Casing Drilling Market: Information by Type (Casing Pipe, Casing Equipment & Services, Cementing Equipment & Services), Application (Onshore, Offshore), and Region — Forecast till 2029

Casing drilling is an alternative approach to conventional drilling, where downhole tools can be easily recovered and retrieved in minutes than conventional drilling. It aids in reducing mud loss, improving whole quality, and providing strength to the wellbore. Rising demand for primary energy is subsequently increasing the drilling and intervention activities across the globe, both onshore and offshore. Additionally, the leading players are incorporating advanced technologies to gain a competitive edge and increase the customer base.

Development of Unconventional Hydrocarbon Resources

The development of unconventional hydrocarbon resources has widened the drilling applications, further driving the market growth. The unconventional hydrocarbon resources include coal bed methane (CBM), coal mine methane (CMM), shale gas, and tight gas. In the U.S., the shale gas extraction activities rose by 23% in 2010, completely transforming the oil and gas industries. As per the report published by the Indian Government (National Institution for Transforming India), the production rate of the country is expected to account for nearly half of the total global natural gas supply by 2035. Technological advancement, an abundance of shale and tight gas resources, increasing adoption of unconventional hydrocarbon resources, and rising energy demand drive the market growth.
Casing Drilling Market: Segmentation

Casing Equipment and Services Segment to Grow With A CAGR Of 6.1%

Request For Sample Report : https://straitsresearch.com/report/casing-drilling-market/request-sample

The casing equipment and services segment held the largest market share of about USD 418.5 million in 2019 and is expected to grow with a CAGR of 6.1%. Casing equipment includes centralizer, casing collar, scratchers, float equipment, and casing slips, among others. The equipment plays a crucial role in making drilling and oil production economically viable. Halliburton and Schlumberger Limited are the leading players offering casing equipment globally.
Onshore Segment to Dominate the Market with A Value of Around USD 516 Million

The onshore segment dominated the casing drilling market, accounting for around USD 516 million in 2019. The onshore segment refers to the oil and gas exploration sites located across the globe. In 2016, the soaring production cost and low oil prices, petroleum exploration, and exploitation activities disrupted the supply and demand of energy. In the last three years, the exploration and production industry has recovered remarkably on account of rising demand for primary energy consumption and crude oil. Globally, over 70% of the total crude production is derived from onshore crude oil production, further driving the segment growth. However, shifting customer preference for renewable and alternate energy sources hamper the segment growth.
Venezuela and Brazil: Leading Contributors to South America’s Casing Drilling Market

The oil production in South America has been rising steadily since the early 1990s, with Venezuela and Brazil leading in terms of production capacity. As per the BP Statistical Review of World Energy, Venezuela reserves contribute about 17.5% of the global oil reserves, further grabbing the attention of the international players in the oil and gas industry. This scenario is subsequently surging investments in drilling and intervention activities in Venezuela and Brazil. For instance, in 2013, Chevron collaborated with YPF, Argentina’s national integrated oil company, to develop a field in Argentina. Both the companies signed an agreement to drill around 2000 wells by 2024, producing 100,000 barrels of oil equivalent per day.
Key Players

Schlumberger Limited
Halliburton Energy Services, Inc.
Baker Hughes, a GE Company LLC
China Oilfield Services Limited
Nabors Industries Ltd
Frank’s International N.V.
Centek Holdings Limited
National Oilwell Varco
Weatherford International plc
Vallourec
Tenaris S.A.

Buy Now :https://straitsresearch.com/buy-now/casing-drilling-market/global/

Casing Drilling Market Segmentation

By Type

Casing pipe
Casing equipment and services
Cementing equipment and services
By Application

Onshore
Offshore
By Region

North America
Europe
China
Asia-Pacific
South America
The Middle East and Africa

Contact Us:
Email: sales@straitsresearch.com
Address: 825 3rd Avenue, New York, NY, USA, 10022
Tel: +1 6464807505, +44 203 318 2846
Website: https://straitsresearch.com/

About Us :
StraitsResearch.com is a leading market research and market intelligence organization, specializing in research, analytics, and advisory services along with providing business insights & market research reports.

This release was published on openPR.