Well Casing Market to Reach USD 13.40 Billion by 2026; Soaring Need for Production Casing to Enable Speedy Expansion

The global well casing market size is predicted to reach USD 13.40 billion by 2026. The growing capital expenditure for untapped hydrocarbon reserves by various countries will favor healthy growth of the market in the forthcoming years. In addition, the increasing technological advancement coupled with the introduction of automation and robotics will contribute positively to the well casing market trends during the forecast period, mentioned in report, titled “Well Casing Market Size, Share & Industry Analysis, By Casing Type (Conductor Casing, Surface Casing, Intermediate Casing, and Production Casing), By Application (Onshore and Offshore), and Regional Forecast, 2019-2026” the market size stood at USD 7.93 billion in 2018 and expected to exhibit a CAGR of 6.8% between 2019 to 2026.

Multiple Offshore Contracts Won by Saipem to Boost Business Prospects

Saipem S.p.A., a global multinational oilfield services company received 500 million USD worth EPCI contracts in various countries. The company has been assigned with a contract by Eni Angola S.p.A. related to Cabaça and Agogo Early Phase 1 developments in west Africa. The deal includes production flowlines, jumpers and the installation of a Subsea Production System (SPS) in water depths ranging between 400 and 600 m. Moreover, another contract awarded by Saudi Aramco in the Kingdom of Saudi Arabia as part of the Long-Term Agreement in force until 2021. The offshore work will include the design, engineering, procurement, construction and installation of a 36” carbon steel pipeline onto the existing network around the Ju’aymah area and brownfield services at the associated offshore platform. The numerous contracts won by Saipem will spur business opportunities for the market in the foreseeable future owing to the novel energy plans and offshore installation. Furthermore, agreement and deal between prominent companies will subsequently aid the expansion of the market in the forthcoming years. For instance, in August 2019, Weatherford International plc, an Irish-domiciled multinational oil and gas company singed USD 80 million worth liner-hanger frame agreement with Equinor. The deal is one of the biggest deals ever signed by the company. The company’s liner-hanger technology reduces the length of the last liner set in the well by several hundred meters.

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Increasing Oil and Gas Production Activities to Stimulate Growth

Drilling and production activities for hydrocarbons around the world will propel market in the forthcoming years. Offshore and inshore exploration activities to cater to the demand or oil will bolster healthy growth of the market during the forecast period.  As per the global energy forecast and data, the drilling outside the U.S. is forecasted to increase 4.6% to 43,456 wells led by improvement in Russia, China, Western Europe, Australia, and part of Africa. Moreover, the investment in new E&P projects will have a tremendous impact influence on the growth of the market in the forthcoming years.

Accentuation on Clean Energy to Slump Market Revenue

The fluctuation in crude oil prices has led a massive slowdown in economic development and stability. For instance, the oil crisis in various emerging nations owing to the high demand and limited energy sources.  Besides, the rising carbon and greenhouse emissions have resulted in environmental concerns, leading to high investment in clean energy sources by government bodies. These factors together will hamper the growth of the global well casing market during the forecast period.

The Report Lists the Prominent Companies in the Well Casing Market:

• Schlumberger (United States)


• Halliburton (United States)


• Weatherford (United States)


• Baker Hughes (United States)


• Vallourec (France)


• Parker Drilling Company (United States)


• Odfjell Well Services (Norway)


• Gulf Oil & Gas International (UAE)


• Express Energy Services (United States)

Further Report Findings:

• Regional Analysis: The market in North America generated a Revenue of USD 3.59 billion and is predicted to remain dominant during the forecast period. The growth in region is attributed to rising exploration activities to procure hydrocarbon. Asia Pacific is predicted to witness growth in the forthcoming owing to rapid industrialization and urbanization.


• Leading Segment: Production casing is expected to hold the largest share in the market during the forecast period. Production casing plays a vital role in providing structural well integrity and pressure control of the hydrocarbon during production

The Well Casing Market is Segmented into: