the increase in oil and gas drilling and production activities. Casing spools are essential pressure control equipment used in the drilling and completion process. Therefore, the increase in upstream oil and gas investments will propel oil and gas well drilling and completion activities, which in turn will drive the demand for casing spools.
To learn more about the global trends impacting the future of market research, download free sample: https://www.technavio.com/talk-to-us?report=IRTNTR32062
As per Technavio, the rise in deepwater and ultra-deepwater E&P activities, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Oilfield Casing Spools Market: Rise in deepwater and ultra-deepwater E&P activities
Rising investments in offshore drilling activities in deepwater and ultra-deepwater wells, will stimulate the need for casing spools. For example, in February 2019, Shell, through its subsidiary Shell Brasil Petróleo Ltda. and consortium partners started oil and gas production at the Lula North deepwater project in the Santos Basin in Brazil. Such initiatives by vendors will drive the global oilfield casing spools market during the forecast period.
“Apart from the increasing investments in upstream oil and gas operations, the development of intelligent well completion technologies, rise in global demand for oil and gas, and increasing active rig count are some other major factors that are expected to drive market growth largely during the forecast period,” says a senior analyst at Technavio.
Register for a free trial today and gain instant access to 10,000+ market research reports.
Global Oilfield Casing Spools Market: Segmentation Analysis
This market research report segments the global oilfield casing spools market by application (onshore and offshore) and geographical regions (North America, APAC, Europe, MEA, and South America).
The North American region led the market in 2018, followed by APAC, Europe, MEA, and South America respectively. However, during the forecast period, the APAC region is expected register the highest incremental growth due to the increasing energy demand from developing countries in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at firstname.lastname@example.org.