LONDON--(BUSINESS WIRE)--The global well casing and cementing market is expected to post a CAGR of over 5% during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Unconventional hydrocarbon resources are found in reservoirs, including shale formations, oil sands, and coal seams. Given the significant potential offered by unconventional oil and gas E&P activities, governments across the advanced economies including the US and Europe are focusing on the production of shale oil and gas. Furthermore, governments are providing federal funding for cost-shared research and development in advanced technologies for recovering unconventional oil and gas. These R&D activities are further helping in improving the recovery efficiency of emerging unconventional oil and gas reservoirs, in turn, playing a critical role in maximizing energy production in the US. Thus, with rising focus on unconventional oil and gas E&P activities, the demand for well casing and cementing market will also increase considerably during the forecast period.
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR40153
As per Technavio, technological advances in cementing 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 2020-2024.
Well Casing and Cementing Market: Technological Advances in Cementing
Oil well cementing plays a crucial role in providing zonal isolation and bonding the casing pipe in oil and gas E&P activities. This has encouraged vendors in the market to develop smart cement for reducing operational costs and simultaneously creating a safe working environment for workers in the oil and gas field. Companies in the market are also focusing on offering self-healing cement systems to provide a durable cement bond, allow long-term zonal isolation, and provide reliable cement sheath repair for preserving the integrity of oil and gas wells. Thus, these technological advances in cementing are anticipated to enhance the efficiency of cementing operations and create a strong bond, in turn, propelling the demand for well casing and cementing during the forecast period.
“Increasing upstream investments, rise in global demand for oil and gas, and rising deepwater and ultra-deepwater E&P activities are expected to boost the well casing and cementing market growth during the forecast period,” says a senior analyst at Technavio.
Register for a free trial today and gain instant access to 17,000+ market research reports.
Technavio's SUBSCRIPTION platforms
Well Casing and Cementing Market: Segmentation Analysis
This market research report segments the well casing and cementing market by application (onshore and offshore) and geography (Europe, APAC, North America, MEA, and South America).
North America led the market in 2019, followed by APAC, Europe, MEA, and South America, respectively owing to the increasing unconventional E&P activities, including drilling in shale reserves in the US and oil sands in Canada. Furthermore, rising initiatives from the governments in the US and Canada will further lead to a surge in E & P activities are leading the region to contribute to the highest incremental growth during the forecast period.
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. Request a free sample report
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 focus 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 17,000 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.