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Well Casing and Cementing Market Overview and Forecast 2024
Well Casing and Cementing Market Overview
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According to The Business Research Company's, The well casing and cementing market size has grown strongly in recent years. It will grow from $11.1 billion in 2023 to $11.73 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to safety and risk mitigation, rigorous well construction standards, well productivity enhancement, industry consolidation, global energy demand.
The well casing and cementing market size is expected to see strong growth in the next few years. It will grow to $14.72 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to demand for remote operations, focus on cost efficiency, geopolitical factors, well abandonment and decommissioning, energy transition impact. Major trends in the forecast period include product innovations, risk mitigation strategies, well abandonment solutions, geopolitical factors, efficiency and cost optimization.
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Market Drivers and Trends:
The increasing demand for energy is expected to propel the growth of the well casing and cementing market going forward. Energy efficiency refers to the effective utilization of energy resources to achieve a desired output or result with minimal waste or loss of energy. Adopting energy-efficient practices in the well casing and cementing market offers a range of benefits, encompassing financial savings, environmental responsibility, regulatory compliance, and enhanced long-term viability. For instance, in December 2022, according to Eurostat, an EU-based statistical office, the European Union planned to increase energy efficiency, setting goals of at least 32.5% by 2030. Therefore, the increasing demand for energy is driving the growth of the well casing and cementing market .
Product innovation is a key trend gaining popularity in the well casing and cementing market. Major companies operating in the market are introducing innovative products to lead the market. For instance, in September 2021, Halliburton Company, a US-based provider of products and services to the energy industry launched IsoBond, a dry blended cement system with properties of rapid gel strength development, minimum fluid loss, improved shear bonding, and short slurry transition time and it is more resistant to degradation from corrosive fluids. It reduces sustained casing pressure. It helps in reducing cost, minimizing risk, and eliminating the need for future remediation thereby limiting carbon footprint.
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Major Key Players of the Market:
Halliburton Company, Schlumberger Limited, Baker Hughes Company, Weatherford International plc, NOV Inc., Tenaris SA, Vallourec SA, TMK Group, Trican Well Service Ltd., Nabors Industries Limited, Frank's International N V, Innovex Downhole Solutions Inc., Centek Inc., Antelope Oil Tool & Manufacturing Company, Forum Energy Technologies, Archer Well Company Inc., Basic Energy Corporation, China Oilfield Services, Emerson Electric Co., Cemex S.A.B. de C.V., Hilong Petroleum Technology Service Co. Ltd., Precision Drilling Corporation, Parker Hannifin Corporation, SPT Energy Group, Sinopec Oilfield Service, National Oilwell Varco, Superior Energy Services, C&J Energy Services, Keane Group, Nine Energy Service
Well Casing And Cementing Market 2024 Key Insights:
• The well casing and cementing market size is expected to see strong growth in the next few years. It will grow to $14.72 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
• The Surge In Oil And Natural Gas Demand Driving The Well Casing And Cementing Market
• Innovative Advancements In Well Casing And Cementing Through A Focus On Industry-Leading Products And Solutions
• North America was the largest region in the well casing and cementing market share in 2023
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