Oilfield Casing Spools Market to Witness Massive Growth during Forecast 2021-2027

With the rapid industrialization, there is an ever increasing demand for fuel across the globe. As a result, the rapid increase in the number of onshore oil and gas exploration activities has played a significant role in driving the growth of the oilfield casing spools market. Moreover, factors such as increase in dependency on pressure pumping solutions and rise in focus on efficient methods for the extraction of crude oil to maximize profit also adds to the surge in demand for casing spools as essential pressure control equipment in the market.

On the other hand, there is a rise in deep-water drilling activities in the recent past. Companies such as Shell Brasil Petróleo Ltd. in February 2019 started a Lula North Deepwater project in Santos Basin in Brazil. The rise in popularity of deep-water offshore drilling activities is also expected to boost the growth of the oilfield casing spools market during the forecast period. However, the volatility in the prices of crude oil limits the market growth.

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In terms of market share, the North American region accounts for a significant share of the global oilfield casing spools market with rapid growth in the oil & gas industry in the region. The market in the Middle East and Africa is also likely to witness a lucrative growth in demand for casing spools due to the presence of high number of oil & gas industries in the region.

Key benefits of the report:

• This study presents the analytical depiction of the global oilfield casing spools industry along with the current trends and future estimations to determine the imminent investment pockets.

• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global oilfield casing spools market share.

• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global oilfield casing spools market growth scenario.

• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.

• The report provides a detailed global oilfield casing spools market analysis based on competitive intensity and how the competition will take shape in coming years.

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COVID-19 scenario analysis:

The outbreak of the COVID-19 pandemic has severely affected the oilfield casing spools market.

• Due to the nationwide lockdowns imposed by the governments to contain the virus, major business activities and the normal outdoor lifestyle of common people were at a halt. This has caused a significant decrease in the demand for fuel and has consequently affected the demand for oilfield casing spools in the market.

• Moreover, the exploration activities of major companies were also affected due to the lack of workforce caused as a result of the lockdowns and travel restrictions. This has also caused serious effects on the oilfield casing spools market.

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