Well Casing & Cementing Market Size, Share and Global Trend By Type (Casing, Cementing), By Well Type (Horizontal, Vertical), By Service (Casing Pipe, Casing Equipment & Service, Cementing Equipment & Service), By Application (Onshore, Offshore) and Regional Forecast, 2024-2032

The increase in energy demand has impacted the growth in the exploration activities. After the drilling of wells, further operations of the casing and cementing need to be performed on the well. The casing prevents the entry of external contaminants in the well stream and ensures the prevention of the contamination of the groundwater due to the produced oil and gas. The casing provides the solidity of the raw sides of the drilled wells and prevents them from caving in.

The gap between the casing and the untreated side of the well is cemented to set the casing permanently. The various types of equipment used in the well casing and cementing are float equipment, centralizers, wiper plugs, and liners. Casings are usually performed on sections which are 40 feet long. Multiple casings are connected to each other using screws to form long length casing strings. The standards introduced for the casing of the wells have further augmented the growth of the market.

Based on its type, the global well casing and cementing market can be segmented into cementing and casing. In any drilled well, the casing is a primary requirement to support the raw well, and this process is carried out at different stages. The drilling of new wells has therefore helped the casing operation hold a more significant market share in this segment.

Based on well type the global well casing and cementing market can be segmented into horizontal and vertical wells. As in recent times, the drift has been towards the horizontal wells over the vertical wells due to the difference in production rates the horizontal wells are set to dominate the market in coming years.

Based on its application, global well casing and cementing market can be segmented into onshore and offshore. There has been growth in exploration activities being carried out in harsh conditions in deep water, and the onshore fields have matured. These factors have seen several offshore exploration activities being carried out, and therefore, the offshore segment will dominate the global well casing and cementing market in the forecast period. The digitalization of the oilfields has also impacted the growth of the market at offshore locations.

The major market driver for the global well casing and cementing market is the increasing demand for natural gas and oil, which has resulted in an increase in exploration activities at both onshore and offshore locations. Also, the revitalizing oil prices which have upsurged the upstream investment is the other factor driving the growth of global well casing and cementing market.

Key market restraint for the global well casing and cementing market is the high cost involved for operation and equipment included in the well casing and cementing. The increase in demand for renewable sources, especially in Europe and the environmental considerations regarding exploration activities at onshore locations also act as key market restraint for the global well casing and cementing market.

Key Players Covered

Some of the notable companies in the global well casing and cementing market are Archer Limited, Trican Well Service, Baker Hughes Inc., Basic Energy Services, Forum Energy Technologies, China Oilfield Services Limited, Schlumberger Ltd., Superior Energy Service Inc., FMC Technologies Inc, Halliburton, Weatherford International, Weir Oil and Gas, Emerson, National Oilwell Varco, Siemens, and Weletc.

SEGMENTATION 

Regional Analysis

The global well casing and cementing market have been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The well casing and cementing market have great opportunities in the USA as a result of the increasing exploration activities at the onshore location for shale gas around the North America region. Asia Pacific region and the Middle East region are set to see significant growth in the well casing and cementing market due to the rise in energy demand and exploration activities taking place in the region. China, India, and Indonesia have been the dominant players in the Asia Pacific region and have seen new discoveries of unconventional hydrocarbon reserves. In the Middle East, countries such as Saudi Arabia, Kuwait, Iraq, Qatar, and UAE are the countries having maximum exploration activities taking place and holding growth opportunity for the global well casing and cementing market in the region. In Europe, the rise in consumption of solar and wind energy, particularly in Germany and Italy have seen a decline in demand for oil, which has affected the growth of well casing and cementing market. However, exploration activities in other nations like Russia, Norway, the UK stand as an opportunity for the global well casing and cementing market in the Europe region.

Key Industry Developments

• In May 2019, The largest independent oil and gas company in Europe was formed after a multibillion-euro merging deal between energy unit of German chemicals group BASF with rival This will lead to growth in exploration activities around Europe helping well casing and cementing market to grow.
• In April 2019, The Trump administration who had first proposed the trump plan in 2018 announced to open more than a million acres of public and private land in California to fracking, which will act as a boost for global well casing and cementing market.
• In June 2019, Norwegian based developer Neodrill introduced a CAN-ductor technology which is capable of reducing the environmental impact caused by the drilling of wells by 44%. The technology was recently analyzed and results were compiled by a consulting engineering and architectural firm Asplan Viak.