Landing String Equipment Market to Reach USD 2.6 Billion by 2034, Growing at a 6.8% CAGR from 2024: Comprehensive Industry Outlook and Forecast

The global landing string equipment market, valued at USD 1.3 billion in 2023, is poised for significant growth. Projected to expand at a compound annual growth rate (CAGR) of 6.8% from 2024 to 2034, the market is expected to reach USD 2.6 billion by the end of the forecast period.

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Analyst Viewpoint

The growth of the landing string equipment market is driven by the increasing adoption of deepwater drilling and the optimization of landing string systems to enhance safety at oil and gas extraction sites. Technological advancements in landing string equipment are facilitating deeper and more efficient drilling operations.

Market Introduction

Landing string equipment is essential for running casing strings, tubings, or liners in drilling operations. It is designed to sustain higher load capacities and is inspected to stricter acceptance criteria compared to strings used solely for drilling purposes. The equipment's compatibility with traditional drill pipe handling systems, higher slip crushing resistance, increased elevator capacity, and higher tensile capacity make it a preferred choice in the industry.

Key Features and Challenges

Despite its advantages, landing string equipment faces challenges, including the need for stronger pipe bodies. Manufacturers are working to upgrade pipes to sustain yield strengths of up to 165,000 psi, compared to the existing 150,000 psi, to improve the subsea test tree's performance.

Market Drivers

Increase in Adoption of Deepwater Drilling

The demand for deepwater drilling is rising, driven by the need for higher safety in subsea wells. The growth in the crude oil market is fueling upstream oil and gas sector activities globally, leading to increased drilling operations. Offshore deepwater oil projects produce large volumes of oil and gas, achieving lower per-barrel operating costs during the reservoir lifecycle. Companies are expanding their portfolios with sustainable deepwater developments through technological breakthroughs.

Rise in Demand for Higher Safety Quotient in Subsea Wells

Landing string optimization in subsea wells reduces overall expenditures by curtailing the time and costs associated with well construction. Optimization processes enhance safety and performance in oil and gas exploration, driving the landing string equipment market growth.

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Regional Analysis

North America

North America held the largest share of the deepwater application landscape in 2023 and is expected to maintain its lead during the forecast period. The region's market expansion is attributed to the increasing number of offshore drilling projects and subsea processing activities. The rise in demand for shale gas in the U.S. and Canada is also contributing to market growth.

Latin America and Europe

Latin America and Europe are also significant markets, driven by deepwater drilling and production activities in countries such as Brazil, Angola, and Norway.

Key Players

The global landing string equipment industry features several prominent players, including:

NOV Inc.
Halliburton
Quail Tools
Enovate Systems Ltd.
Schlumberger Ltd.
Superior Energy Services
Thyssenkrupp AG
Vallourec
Yantai Enerserva Machinery Co. Ltd.
Wellpartner
Expro

These companies are expanding their service portfolios and entering agreements with government and non-government agencies to enhance their market presence.

Key Developments

In November 2021, Expro signed subsea well access contracts worth over USD 50 million in South East Asia and Australia.
In October 2021, Interventek launched a new API 17G qualified in-riser subsea landing string system.

Market Segmentation

By Equipment Type

Lubricator Valve
Retainer Valve
Subsea Test Tree
Shear Sub
Slick Joint
Others

By Application

Shallow Water
Deepwater
Ultra Deepwater
Others

By Region

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

Market Snapshot

Market Size in 2023: USD 1.3 billion
Market Forecast (2034): USD 2.6 billion
Growth Rate (CAGR): 6.8% from 2024 to 2034

Conclusion

The landing string equipment market is set for robust growth, driven by advancements in deepwater drilling technologies and the increasing emphasis on safety in subsea operations. North America is expected to lead the market, with significant contributions from Latin America and Europe. Key players are focusing on technological innovations and strategic partnerships to strengthen their market positions and meet the evolving demands of the oil and gas industry.

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