Market Size of Casing and Cementation Hardware Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 1.65 % |
| Fastest Growing Market | Middle-East and Africa |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Casing & Cementation Hardware Market Analysis
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.
- The casing is a steel tubular that runs through the well depth. With deepwater project and horizontal drilling, more length of casing and hardware are being used, which is resulting in market dominance.
- In the future, with high-pressure high-temperature ultradeep projects and a growing shift towards shale and condensates, large scale opportunities are expected to be provided for the casing and cementation hardware companies.
- Middle-East and Africa is anticipated to witness significant growth in the market in the forecast period, owing to the upcoming upstream projects in the region.
Casing & Cementation Hardware Industry Segmentation
The casing and cementation hardware market report includes:
| Type | |
| Casing Hardware | |
| Cementation Hardware |
| Location of Deployment | |
| Offshore | |
| Onshore |
| Geogrpahy | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Casing and Cementation Hardware Market Size Summary
The casing and cementation hardware market is poised for growth, driven by increasing upstream activities in regions such as the Middle East and the United States. The demand for casing and cementation hardware is bolstered by the rise in exploration activities in shale and deepwater reservoirs, as well as the expansion of deepwater projects and horizontal drilling. These factors contribute to the market's expansion, despite challenges posed by global crude oil price fluctuations and a shift towards renewable energy sources. The market is expected to benefit from large-scale opportunities in high-pressure, high-temperature ultradeep projects, particularly in the Middle East and Africa, where significant upstream projects are on the horizon.
The market landscape is characterized by moderate fragmentation, with key players including National-Oilwell Varco, Inc., Halliburton Company, Weatherford International plc, Vallourec S.A, and Baker Hughes Company. Despite the impact of the Coronavirus pandemic causing delays in upstream projects, the demand for casing hardware is anticipated to rise as new wells are drilled and exploration activities expand. Notable projects, such as those in the South Pars gas field and the Kish gas field, are expected to drive market growth by necessitating substantial casing and cementation hardware. The Middle East, with its vast proven oil reserves, is particularly poised for significant market development due to ongoing and upcoming drilling and completion activities.
Casing and Cementation Hardware Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2025
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitute Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Casing Hardware
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2.1.2 Cementation Hardware
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2.2 Location of Deployment
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2.2.1 Offshore
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2.2.2 Onshore
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2.3 Geogrpahy
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 South America
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2.3.5 Middle-East and Africa
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Casing and Cementation Hardware Market Size FAQs
What is the current Casing and Cementation Hardware Market size?
The Casing and Cementation Hardware Market is projected to register a CAGR of greater than 1.65% during the forecast period (2024-2029)
Who are the key players in Casing and Cementation Hardware Market?
Halliburton Company , Weatherford International plc , Vallourec S.A, National-Oilwell Varco, Inc and Baker Hughes Company are the major companies operating in the Casing and Cementation Hardware Market.
