The well casing & cementing market is expected to grow from an estimated USD 9.2 billion in 2019 to USD 11.7 billion by 2024, at a CAGR of 5.0% during the forecast period. The growing number of drilling operations has increased the demand for well casing & cementing.
The well casing & cementing market is dominated by a few major players that have a wide regional presence. The leading players in the well casing & cementing market are Halliburton (US), Schlumberger (US), BHGE (US), Weatherford (US), and NOV (US).
The major strategies adopted by the players include new product launches, investments & expansions, mergers & acquisitions, joint ventures, partnerships & collaborations, and contracts & agreements. Contracts & agreements was the most commonly adopted strategy from January 2016 to May 2019. These industry players also adopted mergers & acquisitions and expansions as major strategies during that period.
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Halliburton (US) established in 1919, is one of the leading service providers and product suppliers in the upstream sector of the oil & gas industry. The company provides 14 Product Service Lines (PSLs) under 2 main divisions, namely, drilling and evaluation and completion and production. The company also provides consulting and project management study services for both divisions. The well casing and cementing tools and services are offered under the completion and production division. Other products and services offered under this division include artificial lift, pipeline & pipeline services, production enhancement, and multi-chem. The company has operations in more than 80 countries globally. It has manufacturing facilities in the US, China, Singapore, Canada, Malaysia, and the UK. The major technology centers, R&D laboratories, and corporate offices for its completion and production segment are located in Arbroath (UK), Johor Bahru (Malaysia), and Lafayette (US).
Schlumberger (US), founded in 1926, is one of the leading providers of products, services, technology, information solutions, and integrated project management solutions for the global oil & gas exploration and production industry. Schlumberger’s primary business activities include research & engineering, manufacturing, operations, maintenance, and resource planning. The company manages its business through 4 segments, namely, reservoir characterization, drilling, production, and Cameron. It provides well casing & cementing equipment and services under the drilling and production segments. It also offers drilling tools, services, land drilling rigs, and related support services. The company also offers tools and equipment on a rental basis. It has executive offices in Paris, Houston, London, and The Hague. The company has 80 fast-track facilities across the globe and conducts its business in more than 85 countries in all continents.
Well Casing & Cementing Market by Type (Casing, Cementing), Service (Casing pipe, equipment & services, Cementing equipment & services), Operation (Primary, Remedial), Application (Onshore, Offshore), Well, and Region – Global Forecast to 2024
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