Smart Casing Running Tools Market Size expected to reach US$2.67 billion by 2031, CAGR of 6.8% | Exclusive Report by The Insight Partners

NEW YORK, July 16, 2025 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the global smart casing running Tools market is observing significant growth owing to the technological advancements and digitalization and automation in oilfields.

The smart casing running Tools market size was valued at US$1.70 billion in 2024 and is expected to reach US$2.67 billion by 2031; it is estimated to record a CAGR of 6.8% from 2025 to 2031.

The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the smart casing running Tools market comprises a vast array of hardware, sensor kit type, software, sales, application, and technology, which are expected to register strength during the coming years.

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Overview of Report Findings

Technological Advancements:

As oil and gas operations continue to prioritize safety, efficiency, and cost reduction, there is a growing demand for advanced Tools that can deliver these outcomes through automation and digital integration. smartCRT from McCoy Global Inc. stands out as a next-generation, electronically integrated solution that redefines casing operations by combining hydraulic precision with wireless control and real-time digital feedback.

With its modular and hydraulically operated design, smartCRT enables seamless execution of critical operations, such as casing make-up, rotation, reciprocation, circulation, and casing while drilling (CwD), all with a level of consistency and repeatability that manual systems cannot match. Integrating features such as wireless drillers' display control, link tilt systems, dynamic bails, and optional remote belly packs enhance operational visibility and control and improve rig floor safety by reducing manual handling and exposure to hazardous tasks.

These technological advancements significantly reduce non productive time (NPT) by enabling quicker setups, minimizing mechanical failures, and allowing real-time operational adjustments. Furthermore, smartCRT's low maintenance requirements, user-friendly interface, and adaptability across various well types make it a cost-effective solution for operators seeking to optimize both performance and expenditure. As the industry moves toward more digitally enabled, automated, and remotely operable drilling environments, Tools such as the smartCRT position themselves as essential components of the modern rig Toolskit. This shift is expected to create a substantial growth opportunity for manufacturers and service providers in the smart casing running Tools market, driven by the increasing adoption of high-performance smart casing technologies across global oilfields.

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Regional Overview:

The North American oil and gas industry is experiencing a steady transformation, with increasing emphasis on automation, safety, and efficiency in drilling and completion operations. Within oil and gas, energy industry, smart casing running Tools are gaining traction, driven by a combination of technological, economic, and regulatory factors. Smart casing running Tools, which integrate automation, remote monitoring, and real-time data capabilities into traditional casing handling equipment, are becoming essential assets in modern rig operations. Furthermore, North America continues to lead global oil and gas production, largely due to its effective utilization of unconventional resources such as shale oil and gas.

Places such as the Permian Basin (Texas and New Mexico), Eagle Ford (South Texas), and Bakken (North Dakota and Montana) are characterized by complex horizontal and extended-reach wells, which present unique technical challenges. As operators drill deeper and farther laterally to maximize reservoir contact, the complexity of casing running operations has increased significantly, fueling the demand for advanced, intelligent downhole Tools. Furthermore, key E&P companies are focusing on oil production across various regions of the North American continent.

For instance, in April 2025, Chevron Corporation announced that it started oil and natural gas production from the Ballymore subsea tieback in the deep-water Gulf of America. Ballymore, the latest in a series of Chevron projects to start up in the past year, represents another step toward the company's goal to produce 300,000 net barrels per day of oil equivalent from the Gulf in 2026. Ballymore is expected to produce up to 75,000 gross barrels of oil per day through three wells tied back three miles to the existing Chevron-operated Blind Faith facility. As E&P companies continue to pursue higher performance and lower risk, smart casing running Tools are positioned as strategic assets that enhance execution efficiency while supporting digital transformation and ESG objectives. This trend is expected to accelerate as Tools become more affordable, interoperable, and intelligent.

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Geographical Insights:

North America dominated the smart casing running Tools market in 2024. Middle East and Africa is the second-largest contributor to the global smart casing running Tools market, followed by Asia Pacific.

Market Segmentation

• The hardware segment is divided into remote display, sensor kit, head assembly, gripping assembly, circulator assembly, power supply, and other accessories.
• The sensor kit segment is subsegmented into torque and tension sensor, position sensor, data transmission sensor, and others.
• The software segment is bifurcated into inbuilt and optional.
• The sales segment is bifurcated into direct sales and aftermarket.
• The application segment is divided into onshore, offshore, and others.
• The technology segment is categorized into fully automated CRTs, remotely operated CRTs, and hybrid CRTs.

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Competitive Strategy and Development

- Key Players: A few major companies operating in the smart casing running Tools market include McCoy Global Inc.; NOV Inc.; Expro Group Holdings NV; Nabors Industries Ltd; Volant Products; Weatherford International Plc; Odfjell Technology Ltd; Parker Drilling Company; Premiere, Inc.; and Magnum Manufacturing.

- Trending Topics: AI-Driven Predictive Maintenance, Integration of Internet of Things (IoT) and Digital Twins, Sustainability and Green Manufacturing, and more.

Global Headlines

- "McCoy Global Inc. ("McCoy," "McCoy Global" or "the Corporation") (TSX: MCB) announced the successful commercialization of its innovative smarTR™ technology. The smarTR™ system, designed to enhance wellbore integrity, significantly improve personnel safety, and optimize tubular running operations, has exceeded customer expectations. Confidence in the technology from its US field-trial partners, including a leading US tubular running service (TRS) provider, resulted in $11.0 million of contract awards for smarTR hardware. In addition to the equipment award, the contract includes utilization-based SaaS revenue for the system's remote integration and automated operational capabilities."

- "Expro acquired Coretrax, a technology leader in performance drilling Tools and wellbore cleanup, from Buckthorn Partners. The acquisition will expand Expro's portfolio of cost-effective, technology-enabled Well Construction and Well Intervention, and integrity solutions."

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Conclusion

The smart casing running Tools (Smart CRT) marks a major improvement over conventional casing running Tools (CRT) by incorporating electronic systems and data collection technologies, enhancing safety, efficiency, and overall operational performance in drilling activities. Factors such as the increased drilling activity and digitalization and automation in oilfields are driving the smart casing running Tools market. The smart casing running Tools market is anticipated to grow during the forecast period, owing to the reduction in non-productive time (NPT) and technological advancements in smart casing running Tools. The integration with cloud and edge computing is likely to be a key trend in the smart casing running Tools market. However, high initial investment may hamper the smart casing running Tools market growth.

The report from The Insight Partners, therefore, provides several stakeholders— raw material suppliers, original equipment manufacturers (OEMs), technology providers and digital solution vendors, and end users (oil and gas operators) —with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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