Increasing Drilling Activities to Drive the Casing Drilling Market Growth

Introduction

The casing drilling market was valued at USD 820 million in 2019 and is anticipated to reach USD 1,180.1 million by 2025, with a CAGR of 6.7%. The leading factors driving the market growth rapid development of unconventional hydrocarbon resources, surging exploration activities in ultra-deepwater, and the rising number of drilling and well intervention activities.

Burgeoning Drilling Activities across the Globel

The market experienced slow growth during 2015–2016 on account of reduced activities in the oil and gas sector.  Rising adoption of advanced technology such as Artificial Intelligence (AI), machine learning, and artificial neural networks, rising drilling activities in Canada, Australia, Brazil, and Southeast Asia, and increasing investments drive the market growth.

Increasing Exploration Activities in Ultra-Deepwater and Undiscovered Oilfields in Arctic Region

Recent advancements in technology such as customized subsea systems, drilling equipment, purpose-built floating production storage, and offloading units have bolstered the operators to perform drilling activities in deep, ultra-deepwater, and Arctic regions. In the last few years, the companies operating in the oil and gas sector have expanded their ultra-deepwater and arctic region drilling activities, further driving the market growth. For instance, Halliburton Energy Services, Inc. expanded its exploration activities in ultra-deepwater globally, including the Arctic Region, Gulf of Mexico, Brazil, offshore Africa, Asia, and the Mediterranean Sea. In 2018, Exxon Mobil Corporation, PC Gabon Upstream S.A., and Shell Offshore Inc. announced new ultra-deepwater oilfield discoveries from their respective exploration wells.

Impact of COVID-19

COVID-19 pandemic has exerted a substantial threat to the global oil and gas industry. The U.S. and China are primary contributors to the oil and gas in terms of production and consumption, which are severely hit by the pandemic. Governments across the globe are taking drastic measures to control the spread of the outbreak. As per the IEA, the global oil demand is projected to reduce by 365,000 BPD for 2020. The RM Analysis predicts the annual average oil prices to decelerate by approximately 23% to 27%, further negatively impacting the market growth. 

Competitive Players

1. Schlumberger Limited
2. Halliburton Energy Services, Inc.
3. Baker Hughes, a GE Company LLC
4. China Oilfield Services Limited
5. Nabors Industries Ltd
6. Frank’s International N.V.
7. Centek Holdings Limited
8. National Oilwell Varco
9. Weatherford International plc
10. Vallourec
11. Tenaris S.A.

Recent Developments

Recent Developments

Segmentation

1. By Type
   1. Casing pipe
   2. Casing equipment and services
   3. Cementing equipment and services
2. By Application
   1. Onshore
   2. Offshore