Global Well Casing And Cementing market research 2024, Forecast To 2033
4 Mar, 2024
The well casing and cementing market size has grown strongly in recent years. It will grow from $11.1 billion in 2023 to$11.73 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to safety and risk mitigation, rigorous well construction standards, well productivity enhancement, industry consolidation, global energy demand. The well casing and cementing market size is expected to see strong growth in the next few years. It will grow to $14.72 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to demand for remote operations, focus on cost efficiency, geopolitical factors, well abandonment and decommissioning, energy transition impact. Major trends in the forecast period include product innovations, risk mitigation strategies, well abandonment solutions, geopolitical factors, efficiency and cost optimization.
Global Well Casing And Cementing Market Key Driver
The well casing and cementing market are poised for expansion fueled by the increasing demand for oil and natural gas. As essential energy resources, oil and natural gas remain integral to various industries globally. The well casing and cementing play a crucial role in safeguarding oil and gas production by preventing external contamination and groundwater pollution. Projections from the India Brand Equity Foundation forecast a significant surge in oil demand in India by 2045, highlighting the growing reliance on fossil fuels. This escalating demand underscores the need for robust well casing and cementing solutions to support sustainable oil and gas extraction practices, driving market growth in the foreseeable future.
Get A Free Sample Of The Global Well Casing And Cementing Market ReportGlobal Well Casing And Cementing Market Segments
The global well casing and cementing market covered in this report is segmented –
1) By Type: Casing, Cementing
2) By Operation: Primary Cementing, Remedial Cementing, Other Operations
3) By Applications: Onshore, Offshore
By Geography: The regions covered in the well casing and cementing market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North America was the largest region in the well casing and cementing market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the well casing and cementing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Well Casing And Cementing Industry Players
Halliburton Company, Schlumberger Limited, Baker Hughes Company, Weatherford International PLC, NOV Inc., Tenaris SA, Vallourec SA, TMK Group, Trican Well Service Ltd., Nabors Industries Limited, Frank's International N V, Innovex Downhole Solutions Inc., Centek Inc., Antelope Oil Tool & Manufacturing Company, Forum Energy Technologies, Archer Well Company Inc., Basic Energy Corporation, China Oilfield Services, Emerson Electric Co., Cemex S.A.B. de C.V., Hilong Petroleum Technology Service Co. Ltd., Precision Drilling Corporation, Parker Hannifin Corporation, SPT Energy Group, Sinopec Oilfield Service, National Oilwell Varco, Superior Energy Services, C&J Energy Services, Keane Group, Nine Energy Service
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Well Casing And Cementing Market Overview
The well casing and cementing refer to the process of pumping cement slurry to the annulus that is between the casing and the wellbore. This is known as primary cementing. The objective is to form a cement sheath that will ensure support and protect the casing. The well casing and cementing is used in the lining and sealing of wells that help to stop the penetration of water into the oil and gas wells.
Well Casing And Cementing Global Market Report 2023 provides data on the global well casing and cementing market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The well casing and cementing market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.