CHICAGO, June 3, 2019 /PRNewswire/ -- According to the new market research report "Well Casing & Cementing Market by Type (Casing, Cementing), Service (Casing pipe, equipment & services, Cementing equipment & services), Operation (Primary, Remedial), Application (Onshore, Offshore), Well, and Region – Global Forecast to 2024", published by MarketsandMarkets™, the Well Casing & Cementing Market is projected to reach USD 11.7 billion by 2024 from an estimated USD 9.2 billion in 2019, at a CAGR of 5.0% during the forecast period. Increasing drilling activities along with shale developments in North America, Asia Pacific, and some parts of South & Central America are the driving factors for the Well Casing & Cementing Market, globally. The well completion procedure involves well casing & cementing as primary operations, which are directly affected by the rising exploration & production activities.
The cementing segment is expected to be the fastest growing Well Casing & Cementing Market, by type, during the forecast period.
The cementing segment of the Well Casing & Cementing Market is estimated to grow at the fastest rate during the forecast period. This is mainly because the cost of cementing operations is lower compared to the casing activities. Moreover, the process of well cementing is challenging as it requires a more technical skillset, thus demanding appropriate equipment and manual workforce. The cementing related equipment are costlier, although the volume used is less. Additionally, the cementing services do not have any alternative, unlike casing, where liner systems can be used as a substitute. Such factors propel the growth of cementing operations in the Well Casing & Cementing Market.
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The primary cementing operation segment is expected to dominate the Well Casing & Cementing Market, by operation type, during the forecast period.
Primary cementing is the initial method undertaken to cement the casings and fit the equipment, giving tensile strength to the well. According to industry experts, primary cementing is a widely accepted practice, globally. The other cementing processes, which include remedial cementing and stage cementing, are undertaken only when primary cementing fails. Thus, in order to save capital and operational expenditures, primary cementing is done. Moreover, the increased horizontal drilling activities have provided market opportunities for primary cementing.
North America: The largest Well Casing & Cementing Market.
In this report, the Well Casing & Cementing Market has been analyzed with respect to 6 regions, namely, North America, South & Central America, Europe, Asia Pacific, Middle East, and Africa. According to the IEA, the US is determined to become the net exporter of energy by 2020; and to fulfill this objective, the oil production is being increased across the nation. Moreover, the US retained its position as a top oil producer in 2018, due to the shale revolution.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Well Casing & Cementing Market.
Some of the key players are Schlumberger (US), Halliburton (US), NOV (US), Weatherford (US), and BHGE (US). The leading players are adopting various strategies to increase their share in the Well Casing & Cementing Market. Contracts & agreements has been a widely adopted strategy by the major players in the Well Casing & Cementing Market.
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