Rising E&P Activities to Boost Oilfield Casing Spools Market Growth
Oilfield Casing Spools Market Eyeing Remarkable Growth due to Increasing Investments in Upstream Oil & Gas Operations
Oilfield Casing Spools Market to Grow at Healthy CAGR by 2027
The global oilfield casing spools market size will grow at a healthy CAGR in the forecast period (2020 2027), states the latest Market Research Future (MRFR) report.
Rising E&P Activities to Boost Market Growth
The rising E&P activities in ultra-deepwater projects and deepwater will fuel the need for oilfield casing spools that will consequently boost the oilfield casing spools market value during the next five years.
Increasing Investments in Upstream Oil & Gas Operations to offer Lucrative Opportunities
The increasing investments in the upstream oil and gas operations will offer robust opportunities for the market over the forecast period. With fall in oil and gas production in several oilfields, several companies are making huge investments in mature oil and gas fields for maximizing their revenues. The companies dealing with upstream oil and gas are adopting unconventional drilling technologies to tap in the large shale oil and gas reserves.
Volatility in Prices of Crude Oil to act as Market Restraint
The volatility in the prices of crude oil coupled with the demand for alternative sources may act as a market restraint.
Risks related to Drilling and Completion to act as Market Challenge
The various risks related to drilling and completion may impede the global oilfield casing spools market share over the forecast period.
The oilfield casing spools market has been bifurcated based on flange pressure, working pressure, casing size, and type.
By type, the stainless steel segment will lead the market over the forecast period and at a high CAGR for its excellent features including corrosion-resistant alloy ring grooves that generally are offered with studded end connection.
By casing size, the oilfield casing spools market is segmented into 8” -10”, 10.1” - 12”, 12.1” - 15”, 15.1” - 18” and above 18”.
By working pressure, the oilfield casing spools market is segmented into below 2000 PSI, 2001 PSI - 3000 PSI, 3001 PSI - 5000 PSI and above 5000 PSI.
By flange range, the oilfield casing spools market is segmented into 11” - 13”, 13.1” - 15”, 15.1” - 18” and above 18”.
The COVID-19 pandemic has severely impacted the oilfield casing spools market. For the nationwide lockdowns imposed by the government to prevent the spread of the virus, normal outdoor lifestyle and major business activities were at a halt. It has caused a fall in demand for fuel and has affected the demand for the market. The exploration activities moreover of key companies were also impacted owing to the lack of workforce.
North America to Have Lions Share in Oilfield Spools Market Growth
North America will have lions share in the market over the forecast period. Rapid growth in the mining and oil & gas sector, and the increase in the extraction and production of oil and gas that will improve the industry as this is an integral part of drilling activity are adding to the global oilfield casing spools market growth in the region. As per the US EIA (Energy Information Administration) in 2018, about 6.44 million bpd of crude oil had been produced from tight oil resources in the US.
Key players profiled in the global oilfield casing spools industry report include Baker Hughes, a GE Co. LLC (US), Delta US Corp. LLC (US), Jiangsu HongFei Petroleum Machinery Manufacturing Co. Ltd (China), Schlumberger Ltd. (US), Sentry Wellhead Systems LLC (US), Shaanxi FYPE Rigid Machinery Co. Ltd (China), The Weir Group Plc (UK), Uztel SA (Romania), Worldwide Oilfield Machine Inc. (US), Yantai Jereh Oilfield, Services Group Co. Ltd. (China), and Jereh Group (China).