Global Well Casing and Cementing Market 2020-2024|Technological Advances in Cementing to Boost the Market Growth| Technavio
LONDON--(BUSINESS WIRE)--Nov 26, 2019--
The global well casing and cementing market is expected to post a CAGR of over 5% during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global well casing and cementing market 2020-2024 (Graphic: Business Wire)
Unconventional hydrocarbon resources are found in reservoirs, including shale formations, oil sands, and coal seams. Given the significant potential offered by unconventional oil and gas E&P activities, governments across the advanced economies including the US and Europe are focusing on the production of shale oil and gas. Furthermore, governments are providing federal funding for cost-shared research and development in advanced technologies for recovering unconventional oil and gas. These R&D activities are further helping in improving the recovery efficiency of emerging unconventional oil and gas reservoirs, in turn, playing a critical role in maximizing energy production in the US. Thus, with rising focus on unconventional oil and gas E&P activities, the demand for well casing and cementing market will also increase considerably during the forecast period.
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As per Technavio, technological advances in cementing will have a positive impact on market growth over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Well Casing and Cementing Market: Technological Advances in Cementing
Oil well cementing plays a crucial role in providing zonal isolation and bonding the casing pipe in oil and gas E&P activities. This has encouraged vendors in the market to develop smart cement for reducing operational costs and simultaneously creating a safe working environment for workers in the oil and gas field. Companies in the market are also focusing on offering self-healing cement systems to provide a durable cement bond, allow long-term zonal isolation, and provide reliable cement sheath repair for preserving the integrity of oil and gas wells. Thus, these technological advances in cementing are anticipated to enhance the efficiency of cementing operations and create a strong bond, in turn, propelling the demand for well casing and cementing during the forecast period.
“Increasing upstream investments, rise in global demand for oil and gas, and rising deepwater and ultra-deepwater E&P activities are expected to boost the well casing and cementing market growth during the forecast period, ” says a senior analyst at Technavio.
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Well Casing and Cementing Market: Segmentation Analysis
This market research report segments the well casing and cementing market by application (onshore and offshore) and geography (Europe, APAC, North America, MEA, and South America).
North America led the market in 2019, followed by APAC, Europe, MEA, and South America, respectively owing to the increasing unconventional E&P activities, including drilling in shale reserves in the US and oil sands in Canada. Furthermore, rising initiatives from the governments in the US and Canada will further lead to a surge in E & P activities are leading the region to contribute to the highest incremental growth during the forecast period.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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View source version on businesswire.com:https://www.businesswire.com/news/home/20191126005347/en/
CONTACT: Technavio Research
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KEYWORD: NORTH AMERICA
INDUSTRY KEYWORD: OIL/GAS ENERGY OTHER CONSTRUCTION & PROPERTY CONSTRUCTION & PROPERTY OTHER ENERGY
SOURCE: Technavio Research
Copyright Business Wire 2019.
PUB: 11/26/2019 11:30 AM/DISC: 11/26/2019 11:30 AM