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Well Casing Market Growth Trends, Industry Outlook, Business Forecast by 2025

Author : Rahul Sankrityayan | Published Date : 2019-09-10 

Global Market Insights recently introduced report on global Well Casing Market report is an in-depth study providing complete analysis of the industry for the period 2018 to 2024. It provides complete overview of the industry considering all the major industry trends, market dynamics and competitive scenario.

Well Casing Market size will witness growth owing to increasing exploration & production activities coupled with growing demand for petroleum products. For instance, Baker Hughes, announced the international rig count has increased from March 2019 to April 2019 i.e. from 1,039 to 1,062. Furthermore, growing demand for crude oil and natural gas including shale oil, tight oil and CBM to fulfil the energy demand from developing nations will enhance the industry growth.

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Increasing oil & gas drilling activities along with regulatory inclination toward oilfield development will drive the well casing market. According to the U.S. Energy Information Administration, the production of dry natural gas from oil formation increased from 8% in 2013 to 17% 2018. In addition, growing investment toward the redevelopment of mature wells will further drive the industry growth.

Growing shale oil production to reduce the import dependency from other countries along with rising capital expenditure from major industry players will propel the U.S. well casing market. In February 2019, BP announced to invest USD 2 billion in the Eagle ford and Haynesville shale formations.

Qatar well casing market will witness growth owing to its rising capital expenditure toward the development of nation’s extensive crude oil reserves coupled with increasing export of natural gas. For instance, in 2017, the Qatar Petroleum announced to enhance North field production inline of increasing the export of liquified natural gas by 30% until 2023.

Growing demand for crude oil as a feed stock from refinery facilities along with abundant availability of conventional & unconventional offshore resources will facilitate the Norway well casing market growth. As per Norway statistic agency (SSB), the industry operating across the nation are anticipated to expand their investment from USD 18.92 billion in 2018 to USD 20.6 billion in 2019.

Eminent market participants in well casing market comprise of Schlumberger, Halliburton, Weatherford, Tenaris, Vallourec, PAO TMK, Forum Energy, NeOz Energy, National Oilwell Varco, Trican, and Innovex Downhole Solutions amongst others. Introduction of technological innovations and mergers & acquisitions by industry leaders across the industry will aid in improving the business dynamics. Furthermore, continuous R&D investments for enhancing the production efficiency will further incorporate a sustainable business scenario.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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