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The global well casing market size stood at USD 7.93 billion in 2018 is projected to reach USD 13.40 billion by 2026, exhibiting a CAGR of 6.8% during the forecast period.
Hydrocarbon fuel is an essential energy source without which the global economy might tumble down. Fossil fuel accounts for a substantial share in the global energy outlook in which oil & gas plays a crucial role. Hydrocarbon demand is going through a transition period where the market is shifting from developed economies to emerging countries. Inflating electricity demand, massive growth in aviation, and shipping industry owing to significant consumer demand set to inflate the oil and gas demand. Consequently, operators and national oil companies increasing investment in E&P activities, which boosts the industry dynamics.
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Spurring Demand for Electricity on Account of Extensive Population Growth
The residential sector mainly drives global electricity consumption due to increased electricity usage by appliances and air conditioning. Also, emerging countries, such as China and India, are implementing various schemes to promote electrification. Besides, the rising income and capital expenditure likely to drive the power sector. Oil and gas account a considerable share in power generation and growing demand for electricity set to strengthen the industry outlook.
Exponential Economic Development to Bode Well for the Market
Developed and emerging countries are shaping the global economy. Technological advancement increases the standard of living with the introduction of automation, robotics, space and aviation, electrical and electronic appliances and automobile and others. These factors are increase the demand for hydrocarbon which subsequently drive the well casing market. Moreover, the growing trade between countries to accommodate varied consumer demand. Exponential growth in different industry verticals likely to bode the hydrocarbon industry.
Massive Investment in Recovering Untapped Hydrocarbon Reserves to boost the Market
Hydrocarbon is an integral part of the economic growth of any country. The exponential demand for oil and gas has outpaced the current reserves production capacity. Many countries are increasing capital expenditure on securing future energy outlook by investing in untapped hydrocarbon reserves. Emerging economies is likely to play a crucial role in future energy dynamics on account of tremendous commercialization and urbanization. Therefore, the growing interest in recovering untapped hydrocarbon to secure the future energy demand set to bode the well casing market.
Growing Drilling Activities to Match the Extensive Requisition for Hydrocarbons
Upstream activities continue to expand on account of tremendous oil and gas demand. Drilling and production are increasing throughout the world, with a primary focus on producing more and more hydrocarbons. As per the World Oil estimates in 2018, the drilling outside the U.S. is forecast to increase 4.6% to 43,456 wells led by improvement in Russia, China, Western Europe, Australia, and part of Africa. Moreover, the operator is exhibiting interest in investing in new E&P projects, which bolster the well casing industry growth.
Unpredictable Market Outlook and Growing Interest in Clean Energy Technology
Crude oil prices in the international market are continuously fluctuating due to socio-political scenarios and economic slowdown. The oil crisis in 2008 and 2015 crumbled the investment in the oil and gas industry. Also, excessive production by OPEC countries reduced the crude price in the international market, causing severe losses to operators. Besides, growing concern over greenhouse emissions and increased investment in clean energy technology set to retard the well casing industry growth.
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Production Casing Leads the Well Casing Industry
The casing is a heavy metal pipe which used to prevent the borehole from caving in. It plays a crucial role in avoiding fluid migration and protecting freshwater aquifers. Production casing projected to dominate the casing type analysis. It is an essential type to provide structural well integrity and pressure control of the hydrocarbon during production. Meanwhile, other well casings are also used in well construction operations such as conductor casing, surface casing, and intermediate casing. All the casings are necessary for well integrity and reliable operations.
Onshore Segment Projected to Dominate the Market
The substantial share of a hydrocarbon produced from onshore wells. Onshore E&P activities offer many advantages such as economical and feasible operation, availability of equipment, and personnel. Besides, onshore production is one of the established segments encompasses ease of operation and competitive production and operational cost as compared to offshore production. However, offshore production seems to grow at a steady rate owing to a high price of recovering untapped hydrocarbon potential.
