Sucker Rod Market Size, Share & Industry Analysis, By Type ( Steel Sucker Rod, FRP Sucker Rod, Hollow Sucker Rod ), By Application ( Onshore, Offshore ) and regional Forecast, 2024-2032

The oil & gas industry is a principal driver of the global economy, which is going through a significant transformation that uptick the demand in the global market. Improved break-even points, an increase in demand for energy, and utilization of technology to reduce production costs are the major factors leading to the growth of the oil & gas industry. An increase in oil & gas production and exploration activities, growing merger and acquisition trends, and increasing demand for oil are the primary market dynamics propelling the oil & gas industry.

The sucker rod market is segmented into type and application. Based on type, the market is categorized into steel sucker rod, FRP sucker rod, and hollow sucker rod. Based on the application, the market is bifurcated into onshore and offshore. The sucker rod market is dominated by the upstream segment, as it includes onshore and offshore production and exploration activities, which requires production equipment, structural steel, and various other products and components.

The increasing oil & gas production and exploration activities, along with growing investments in the services market, propel the demand for the sucker rod market. Increasing the need to optimize the productivity from mature and new reserves, rising investments in deepwater and ultra-deepwater projects, and increasing focus on developing unconventional hydrocarbons drive the market during the forecast period. Increasing investment in the Asia-Pacific oil & gas industry and significant development in technology are promising opportunities for growing the sucker rod market during the forecast period.

Key Players Covered:

Some of the globally acclaimed companies for the sucker rod market are Tenaris, Weatherford, Exceed, Dover, Sunnda, Laxmi Udyog, Nine Ring, John Crane, Kerui Group, Ocher machinery, Dongying Tieren, Shengli Oilfield Highland, and CNPC.

Regional Analysis:

The sucker rod market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is dominating the market due to an increase in oil and gas production from the U.S. New exploration of oilfields and oil reserves in North America also propels the demand for the sucker rod market during the forecast period. Asia-Pacific is expected to be the second-largest market in the global demand owing to increasing growth in industrialization and the growing demand for natural gas during the forecast period. Middle East & Africa is followed by the Asia-Pacific region owing to the increase in oil & gas exploratory projects and the new development of oilfields in the Middle East region. Hence, a significant increase in demand for oil & gas accelerates the demand for the sucker rod market during the forecast period.

Segmentation

Key Industry Developments

• In October 2019, McDermott received a fabrication subcontract for the Greater Tortue Ahmeyim natural gas project in Batam, Indonesia.


• In September 2019, McDermott received a contract to provide three complex modules fabrication for the Arctic LNG 2 project in Russia.


• In March 2018, Audubon Companies and Opero Energy had announced to open a new fabrication center to focus on investment in technology and automation in Houston.