Rise In Both Offshore And Onshore Oil & Gas Exploration Activities Is Expected To Propel The Demand For Casing Centralizers Market
The global casing centralizers market is anticipated to grow at a CAGR of 3.9% to create an absolute $ opportunity of more than US$ 215.9 million during the forecast period (2020-30). It is anticipated to be valued at more than US$ 675.0 million by 2030-end, according to a new Fact.MR study.
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Increasing demand for oil and gas from a wide range of industries remains the key driving factor for the casing centralizers market growth. Subsequently, an estimated rise in both offshore and onshore oil & gas exploration activities is expected to propel the demand for casing centralizers.
However, due to the COVID-19 outbreak and its impact on the industrial operations, companies are temporarily abandoning drilling of new wells and postponing maintenance amid a sharp drop in global oil prices and brimming storage tanks.
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These have caused an unprecedented impact on the casing centralizers market and manufacturers are further facing critical challenges with the slowdown of drilling wells. Therefore, the market is poised to witness a sluggish growth rate in the next couple of fiscal quarters.
Casing Centralizers Market Analysis by Product
Bow spring casing centralizers continue to witness higher demand and investments, as they are widely used during oil & gas exploration and production process. These casing centralizers can generate a restoring force by using flexible bows that provide the separation between casing and wellbore.
Over the years, a surge in the demand for crude oil and subsequent rise in oil & gas exploration activities have been propelling the demand for bow spring casing centralizers.
Significant growth of the international crude oil market makes the upstream oil & gas process industries to regularly change the production and operations frequency. This has led to an increased installation and replacement of bow spring casing centralizers. However, due to the recent outbreak of the COVID-19, the oil & gas industry is witnessing a slump in production.
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Casing Centralizers Market Analysis by Application
Onshore application of casing centralizers accounts for a major share of the global market revenue. This is attributable to an increase in exploration and production activities in onshore oil & gas fields.
Onshore drilling wells account for 80% of the global oil and gas production, whereas discoveries in offshore regions are expected to increase drilling operations. Thus, growing demand for drilling oil & gas wells to sustain the needs of rapidly expanding industries across the globe is expected to further propel the casing centralizers market growth during the forecast period. Onshore application of casing centralizers is projected to grow at a CAGR of 3.8% during the forecast period.
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Key Segments of the Casing Centralizers Market
The Fact.MR’s study on the casing centralizers market offers information divided into three key segments-product, application, and materials across five regions. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
Bow Spring Casing Centralizers
Rigid Blade Casing Centralizers
Semi-Rigid Casing Centralizers
Inter-Casing Centralizers Sub
The Analyst’s Viewpoint
“Decrease in oil & gas exploration and production during the COVID-19 pandemic will hinder a manufacturer's ability to invest in future projects. However, during the recovery process, global oil demand will slowly move towards normalcy and play an instrumental role in the casing centralizers market growth”.
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