The global casing centralizers market is projected to grow at a steady CAGR of 3.9% in terms of value through the period of forecasting between 2020 and 2030. The growth of the market is primarily attributed to the demand for oil and gas among numerous industries, coupled with a rising number of onshore and offshore oil exploration activities. However, in the wake of the COVID-19 outbreak, players in the oil & gas industry have put a hold on operations, consequently leading to a downtrend in demand for casing centralizers.
“In 2018, the estimates of World Oil have forecasted the drilling activities outside the US to increase to 43,456 wells, with Russia, China, and Australia fore-fronting the growth. On this premise, the demand for case centralizers is expected to prevail high through the forecast period,” says the Fact.MR report.
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Casing Centralizers Market – Key Takeaways
- The global casing centralizers market is projected to bestow an incremental opportunity of US$ 215 Mn during the forecast period.
- By product, bow spring casing centralizers are expected to remain the most sought-out type and will offer a revenue opportunity worth US$ 93.5 Mn during the forecast period.
- Based on application, the onshore application segment is estimated to rise at a CAGR of 3.8%, capturing nearly 80% of market value, while the offshore application segment will also attain a remarkable share owing to the mounting number of offshore activities.
- On the basis of material, steel-based casing centralizers will account for over 3/5th of the total value.
- North America will continue to spearhead the regional landscape, backed by soaring demand for hydrocarbon in the power generation sector coupled with a strong presence of the oil & gas industry.
- North America is projected to offer an incremental opportunity worth US$ 108 Mn during the assessment period.
Casing Centralizers Market – Driving Factors
- An increasing number of greenfield and brownfield projects are expected to impel the demand for casing centralizers in the years to come.
- Soaring demand for crude oil and continual growth of oil & gas exploration activities will continue to boost the growth of the market.
Casing Centralizers Market – Constraints
- Fluctuating prices of oil coupled with the recent downfall in the volume of oil production in the US is likely to pose a challenge to the steady growth of the market.
Anticipated Market Impact by Coronavirus Outbreak
Halted oil exploration activities due to the COVID-19 outbreak are hindering the growth trajectory. Owing to the high reliance on the oil & gas exploration sector, disrupted operations in the end-use industry have led to a downtrend in the sales of casing centralizers. Furthermore, postponement and cancellation of numerous greenfield and brownfield projects are negatively influencing the demand.
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Prominent players operating in the casing centralizers market include Halliburton, Maxwell Oil Tools Ltd, Moonshine Solutions AS, NeOz Energy, National Oilwell Varco, Summit Casing Equipment, and Weatherford International. Market players are focusing on acquisitions and developing innovative products to gain a competitive advantage. On these lines, in April 2020, Centek Group developed a hinged centralizer to reduce transportation costs and storage. On the other hand, in January 2018, Madison Industries acquired Centek Group to with an intent to produce high-quality products and deliver excellent customer service
More on the Report
The FACT.MR’s market research report provides in-depth insights into the casing centralizer market. The market is scrutinized based on product (bow spring casing centralizers, rigid blade casing centralizers, semi-rigid casing centralizers, and inter-casing centralizers sub), application (onshore, and offshore), and materials (steel, aluminium, zinc, polymer and resin) across five major regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA)).