(MENAFN- Ameliorate Digital Consultancy)
The global market for casing centralizers is anticipated to provide an absolute dollar potential of about US$ 215.9 Mn, according to the most recent Fact.MR analysis.
According to estimates, the market will be worth more than US$ 675 Mn by the end of 2030 due to the increasing deployment of casing centralizers in oil and gas drilling operations. Some of the key reasons propelling the casing centralizers market include rising offshore and onshore oil & gas exploration activities as well as rising oil & gas consumption from variend-use industries.
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With a good standoff clearance all around the casing to facilitate cementing operations, casing centralizers are being utilized more frequently to prevent the casing from making contact with the borehole.
New growth opportunities in the casing centralizers market are being opened up by the government's increasing spending in the exploration of new oil and gas deposits. To meet the growing demand for crude oil, new projects are being started in numerplaces.
For instance, in 2020 Egypt announced the investment of US$ 1.4 Bn for exploring oil and natural gas at nine new sites in the Mediterranean and Red Sea. The state's Ministry of Petroleum and Mineral Resources announced the news, and expects to drill a total of 23 new wells across both seas.
As per Fact.MR, bow spring casing centralizers is expected to remain the most preferred product type across oil and gas applications. These casing centralizers generate a restoring force by using flexible bows that provide the separation between casing and wellbore.
According to the report, demand for casing centralizers in onshore segment is projected to increase substantially over the forecast period. This is attributable to an increase in exploration and production activities in onshore oil & gas fields. Moreover, onshore drilling wells accounts for around 80% of the global oil and gas production.
Regionally, North America will continue to dominate the casing centralizers market due to increasing government initiatives for exploring new oils and gas reserves. Besides this, strong presence of key market players is also supporting the growth in the region.
As per the study, North America casing centralizers market is projected to create absolute $ opportunity worth US$ 108.1 Mn during the forecast period.
“As the global demand for oil and gas intensify, exploration of more oil and gas reserves has become necessary. Hence, governments across the globe are investing vigorously for this purpose. This is anticipated to create lucrative growth avenues within casing centralizers market over the next ten years,” says a Fact.MR analyst
Key Takeaways from Casing Centralizers Market Survey
· The casing centralizers market in North America is anticipated to expand at a CAGR of 4.1% during the study period.
· By 2030, the Asia Pacific region would have grown by 1.6X, making it a lucrative market for casing centralizers.
· The market for oil and gas in Europe is expected to grow 1.4 times between 2020 and 2030, thanks to rising demand in the U.K. and Germany.
· Bow spring casing centralizer sales are expected to grow at a 3.7% CAGR throughout the assessment period.
· The onshore segment is anticipated to expand by application over the forecast period at a CAGR of 3.8%.
Key Drivers
Increasing government investments to explore new oil and gas reserves is driving the casing centralizers market. Increasing energy consumption across diverse end-use sectors is positively impacting the market. New product launches remain a key strategy for market players to increase their sales.
Competitive Landscape
The casing centralizers market is highly consolidated in nature with leading players employing varistrategies such as advanced product launches, mergers, partnerships, acquisitions and facility expansions to dominate the market.
In April 2020, Centek launched pioneering new hinged product called“S2 hinged centralizer”. The new S2 single hinged centralizer has no weak spots and can be confidently used in the same applications (such as challenging wells) as the company's S2 single piece centralizer. In August 2020 Summit Casing Equipment (Summit), a manufacturer of cementation products for the oil and gas industry, acquired Gryphon Casing Solutions, LLC (Gryphon) a division of Gryphon Oilfield Solutions in an asset purchase. The acquisition will help the company to expand its business in the region.
Some of the prominent players operating in the casing centralizers market profiled by Fact.MR are:
Halliburton Maxwell Oil Tools Ltd Moonshine Solutions AS NeOz Energy National Oilwell Va Summit Casing Equipment Weatherford International Others
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More Insights on the Global Casing Centralizers Sales Outlook
Fact.MR provides an unbiased analysis of casing centralizers market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the global demand for casing centralizers with a detailed segmentation on the basis of:
Product
Bow Spring Casing Centralizers Rigid Blade Casing Centralizers Semi-Rigid Casing Centralizers Inter-Casing Centralizers Sub
Application
Materials
Steel Aluminum Zinc Polymer Resin
Region
North America Latin America Europe Asia Pacific MEA
Key Questions Covered in the Casing Centralizers Market Outlook Report
The report offers insight into casing centralizers demand outlook for 2020-2030 The market study also highlights projected sales growth for casing centralizers market between 2020 and 2030 Casing centralizers market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry Casing centralizers market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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