Market Trends of Casing and Cementation Hardware Industry
This section covers the major market trends shaping the Casing & Cementation Hardware Market according to our research experts:
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.
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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.
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