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Market Leader - Casing & Cementation Hardware Market
The growth of the well casing market is expected to be driven by the increase in energy demand around the world. To meet these growing energy demands, more investments would be done in E&P and drilling activities; hence, the demand for well casing is expected to surge.
The shale boom in the U.S. is also one of the major factors driving the well casing market. Recent gains in the U.S. oil and natural gas production have changed the dialogue about the U.S. energy strengths and vulnerabilities. The "shale revolution" has stimulated tremendous production of oil and natural gas in the country. The revolution is the product of advances in oil and natural gas production technology, notably a new combination of horizontal drilling and hydraulic fracturing. These technological advances combined with high oil & gas prices have enabled increased production of the abundant oil and natural gas resources in the country. The U.S. produced 8.5 million barrels of oil per day in July 2014, 60% more than just three years earlier, which was also the highest rate of production in three decades. The U.S. oil production will hit 9.6 Million barrels per day (bpd) by 2019, and gradually decline to 7.5 Million bpd by 2040.
The nature of products and services is highly standardized and the market is cost sensitive. This leads to a large pool of small players at the local level competing with large multinational companies.
In addition, the competition is converting into many R&D activities from top manufacturers in order to create product differentiation as a part of their brand strategies. These developments are contributing towards the improvement in the development of more environment-friendly casing & cementation hardware. However, smaller players have been able to compete and maintain their presence at the domestic level by providing cheaper generic and standard products.
Companies such as Vallourec S.A. (France), Weatherford International Ltd. (Ireland), Antelope Oil Tool & Manufacturing Company (U.S.), and Centek Group (U.K.) have been the most active companies during January 2011 and July 2014. Most of these market players are present in North America, and have been actively participating in the competitive developments.
Developments in the well casing companies include mergers & acquisitions, expansions, new product developments, and contract and agreements. Companies are constantly investing in R&D to introduce casing & cementation products and services to suit the growing technological requirements in the application areas.
Well casing manufacturers have been primarily incorporating inorganic growth strategies to increase their market share as well as geographical presence. Companies have been aiming to bag supply contracts and agreements to achieve sustainable growth in the market share. These leading companies are present in the Americas, and are now focusing on the African and Asia-Pacific markets for expansions.
Well Casing Market by Hardware Type (Casing Equipment & Cementation Equipment), by Equipment (Liners, Centralizers, Wiper Plugs, Float Equipment), by Application (Onshore and Offshore) - Global Trends & Forecasts to 2019
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