NEW YORK, Sept. 30, 2019 /PRNewswire/ —
Global Oilfield Casing Spools Market: About this market
This oilfield casing spools market analysis considers sales from onshore and offshore applications. Our analysis also considers the sales of oilfield casing spools in APAC, Europe, MEA, North America, and South America. In 2018, the onshore segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as increasing onshore oil and gas E&P activities across the world will play a significant role in the onshore segment to maintain its market position. Also, our global oilfield casing spools market report looks at factors such as increasing investments in upstream oil and gas operations, rise in global demand for oil and gas, and increasing active rig count. However, volatility in oil and gas prices, competition from alternative energy sources, and risks associated with well drilling and completion operations may hamper the growth of the oilfield casing spools industry over the forecast period.
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Global Oilfield Casing Spools Market: Overview
Increasing investments in upstream oil and gas operations
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 lead to the expansion of the global oilfield casing spools market at a CAGR of over 6% during the forecast period.
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 have a positive impact on the overall market growth.
Competitive Landscape
With the presence of several major players, the global oilfield casing spools market is fragmented. This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading oilfield casing spools manufacturers, that include Baker Hughes, a GE Co. LLC, Delta US Corp. LLC, Jiangsu HongFei Petroleum Machinery Manufacturing Co. Ltd., Schlumberger Ltd., Sentry Wellhead Systems LLC, Shaanxi FYPE Rigid Machinery Co. Ltd., The Weir Group Plc, Uztel SA, Worldwide Oilfield Machine Inc., and Yantai Jereh Oilfield Services Group Co. Ltd.
Also, the oilfield casing spools market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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