Global Well Casing Market
Once a well is drilled for oil or gas exploration, the raw sides of the well cannot support themselves. Hence, casing is done to stabilize and keep the sides of the well from caving in. Furthermore, casing protects the well-stream from external contaminants and prevents groundwater from getting polluted by oil or gas produced. Casing a recently drilled well includes running a steel pipe down the insides of the well. The gap between the untreated sides of the well and casing is cemented to set the casing permanently. The global well casing market is witnessing a positive growth with increase in number of oil and gas exploration activities.
Casing usually occurs in sections that are 40 feet long. These casings are screwed together to form a long length of casing known as casing strings. In terms of equipment, the global well casing market has been broadly categorized into casing equipment and cementation equipment. Casing and cementation equipment has been further segmented into float equipment, liners, centralizers, and wiper plugs. On the basis of application, the global well casing market has been divided into offshore and onshore casing. With depleting onshore oil and gas reserves, the demand for offshore oil and gas exploration is increasing.
Global Well Casing Market: Overview
The ever increasing demand for oil and gas is the key factor driving the growth of the global well casing market. Increase in both offshore and onshore oil and gas exploration activities has propelled the demand for well casing. Furthermore, depleting reserves of groundwater have made it essential to protect groundwater and aquifers during drilling operations. The implementation of various standards for oil and gas casing by regulatory authorities such as the American Petroleum Institute has also augmented the growth of the global well casing market. These standards specify the length, tensile strength, composition, and thickness of casing for a given well and are widely used for the selection of oil and gas casing.
Casing of vertical or horizontal oil and gas wells is carried out through multiple steps, usually from the largest diameter casing to the smallest. In the first step, conductor casing is set to prevent the sides of the well from caving in. Once conductor casing is set, depending on regulatory requirements, drilling continues inside the conductor casing string to reach the lowest groundwater zone. Surface casing is done next with cement being pumped down to fill up the space between outside of the casing and raw sides of the well. Though the circulation of cement on surface casing is usually done across oil and gas wells, it is not mandatory. The main objective of surface casing is to isolate the groundwater zones.
Global Well Casing Market: Region-wise Outlook
The global well casing market has been segmented into four key regions: Europe, North America, Asia Pacific, and Rest of the World. In North America, the rise in exploration of shale reserves has boosted the growth of the well casing market. In Asia Pacific, countries such as China and Australia are witnessing significant rise in mining and drilling activities, thereby fuelling the demand for well casing.
Global Well Casing Market: Vendor Landscape
The global well casing market is highly fragmented. Some of the key players in the global well casing market are Weatherford International Ltd. (Ireland), Antelope Oil Tool & Manufacturing Company (U.S.), Vallourec S.A. (France), and Centek Group (U.K.). The market players are increasingly adopting innovative well casing technologies, along with focusing on partnerships and joint ventures, to expand their businesses. The market players are also shifting their focus on emerging economies where rapid industrialization is creating a huge scope for the growth of the global well casing market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.