LONDON--(BUSINESS WIRE)--The global landing string equipment market is expected to post a CAGR of more than 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
With the recovery of crude oil prices, the number of active offshore rigs has increased considerably over the recent years. This has led to a rise in the number of wells being drilled in offshore well sites, which has created a strong demand for landing strings. In addition, increasing investments in oil and gas production has led to a rise in the number of offshore drilling projects. These factors are expected to fuel the growth of the global landing string equipment market during the forecast period.
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As per Technavio, rising advances in landing string control systems 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 Landing String Equipment Market: Rising Advances in Landing String Control Systems
Current generation landing strings are large, which makes it difficult in moving them around the rig. To overcome such drawbacks, vendors are introducing new generation landing strings with a much smaller footprint compared to current control systems. Newer landing systems also help reduce operational expenditure through minimized rig up times, logistics, deck space, personnel onboard requirements, and ancillary support equipment. Such advances in landing string control systems are expected to foster market growth during the forecast period.
“Apart from the advances in landing string control systems, growing advances in subsea processing and declining costs of offshore drilling projects are some other major factors that will boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Landing String Equipment Market: Segmentation Analysis
This market report segments the global landing string equipment market by application (deepwater, ultra-deepwater, and shallow water) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by MEA, Europe, North America, and South America respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market. This is due to the growth in the number of offshore oil and gas exploration projects 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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