Dublin, Jan. 19, 2021 (GLOBE NEWSWIRE) -- The "Casing and Cementation Hardware Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The global crude oil production is expected to grow at a CAGR of more than 1.65% in the forecast period of 2020-2025. Increasing upstream activities in regions like Middle-East and the United States are driving the need for casing and cementation hardware.
An increase in exploration activities in the shale reservoir and deepwater reservoirs are also driving the market in the forecast period. On the other hand, the global decline in crude oil prices and the shift towards renewable energy can limit the upstream activities in the forecast period and restrain market growth.
Key Market Trends
Casing Hardware to Dominate the Market
Successful casing installation requires several tools and equipment like floating equipment, stage tools, centralizers, scratchers, casings, liners, and others.
Despite global crude price fall in 2020, Petroleos Mexicanos is aiming to double the drilling wells to 423 in 2020. New wells are expected to create significant demand for casing hardware in the forecast period.
Vedanta's upstream subsidiary, Cairn Oil and Gas, is planning to invest INR 58,521 crore across to conclude exploration work across 30 blocks in India, With new exploration activities, demand for casing and cementation is anticipated to rise during the upcoming period.
Surat Gas project in Australia is expected to hold more than 60% of the country's proven coal seam gas. With an estimated project development cost of USD 7.15 billion, the project is expected to be initiated by 2021. Multiple wells will be drilled, requiring casing and equipment at a massive scale.
The increase in global crude oil production to 94.7 million barrels per day has resulted due to the drilling of new wells, which are increasing the demand for casing hardware significantly.
Due to the Coronavirus pandemic in 2020, delay in upstream projects is anticipated to slowdown the growth of the market. However, later in the forecast period, with the initiation of projects, casing hardware is expected to dominate the market.
Middle-East and Africa to Witness Significant Growth
Pars Oil and Gas company is expected to develop phases 13 and 14 of South Pars gas field in 2020. Thirty-eight new wells in phase 13 and 44 new wells in phase 14 are to be drilled, which will require casing hardware for completion work in the forecast period.
Middle-East has the largest proven reserves of oil. With 113 thousand million tons of crude reserves, large scale drilling and completion activities are expected in the region, driving the casing and cementation hardware market in the future.
Kish gas Field in Iran spread on both offshore and onshore locations is expected to hold 59 trillion cubic feet of gas. The field is to be developed in three phases with multiple wells. The project is expected to create ample market growth in the forecast period.
In January 2019, Halliburton signed two contracts with operators Eni to provide integrated drilling services at the Zubair oil field. Development wells are to be drilled in the forecast period, creating demand for casing and cementation hardware.
Middle-East and Africa has one of the highest proven reserves and produced one-third of global oil production. With multiple exploration and development projects in both oil and gas fields, the region is expected to witness significant growth in the casing and cementation hardware market.
The casing and cementation hardware market is moderately fragmented. Some of the major companies operating in the market include National-Oilwell Varco, Inc., Halliburton Company, Weatherford International plc, Vallourec S.A, and Baker Hughes Company.
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Key Topics Covered:
1.1 Scope of Study
1.2 Market Definition
1.3 Study Assumptions
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.2 Market Size and Demand Forecast in USD billion, till 2025
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1.1 Casing Hardware
5.1.2 Cementation Hardware
5.2 Location of Deployment
5.3.1 North America
5.3.4 South America
5.3.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Halliburton Company
6.3.2 Weatherford International plc
6.3.3 Vallourec S.A
6.3.4 Baker Hughes Company
6.3.5 National-Oilwell Varco, Inc
6.3.6 SLEDGEHAMMER OIL TOOLS PVT
6.3.7 Centek Group
6.3.8 Summit Casing Equipment
6.3.9 Tenaris SA
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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