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 rising number of drilling and well intervention activities.
Burgeoning Drilling Activities across the Globe
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.
Figure1: CRUDE OIL PRICES USD/BB, 2015–2018
Got questions about your regional growth of
Casing Drilling Market?
Just drop us a line or call on +1 646 480 7505
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.
Table: Crude Oil, All Other Petroleum Liquids, and Biofuels Consumption By Country 2017
Casing Drilling Market Segmentation
Central and South America and the Caribbean
The Middle East
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now