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“The well casing & cementing market is projected to grow at a CAGR of 5.0% from 2019 to 2024”
The well casing & cementing market is projected to reach USD 11.7 billion by 2024 from an estimated USD 9.2 billion in 2019, at a CAGR of 5.0% during the forecast period. New oilfield discoveries globally have increased the demand for well casing & cementing operations. Furthermore, shale developments and rising drilling activities are driving the market. However, managing well integrity compliance with the national and international drilling standards is a strong challenge for the well & casing market.
“The horizontal segment, by well type, is expected to be the largest and the fastest growing market from 2019 to 2024”
The well type segment is categorized as horizontal and vertical, the two drilling methods adopted by companies. In 2018, horizontal wells accounted for about 70% of the wells drilled globally. This is majorly due to the increasing drilling activities in the Middle East and Europe, where horizontal drilling is more prominent. North America is expected to hold the largest horizontal well type market, with continuous shale developments in lower-48 states in the US.
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“The offshore segment, by application, is expected to be the fastest growing market from 2019 to 2024”
The offshore segment is expected to be the fastest growing application subsegment during the forecast period, owing to the new discoveries in the deepwater and ultra-deepwater locations. The offshore wells create demand opportunities for well casing & cementing due to challenging geographic conditions and regulatory standards by nations. Moreover, recent discoveries in Guyana, the US, and Cyprus located in ultra-deepwater, which is wholly owned by oil majors, indicates that oil companies aim to focus on deepwater exploration. This is driving the offshore segment of the well casing & cementing market. Asia Pacific is projected to be the largest offshore application market by 2024, owing to the discoveries in the Gulf of Thailand and China Sea.
“North America: The largest and the fastest growing region in the well casing & cementing market”
North America is expected to dominate the global well casing & cementing market between 2019 and 2024. The North American drilling activity has risen drastically, owing to the stabilized WTI crude oil prices since 2016. Moreover, the continuous shale activities in the region are driving the demand for well casing & cementing. The upstream operators, such as Total, ExxonMobil, Chevron, and Apache, also have a major presence in North America. This creates more opportunities for service and equipment providers to capture long-term contracts.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
- By Designation: C-Level- 30%, Director Level- 25%, and Others- 45%
- By Region: Asia Pacific- 25%, Middle East– 23, Africa – 12%, Europe- 18%, North America- 13%, and South & Central America- 9%
Note: Others includes sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue as of 2017. Tier 1: USD 1 billion and above, Tier 2: From USD 500 million to USD 1 billion, and Tier 3:
The report defines, describes, and forecasts the well casing & cementing market, by type, service type, operation type, well type, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the well casing & cementing market.
Why buy this report?
- The report identifies and addresses the key markets for well casing & cementing operations, which would help equipment manufacturers and service providers review the growth in demand.
The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.