North America Well Casing Market Size, 2018 (USD Billion)
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The well casing analysis exhibits healthy growth during the forecasted period on account of a growing demand for hydrocarbon from the power generation and transport industry. North America projected to dominate the industry outlook owing to the expansion of hydrocarbon projects in the U.S. and Canada. Petroleum and natural gas energy source accounts for more than 65% in U.S. primary consumption that shows the importance of conventional fuel. These factors set to boost the well casing industry in North America.
China and India along with the U.S. accounted for more than two-thirds of the global increase in energy demand. The Asia Pacific is emerging as the fastest-growing market owing to massive demand from India and China. Population explosion, urbanization, and industrial growth cause double folded growth in hydrocarbon consumption. So, countries are increasing investment in E&P activities to reduce the foreign exchange on imports of oil and gas. Consequently, operators and oilfield service companies spending more money on extracting hydrocarbons, which likely to drive the market. Europe demonstrates healthy growth for the expansion of the industry owing to ongoing and proposed projects in Norway, the UK, Russia, and Germany, etc. which likely to bode the market. Latin America, followed by the Middle East & Africa, exhibits slight growth owing to minimal investment in new E&P projects. Overall, the industry market dynamics delineates healthy and fruitful growth in the forecasted period.
Prominent Players Likely to Gain Substantial Share of the Market
Renowned companies in the hydrocarbon industry projected to accounts for a significant share of the market. Oilfield service players contribute extensively in generating maximum revenue for the well casing market. Increasing the consumption of hydrocarbons owing to growing electricity demand is set to drive the industry. Well casing is essential to avoid contamination of groundwater. The companies are majorly investing in research and development to minimize the casing cost with improved operational efficiency. Furthermore, the market fragmented by the presence of several other players, which makes the competition healthy and fruitful.
Energy and power consumption are at a peak owing to massive economic development across the world. Electricity has entirely changed the world with ease of operation and faster delivery of products across the globe. Meanwhile, conventional fuel is supporting the major industry outlook. Oil & gas accounts extensive share in the primary energy consumption in different industry verticals. With the population explosion, urbanization, and massive infrastructure development, the demand for hydrocarbon is continuously increasing. The operators and national oil & gas companies are massively investing in E&P activities to cope with the exponential demand. Therefore, the growing drilling operation around the world likely to provide a profitable market for well casing industry.
The Well Casing Market report offers an elaborative analysis of numerous factors affecting the global market. These include opportunities, growth drivers, threats, key developments, and restraints. In addition to this, it further helps in analyzing, segmenting, and defining the market based on different segments such as casing type and application. It strategically analyzes several strategies such as product innovations, mergers, alliances, joint ventures, and acquisitions adopted by players in the industry.
An Infographic Representation of Well Casing Market
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Besides this, the report provides a comprehensive analysis of market dynamics, emerging trends, and the competitive landscape of the well casing industry. Key insights offered in the report are the adoption trends of residential industry analysis by individual segments, recent industry developments such as partnerships, mergers & acquisitions, consolidated SWOT analysis of key players, Porter’s five forces analysis, and key industry trends.
Value (USD Billion)
By Casing Type
As per our (Fortune Business Insights) study, the global market forecasted to reach USD 13.40 billion by 2026 with a CAGR of 6.8% (2019 -2026)
In 2018, the global well casing market was USD 7.93 billion, and anticipated to reach USD 13.40 billion by 2026 growing at a steady CAGR of 6.8% during the forecast period (2019 -2026)
Onshore segment dominates this market on account of growing investment in E&P activities.
The market in North America was valued at USD 3.59 billion in 2018.
Rising demand for hydrocarbon and growing investment in E&P projected to drive this market. However, instability in international crude oil prices and shifting trend towards clean energy technologies set to impede the growth of the market.
The top players in this market are Schlumberger, Weatherford, Halliburton, Baker Hughes, and Frank International N.V., among others.
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