Global Tubing Spools Market Expected to Reach $725.8 Million by 2026 | Key Business Growth

Chief reasons for market fluctuations

Growth in exploration and drilling activities for oil around the globe, oil price recovery, and increase in redevelopment of mature oil wells have boosted the growth of the global tubing spools market. However, technological developments in wellhead system are expected to create lucrative opportunities in the near future.

According to the report, the global tubing spools industry was pegged at $490.5 million in 2018 and is projected to reach $725.8 million by 2026, registering a CAGR of 4.9% from 2019 to 2026.

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The onshore segment dominated the market

Based on application, the onshore segment held the largest share in 2018, contributing to nearly three-fourths of the global tubing spools market. Furthermore, the segment is projected to register the fastest CAGR of 5.5% during the forecast period. This is due to the discovery of new oil and gas resources which is positively impacting the onshore tubing spools market.

The single tubing segment to manifest the fastest growth through 2026

By type, the single tubing segment held the largest share in 2018, accounting for more than two-thirds of the global tubing spools market. Moreover, the segment is expected to portray the fastest CAGR of 5.6% during the forecast period. As the oil & gas industry utilizes single tubing spool for HTHP application which drives the growth of the market.

North America region held the lion's share

The global tubing spools market across North America held the largest share in 2018, accounting for around two-fifths of the total revenue. In addition, the region is anticipated to grow the fastest CAGR of 6.1% during the study period. This is attributed to the number of petrochemical companies that are situated in the prominent regions of North America.

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Key Players:
The key players profiled in the report include Delta Corporation, EthosEnergy Group Limited, Integrated Equipment, Jereh Oilfield Equipment, Jiangsu Sanyi Petroleum Equipment Co., Ltd, JMP Petroleum Technologies, Inc., Msp/drilex, Inc., Uztel S.A, Sunnda Corporation, and Weir Group.

Key Findings of the Study:

The report provides an extensive analysis of the current and emerging tubing spools market trends and dynamics.
Depending on type, the single tubing segment dominated the tubing spools market, in terms of revenue in 2018 and is projected to grow at a CAGR 5.6% during the forecast period.
By application, the onshore segment led the market in 2018.
North America is projected to register the highest growth rate in the coming years.
Key market players within the tubing spools market are profiled in this report, and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the tubing spools industry.
In-depth tubing spools market analysis is conducted by constructing estimations for the key segments between 2018 and 2026.

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