LONDON--(BUSINESS WIRE)--The oil and gas conductor pipe market size is expected to post a CAGR of close to 7% during 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Oil and gas companies are investing in several offshore and onshore oil and gas drilling projects due to potential profits. Furthermore, investments from vendors in joint ventures are also boosting the production of onshore rigs every year. Also, gradual recovery of crude oil prices has resulted in a global increase in the number of active rigs. Thus, with the rising rig count, the demand for oil and gas drilling equipment including oil and gas conductor pipes will rise considerably in the forthcoming years.
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As per Technavio, the rise in deepwater and ultra-deepwater projects will have a positive impact on market growth over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2019-2023.
Oil and Gas Conductor Pipe Market: Rise in Deepwater and Ultra-deepwater Projects
Oil and gas companies have shifted their focus to deepwater and ultra-deepwater resources after shallow water drilling. Various governments are investing in offshore and onshore drilling projects. These investments will further drive the sales of rugged equipment required for well drilling procedures. This, in turn, will drive the oil and gas conductor pipe market during the forecast period.
“Apart from the rise in deepwater and ultra-deepwater projects, other factors such as the rise in unconventional drilling activities, growing consumption of oil and gas, and recovering global upstream oil and gas investments will have a significant impact on the growth of the oil and gas conductor pipe market during the forecast period,” says a senior analyst at Technavio.
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Oil and Gas Conductor Pipe Market: Segmentation Analysis
This market research report segments the oil and gas conductor pipe market by application (onshore and offshore) and geography (the Americas, APAC, and EMEA).
Americas led the market in 2018, followed by APAC and EMEA. The recovery of global crude oil prices has encouraged significant oil and gas companies in the US and Canada to take up deepwater and ultra-deepwater oil and gas activities in the offshore and onshore drilling environment. This will further drive the oil and gas conductor pipe market in the Americas during the forecast period.
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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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