Well Casing & Cementing Market Projected to Witness a Double-Digit CAGR During 2021-2026
May 18, 2022
May 18, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Well Casing & Cementing Market.
It was estimated prior to this unanticipated outbreak that the Well Casing & Cementing Market was expected to grow at a CAGR of 5.1% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Market Scope & Segmentation
Well Casing is a process in which the pipe is designed to hold various forces during the transfer of fluids and it is inserted and cemented into a section of a recently drilled wellbore. Apart from protecting against fresh water formation it isolates zones of lost returns with different pressure gradients. It’s a large diameter pipe which is inserted while a running pipe operates into a borehole and is held in place with cement.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Segment Analysis
Based on the product type, the well casing & cementing market is segmented as casing and cementing. The well casing segment is estimated to govern the market during the forecast period. The growth of the segment is attributed to its usefulness in providing support to wells as the raw sides of a well would, otherwise, collapse without the support of well casings. On the other hand, the cementing segment is likely to grow at a faster pace during the forecasted period.
Based on the application type, the market is segmented as offshore and onshore. The onshore segment is estimated to dominate the market during the forecast period, whereas the offshore segment is likely to register a faster growth due to reduction in operational cost and digitalization of various oil & gas projects.
Based on the operation type, the market is segmented as primary cementing, remedial cementing, and others. The primary cementing segment is expected to lead the market during forecast period and is also estimated to grow at the fastest pace. The major factor for the growth of this segment is that primary cementing is widely accepted and it provides the required strength to the well.
In terms of regions, North America is estimated to lead the well casing & cementing market during the forecast period. The market is driven by the growth in unconventional resources in the US and Canada and increase in demand from the onshore & offshore fields, particularly in the Gulf of Mexico, as it is one of the major sources of conventional oil & gas in the region. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
Key Players:
Some of the major players in the well casing & cementing market are-
- Halliburton
- Schlumberger
- BHGE
- Weatherford
- Tenaris
- Vallourec
- TMK Group
- Trican
- Nabors Industries
- Frank’s International
- Innovex Downhole Solutions
- Centek Group.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Well Casing & Cementing analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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