LONDON--(BUSINESS WIRE)--The global oil and gas well conductor installation services market is expected to post a CAGR close to 7% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The growing population and increasing industrial developments have significantly increased the global energy demand. Thus, untapped oil and gas resources are being explored using technological advancements to meet the global energy demand. Moreover, oil and gas operators are increasingly investing in mature oilfields to address the declining production of these oilfields and in turn, maximize their revenue. The increasing investments in upstream oil and gas will propel E&P activities, which will drive the demand for oil and gas well conductor installation. This will fuel the growth of the market during the forecast period.
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As per Technavio, the developments in conductor installation 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.
Oil and Gas Well Conductor Installation Services Market: Developments in Conductor Installation
Conductor installation is an essential step in oil and gas drilling activity. It provides stability to the well during its construction and production life. With the rising number of offshore projects, the need to reduce rig time is essential to balance the demand and supply of offshore rigs. Thus, vendors have introduced some technologically advanced products in the market. For instance, NeoDrill AS has launched its Conductor Anchor Node (CAN) technology that requires less rig time to install oil and gas well conductor pipe on the seabed. The advantages of using CAN for conductor installation include reduced rig time, enhanced fatigue life of wells, along with increased lateral and axial load capacities. Such technological advances in conductor installation will drive the growth of the market during the forecast period.
“Apart from the developments in conductor installation, other factors such as the rise in unconventional drilling activities and the increase in deepwater and ultra-deepwater E&P activities will have a significant impact on the growth of the oil and gas well conductor installation services market during the forecast period,” says a senior analyst at Technavio.
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Oil and Gas Well Conductor Installation Services Market: Segmentation Analysis
This market research report segments the global oil and gas well conductor installation services market by application (onshore and offshore) and by region (North America, Europe, APAC, South America, and MEA).
The North American region led the market in 2018, followed by APAC, Europe, MEA, and South America respectively. During the forecast period, the North American region is expected to maintain its dominance over the global market, driven by the increase in E&P of unconventional sources of oil and gas 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
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