Well casing is an important part of well completion activity prior to the start of production from well. Well completion adds up to nearly half of the total drilling costs with more than a tenth from well casing and cementing hardware and related services making it a important market in the total drilling industry.
Pune, India -- (SBWIRE) -- 08/08/2016 -- The report "Well Casing Market by Hardware Type (Casing Equipment & Cementation Equipment), by Equipment (Liners, Centralizers, Wiper Plugs, Float Equipment), by Application (Onshore and Offshore) - Global Trends & Forecasts to 2019", defines and segments the well casing market with analysis and forecasts of market size for the well casing market. It also identifies driving and restraining factors for the well casing market with analysis of trends and opportunities.
Browse 72 tables and 49 figures spread through 185 Pages and in-depth TOC on "Well Casing Market Global Trends & Forecasts to 2019"
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The global well casing market is projected to be valued at $2,592.9 Million by 2019, at a CAGR of 7.8% from 2014-2019.
Market applications for well casing include onshore and offshore. High capital investment and operational expenditure are the key drivers of the offshore well casing market.
The well casing market is projected to grow at a CAGR of 7.8% during the forecast period. Increasing drilling activities globally is the prime driver for market growth. Rise in energy demand in developing economies is expected to drive the growth of the well casing market at a rapid pace. The shale boom in the U.S. is also expected to boost the demand for casing & cementation hardware. New shale discoveries in Africa are expected to open new avenues for casing & cementation equipment providers. The major restraining factor for this market is the limited access to reserves. Oil & gas reserves are concentrated in certain areas and not dispersed equally throughout. Some countries that have access to these reserves restrict the entry of foreign firms. The primary challenge of the market is managing environmental concerns and adhering to strict regulations and policies of various governmental agencies, which is important for oil & gas companies.
The leading players of this market include Vallourec S.A. (France), Weatherford International Ltd. (Ireland), Antelope Oil Tool & Manufacturing Company (U.S.), and Centek Group (U.K.). The well casing market is a highly fragmented one, owing to the huge demand and simplicity in design and manufacturing of casing & cementation equipment. Major companies rely on regional and local distributors to increase their share as well as geographical presence in the market. One of the major developments observed in the casing & cementation market is agreements, contracts, joint ventures and partnerships. The application requirements for well casing are continuously changing, making it essential for manufacturers to continually invest in R&D and come up with innovative solutions. Companies are adopting inorganic growth strategies such as acquisitions to cope up with the increasing demand for well casing in key emerging markets. These strategies have aided companies to create a large customer and partner base in key markets.
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