Casing Centralizers Market Insights
The global casing centralizers market is anticipated to grow at a CAGR of 3.9% to create an absolute $ opportunity of more than US$ 215.9 million during the forecast period (2020-30). It is anticipated to be valued at more than US$ 675.0 million by 2030-end, according to a new Fact.MR study.
Increasing demand for oil and gas from a wide range of industries remains the key driving factor for the casing centralizers market growth. Subsequently, an estimated rise in both offshore and onshore oil & gas exploration activities is expected to propel the demand for casing centralizers.
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With an increase in the production of shale gas in countries such as China, Canada, Argentina and the US, sales of casing centralizers are expected to experience a substantial rise through 2030. As per the World Oil estimates in 2018, the drilling activities outside the U.S. is forecast to increase by 4.6% to 43,456 wells, led by significant improvements in Russia, China, Australia and parts of Africa.
However, amidst the COVID-19 outbreak, several companies have temporarily abandoned discoveries of new oil & gas fields, aligning with social distancing requirements and stay at home orders. A halt in operation of several end-use industries along with closures of production facilities and supply chains disruptions has creating a logistical havoc in the casing centralizers market. As the pandemic fades with significant containment measures and resumption of factories in the most affected countries such as China, the casing centralizers market is expected to rebound by the second half of the forecast period and create significant opportunities for manufacturers.
Key Takeaways of Casing Centralizers Market Study
- The global casing centralizers market is expected to grow at a volume CAGR of 3.7% and expand 1.4X through 2030.
- Bow spring casing centralizers will continue to hold maximum share of the total market value and create an absolute $ opportunity of US$ 93.5 million during the forecast period.
- Onshore application of casing centralizers is expected to grow at a value CAGR of 3.8%, however, lose 110 BPS from its market share through 2030.
- Steel remains the material of choice and accounts for nearly three-fifth of the overall casing centralizers market value.
- North America will remain at the forefront, accounting for more than 45% share of the global market value, owing to rapid exploration of unconventional resources.
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“The adoption of casing centralizers is expected to be on a significant rise, with an estimated increase in the greenfield and brownfield projects in the upstream. However, postponement and cancellation of these projects and delays in investment in oil & gas exploration, due to the COVID-19 outbreak, will hinder the casing centralizers market growth in the first half of the forecast period,” concludes the Fact.MR analyst.
Key Segments of the Casing Centralizers Market
The Fact.MR’s study on the casing centralizers market offers information divided into three key segments-product, application, and materials across five regions. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
- Bow Spring Casing Centralizers
- Rigid Blade Casing Centralizers
- Semi-Rigid Casing Centralizers
- Inter-Casing Centralizers Sub
Key Country-wise Inclusions
- US Casing Centralizers Market
• Canada Casing Centralizers Market Sale
• Germany Casing Centralizers Market Production
• UK Casing Centralizers Market Industry
• France Casing Centralizers Market
• Spain Casing Centralizers Market Supply-Demand
• Italy Casing Centralizers Market Outlook
• Russia & CIS Market Analysis
• China Casing Centralizers Market Intelligence
• India Casing Centralizers Market Demand Assessment
• Japan Casing Centralizers Market Supply Assessment
• ASEAN Casing Centralizers Market Scenario
• Brazil Casing Centralizers Market Sales Analysis
• Mexico Casing Centralizers Market Sales Intelligence
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