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Casing Drilling Market

Casing Drilling Market: Information by Type (Casing Pipe, Casing Equipment & Services, Cementing Equipment & Services), Application (Onshore, Offshore), and Region — Forecast till 2030

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Market Overview

Casing Drilling Market Size is Expected to grow at higher CAGR 6.1% Over the Forecast Period.

Casing drilling is an alternative approach to conventional drilling, where downhole tools can be easily recovered and retrieved in minutes than conventional drilling.  It aids in reducing mud loss, improving whole quality, and providing strength to the wellbore. Rising demand for primary energy is subsequently increasing the drilling and intervention activities across the globe, both onshore and offshore. Additionally, the leading players are incorporating advanced technologies to gain a competitive edge and increase the customer base. 

 

Market Snapshot

market snapshot
Base Year
: 2021
Study Period
: 2020-2030
CAGR
: 6.1 %
Fastest Growing Market
: Europe
Largest Market
: North America
Market Size
: 418.5
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Market Dynamics

Development of Unconventional Hydrocarbon Resources

The development of unconventional hydrocarbon resources has widened the drilling applications, further driving the market growth. The unconventional hydrocarbon resources include coal bed methane (CBM), coal mine methane (CMM), shale gas, and tight gas. In the U.S., the shale gas extraction activities rose by 23% in 2010, completely transforming the oil and gas industries. As per the report published by the Indian Government (National Institution for Transforming India), the production rate of the country is expected to account for nearly half of the total global natural gas supply by 2035. Technological advancement, an abundance of shale and tight gas resources, increasing adoption of unconventional hydrocarbon resources, and rising energy demand drive the market growth.

Segmental Analysis

Casing Equipment and Services Segment to Grow With A CAGR Of 6.1%

The casing equipment and services segment held the largest market share of about USD 418.5 million in 2019 and is expected to grow with a CAGR of 6.1%. Casing equipment includes centralizer, casing collar, scratchers, float equipment, and casing slips, among others. The equipment plays a crucial role in making drilling and oil production economically viable. Halliburton and Schlumberger Limited are the leading players offering casing equipment globally.

Onshore Segment to Dominate the Market with A Value of Around USD 516 Million

The onshore segment dominated the casing drilling market, accounting for around USD 516 million in 2019. The onshore segment refers to the oil and gas exploration sites located across the globe. In 2016, the soaring production cost and low oil prices, petroleum exploration, and exploitation activities disrupted the supply and demand of energy. In the last three years, the exploration and production industry has recovered remarkably on account of rising demand for primary energy consumption and crude oil. Globally, over 70% of the total crude production is derived from onshore crude oil production, further driving the segment growth.  However, shifting customer preference for renewable and alternate energy sources hamper the segment growth.

Depleting Onshore Oil Reserves and Stringent Regulations to Drive the Segment Growth

The offshore segment is projected to grow with a significant CAGR during the forecast period. Depleting onshore oil reserves and stringent regulations on onshore operating drilling operations is subsequently increasing the extraction of oil and gas from offshore reservoirs. Rising adoption of advanced technologies such as subsea processing and unmanned tiebacks has enhanced the economics of oil exploration and production from deepwater and harsh environment offshore fields, further driving the segment growth. On the other hand, the oil and gas industry segment is projected to witness lucrative growth on account of reducing production costs (by 30­–40%), improving the supply chain, and enhancing design concepts.

Regional Analysis

Rising Energy Demand to Drive North America’s Casing and Drilling Market

North America’s casing drilling market was valued at USD 366.5 million in 2019 and is expected to reach USD 547.3 million by 2025. The region holds a prominent share in the global oil and gas industry, which is projected to double in the coming years due to burgeoning shale gas operations, especially in the U.S. In 2018, the U.S. annual natural gas production was about 30.6 trillion cubic feet (Tcf), the highest ever recorded. Rising energy demand is subsequently increasing the drilling and intervention activities in the region. As per the BP Statistical Review of World Energy, in 2018, around 59.4% of total electricity was generated in the region using oil, natural gas, and coal.

Europe: Home to World’s Largest Oil and Gas Industries

Europe’s casing drilling market was valued at USD 165.4 million in 2019 and is expected to reach USD 236.2 million by 2025, with a CAGR of 6.6%. Rising temperature and changing climatic conditions have compelled the regional transportation market to shift towards electric domestic and commercial transport. Similarly, shifting customer preference for cleaner resources for energy generation hampers market growth. Europe has one of the world’s largest oil and gas industries and the presence of prominent players such as Royal Dutch Shell, BP plc, and Total S.A. In the region, a significant amount of primary energy is generated from fossil fuels, which is increasing the drilling activities for oil and gas production.

Venezuela and Brazil: Leading Contributors to South America’s Casing Drilling Market

Oil production in South America has been rising steadily since the early 1990s, with Venezuela and Brazil leading in terms of production capacity. As per the BP Statistical Review of World Energy, Venezuela reserves contribute about 17.5% of the global oil reserves, further grabbing the attention of the international players in the oil and gas industry. This scenario is subsequently surging investments in drilling and intervention activities in Venezuela and Brazil. For instance, in 2013, Chevron collaborated with YPF, Argentina’s national integrated oil company, to develop a field in Argentina. Both the companies signed an agreement to drill around 2000 wells by 2024, producing 100,000 barrels of oil equivalent per day.

Casing Drilling Market Regional Analysis
Regional Growth Insights Download Free Sample

Top Key Players of Casing Drilling Market

  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.

Report Scope

Report Metric Details
CAGR 6.1%
Forecast Period 2023-2031
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Segments Covered
  1. By Type
    1. Casing pipe
    2. Casing equipment and services
    3. Cementing equipment and services
  2. By Application
    1. Onshore
    2. Offshore
Geographies Covered
  • North America
  • Europe
  • APAC
  • Middle East and Africa
  • LATAM

Casing Drilling Market Segmentation

By Type

  • Casing pipe
  • Casing equipment and services
  • Cementing equipment and services

By Application

  • Onshore
  • Offshore

By Region

  • North America
  • Europe
  • China
  • Asia-Pacific
  • South America
  • The Middle East and Africa
 

Frequently Asked Questions (FAQs)

What is the growth rate for the Casing Drilling Market?
Casing Drilling Market size will grow at approx. CAGR of 6.1% during the forecast period.
Some of the top industry players in Casing Drilling Market are, Schlumberger Limited, Halliburton Energy Services, Inc., Baker Hughes, a GE Company LLC, China Oilfield Services Limited, Nabors Industries Ltd, Frank’s International N.V., Centek Holdings Limited, National Oilwell Varco, Weatherford International plc, Vallourec, Tenaris S.A., etc.
North America has held a dominant position in the Casing Drilling Market, with the largest market share.
The Europe region has experienced the highest growth rate in the Casing Drilling Market.
The global Casing Drilling Market report is segmented as follows: By Type, By Application
Price Starts From
USD 995

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