Energia
Casing Centralizers Market to Exceed US$ 675 Mn as Sales of Bow Spring Casing Centralizers Rise at 3.7%
NEW YORK , Dec. 13, 2021 /PRNewswire/ -- According to the latest Fact.MR analysis, the global casing centralizers market is projected to create an absolute $ opportunity of over US$ 215.9 Mn .
With rising adoption of casing centralizers in oil and gas drilling activities, the market is pegged to be valued at over US$ 675 Mn by the end of 2030.
Increasing consumption of oil and gas from various end use industries and rapid rise in both offshore and onshore oil & gas exploration activities are some of the major factors driving the casing centralizers market.
Casing centralizers are being increasingly used to keep the casing from contacting the borehole, while providing a good standoff clearance around the casing to aid cementing operations.
Increasing investments by government for exploring new oil and gas reserves is creating new growth avenues within the casing centralizers market. New projects are being launched across multiple regions to cater to the rising demand for crude oil.
For instance, in 2020 Egypt announced the investment of US$ 1.4 Bn for exploring oil and natural gas at nine new sites in the Mediterranean and Red Sea . The state's Ministry of Petroleum and Mineral Resources announced the news, and expects to drill a total of 23 new wells across both seas.
As per Fact.MR, bow spring casing centralizers is expected to remain the most preferred product type across oil and gas applications. These casing centralizers generate a restoring force by using flexible bows that provide the separation between casing and wellbore.
According to the report, demand for casing centralizers in onshore segment is projected to increase substantially over the forecast period. This is attributable to an increase in exploration and production activities in onshore oil & gas fields. Moreover, onshore drilling wells accounts for around 80% of the global oil and gas production.
Regionally, North America will continue to dominate the casing centralizers market due to increasing government initiatives for exploring new oils and gas reserves. Besides this, strong presence of key market players is also supporting the growth in the region.
As per the study, North America casing centralizers market is projected to create absolute $ opportunity worth US$ 108.1 Mn during the forecast period.
says a Fact.MR analyst
The casing centralizers market is highly consolidated in nature with leading players employing various strategies such as advanced product launches, mergers, partnerships, acquisitions and facility expansions to dominate the market.
Some of the prominent players operating in the casing centralizers market profiled by Fact.MR are:
Fact.MR provides an unbiased analysis of casing centralizers market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the global demand for casing centralizers with a detailed segmentation on the basis of:
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