Market Size of Casing and Cementation Hardware Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 1.65 % |
| Fastest Growing Market | Middle-East and Africa |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Casing & Cementation Hardware Market Analysis
The global crude oil production is expected to grow at a CAGR of more than 1.65% in the forecast period of 2020-2025. Increasing upstream activities in regions like Middle-East and the United States are driving the need for casing and cementation hardware. An increase in exploration activities in the shale reservoir and deepwater reservoirs are also driving the market in the forecast period. On the other hand, the global decline in crude oil prices and the shift towards renewable energy can limit the upstream activities in the forecast period and restrain market growth.
- The casing is a steel tubular that runs through the well depth. With deepwater project and horizontal drilling, more length of casing and hardware are being used, which is resulting in market dominance.
- In the future, with high-pressure high-temperature ultradeep projects and a growing shift towards shale and condensates, large scale opportunities are expected to be provided for the casing and cementation hardware companies.
- Middle-East and Africa is anticipated to witness significant growth in the market in the forecast period, owing to the upcoming upstream projects in the region.
