NEW YORK, June 27, 2023 /PRNewswire/ -- The casing cementation hardware market value is anticipated to grow by USD 2,277.34 million, progressing at a CAGR of 4.25% during the forecast period. For Comprehensive details on the market size of the historic period(2017 to 2021) and the forecast period (2023-2027) - View a Sample Report
Casing Cementation Hardware Market - Market Dynamics
Key drivers
Increasing investments in upstream oil and gas operations is the key factor driving the growth of the casing cementation hardware market. This is due to the increasing population and industrialization; energy security has become one of the most important factors. There are various technological breakthroughs in the oil and gas industry that have helped to tap oil and gas resources easily.
Furthermore, the output of oil and natural gas is decreasing in many traditional oilfields. Oil and gas producers are increasing their investment in mature oil and gas fields to overcome this challenge and maximize income from these oil fields. The greater investment in the upstream oil and gas industry will result in higher oil drilling and production. Hence these investments are expected to drive market growth during the forecast period.
Major Trends
The development of intelligent well-completion technologies is the primary trend shaping the casing cementation hardware market growth. This advanced technology uses permanent downhole sensors and surface-controlled downhole flow control valves.
Furthermore, well operators can remotely monitor reservoir and completion integrity data, as well as analyze and manage output in real-time without the need for well intervention, by utilizing this cutting-edge technology. To guarantee the integrity of wells, these devices collect, transmit, and analyze data from them. As a result, incorporating intelligent good completion technology offers maximizing hydrocarbon recovery, a cost-effective alternative for increasing the reservoir's production potential, and reducing non-productive time.
Significant challenges
Fluctuations in oil and gas prices are a major challenge impeding the growth of the casing cementation hardware market . Companies involved in the upstream of oil and gas experience negative financial losses because of significant price drops and rises. As a result, the oil and gas industry has lost a lot of market potential because it hasn't been able to attract a lot of investment. The prices are decided by the market forces for the crude oil to be sold. In addition, the expenses for production are fixed. Due to this upstream oil and gas companies are negatively impacted by a decline in crude oil prices. Hence, the volatility in crude oil prices is expected to restrict the growth of the casing cementation market during the forecast period.
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Company Profiles
Some of the companies covered in this report are Baker Hughes Co., Centek Holdings Ltd., DRILLING TOOLS INTERNATIONAL, Drillstar Industries, Ferro-Tube Oil Tools Co. LP, Forum Energy Technologies Inc., Halliburton Co., Innovex, Inrock Drilling Systems Inc., Nabors Industries Ltd., Neoz Energy Pvt Ltd., PAO TMK, Sledgehammer Oil Tools Pvt. Ltd., Summit Casing Equipment, Techint, Trican Well Service Ltd., Vallourec SA, Weatherford International Plc, WellPartner AS, and NOV Inc., etc.
What's New? -
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Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
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Global competitiveness and key competitor positions
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Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!
Competitive Analysis
The competitive scenario provided in the casing cementation hardware market report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc.
Market Segmentation
This report extensively covers market segmentation by application (onshore and offshore), type (casing hardware and cementation hardware), and geography (North America, Europe, APAC, Middle East and Africa, and South America).
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The market share growth by the onshore segment will be significant during the forecast period. The increasing oil and gas production and exploration will drive the growth of the segment. The upstream oil and gas industry is greatly aided by onshore oil and gas exploration and production (E&P) operations. Because drilling deeper wells in harsh subsea environments requires more advanced technology and equipment, onshore oil and gas E and P operations have significantly lower operating costs than offshore E and P operations. Hence, these factors are expected to drive the growth of the segment during the forecast period.
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Casing Cementation Hardware Market Scope |
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Report Coverage |
Details |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.25% |
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Market growth 2023-2027 |
USD 2,277.34 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
4.1 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 44% |
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Key countries |
US, China, Japan, Germany, and the UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Baker Hughes Co., Centek Holdings Ltd., DRILLING TOOLS INTERNATIONAL, Drillstar Industries, Ferro-Tube Oil Tools Co. LP, Forum Energy Technologies Inc., Halliburton Co., Innovex, Inrock Drilling Systems Inc., Nabors Industries Ltd., Neoz Energy Pvt Ltd., PAO TMK, Sledgehammer Oil Tools Pvt. Ltd., Summit Casing Equipment, Techint, Trican Well Service Ltd., Vallourec SA, Weatherford International Plc, WellPartner AS, and NOV Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data you are looking for, you can reach out to our analysts and get customized segments. |
Table of Contents
1 Executive Summary
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1.1 Market Overview
2 Market Landscape
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2.1 Market ecosystem
3 Market Sizing
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3.1 Market definition
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3.3 Market size 2022
4 Historic Market Size
5 Five Forces Analysis
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5.1 Five forces summary
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5.6 Threat of rivalry
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5.7 Market condition
6 Market Segmentation by Application
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6.1 Market segments
7 Market Segmentation by Type
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7.1 Market segments
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7.2 Comparison by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
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10.1 Market drivers
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10.2 Market challenges
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10.4 Market trends
11 Vendor Landscape
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11.1 Overview
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11.2 Vendor landscape
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11.4 Industry risks
12 Vendor Analysis
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12.1 Vendors covered
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12.3 Baker Hughes Co.
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12.6 Halliburton Co.
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12.7 Innovex
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12.10 NOV Inc.
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12.11 PAO TMK
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12.14 Techint
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12.16 Vallourec SA
13 Appendix
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13.1 Scope of the report
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Casing Cementation Hardware Market size to grow by USD 2,277.34 million from 2022 to 2027, Increasing investments in upstream oil and gas operations to boost market growth - Technavio - Yahoo Finance
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