Global Oilfield Casing Spools Market 2019-2023 | Rise in Deepwater and Ultra-Deepwater E&P Activities to Boost Growth | Technavio
The global oilfield casing spools market is expected to post a CAGR of over 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global oilfield casing spools market 2019-2023. (Graphic: Business Wire)
Currently, with large investments involved, oil and gas operators will focus on increasing profits to sustain in the market and will do so by raising crude oil production from oilfields. Increasing investments in the upstream oil and gas sector will drive the increase in oil and gas drilling and production activities. Casing spools are essential pressure control equipment used in the drilling and completion process. Therefore, the increase in upstream oil and gas investments will propel oil and gas well drilling and completion activities, which in turn will drive the demand for casing spools.
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As per Technavio, the rise in deepwater and ultra-deepwater E&P activities, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Oilfield Casing Spools Market: Rise in deepwater and ultra-deepwater E&P activities
Rising investments in offshore drilling activities in deepwater and ultra-deepwater wells, will stimulate the need for casing spools. For example, in February 2019, Shell, through its subsidiary Shell Brasil Petróleo Ltda. and consortium partners started oil and gas production at the Lula North deepwater project in the Santos Basin in Brazil. Such initiatives by vendors will drive the global oilfield casing spools market during the forecast period.
“Apart from the increasing investments in upstream oil and gas operations, the development of intelligent well completion technologies, rise in global demand for oil and gas, and increasing active rig count are some other major factors that are expected to drive market growth largely during the forecast period,” says a senior analyst at Technavio.
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Global Oilfield Casing Spools Market: Segmentation Analysis
This market research report segments the global oilfield casing spools market by application (onshore and offshore) and geographical regions (North America, APAC, Europe, MEA, and South America).
The North American region led the market in 2018, followed by APAC, Europe, MEA, and South America respectively. However, during the forecast period, the APAC region is expected register the highest incremental growth due to the increasing energy demand from developing countries in the region.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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