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.
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.
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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.
Offshore well casing market is projected to witness growth owing to increased drilling activities in the deep and ultra-deep wells. For instance, in August 2018, Wintershall announced to invest USD 2.3 billion in exploration and production of offshore Norway by 2020.
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.
Onshore well casing market is set to witness robust growth on account of excessive drilling for unconventional energy resources mainly across the North & South America. For instance, in October 2018, Argentina based YPF announced to invest USD 4 billion to USD 5 Billion every year in order to boost the country’s onshore energy production through 2022.
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.
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All the above factors are identified and analyzed in detail, with their present and expected market impact, which is quantified and used to derive market growth expectation. Market forecast is built using statistical analysis with models built around time-variance, regression and correlation analytics.
Significant emphasis is put on primary research, which serves the dual role or not only validating our findings but also obtaining penetrating market insights, which help us gain more clarity regarding business environment and competitive leverage. Notable participants in our primary research process include:
- Leadership figures such as CEOs, CSOs, VPs etc. in key companies
- Supply-chain participants, distributors and domain experts
- Key customers and B2B clients