The rising demand for oil & gas and increasing discovery of reserves are positively impacting the centralizers and float equipment market. It valued $991.6 million in 2018 and is expected to reach $1,439.3 million by 2024 at a 6.3% CAGR during the forecast period (2019-2024).
Float equipment reduces the strain on derrick and provides a landing platform for backpressure valve and bottom and top cementing plugs to prevent the cement from flowing back into the well. A centralizer is used to maintain the cement sheath uniformity around the pipe determines.
The centralizers and float equipment market is being positively impacted by the growing oil and gas demand across the world. The fact that these are the primary sources of energy in many countries and the improving world economy have contributed in the increasing demand for these. While gas serves as the primary fuel source for domestic purposes, it, along with oil, is also used in electricity generation and transportation. China and India, which have large populations, are among the biggest consumers of oil & gas, thereby resulting in high centralizer and float equipment sales.
Another major factor contributing to the growth of the centralizers and float equipment market is the discovery of new gas & oil reserves. Investments in exploration and production (E&P) activities by many government and private entities are being increased to identify profitable reserves, as the demand for fuel in emerging economies, such as Brazil, India, and China, continues to grow. For instance, several oil reserves were discovered in the Sakakemang Block in southern Sumatra, Permian Basin in the U.S., Arctic region, and Glengorm in the U.K., in 2018.
The segments of the centralizers and float equipment market are region, equipment, and application. The application segment of the market is bifurcated into offshore and onshore. During the historical period (2014-2018), the larger market revenue share of about 80.0% was held by the onshore application due to the increasing E&P activities at the onshore sites. In the forecast period, the onshore application is expected to remain the highest revenue contributor to the market, owing to the increasing demand for oil & gas and rising E&P activities.
Key Topics Covered:
Chapter 1. Research Background 1.1 Research Objectives 1.2 Market Definition 1.3 Research Scope 1.3.1 Market Segmentation by Equipment 1.3.2 Market Segmentation by Application 1.3.3 Market Segmentation by Geography 1.3.4 Analysis Period 1.3.5 Market Data Reporting Unit 1.3.5.1 Value 1.3.5.2 Volume 1.4 Key Stakeholders
Chapter 2. Research Methodology 2.1 Secondary Research 2.2 Primary Research 2.2.1 Breakdown of Primary Research Respondents 2.2.1.1 By region 2.2.1.2 By industry participant 2.2.1.3 By company type 2.3 Market Size Estimation 2.4 Data Triangulation 2.5 Assumptions for the Study
Chapter 5. Global Market Size and Forecast 5.1 By Equipment 5.1.1 Centralizers Market, By Type 5.1.2 Float Equipment Market, By Type 5.2 By Application 5.3 By Region
Chapter 6. North America Market Size and Forecast 6.1 By Equipment 6.1.1 Centralizers Market, By Type 6.1.2 Float Equipment Market, By Type 6.2 By Application 6.3 By Country
Chapter 7. Europe Market Size and Forecast 7.1 By Equipment 7.1.1 Centralizers Market, By Type 7.1.2 Float Equipment Market, By Type 7.2 By Application 7.3 By Country
Chapter 8. APAC Market Size and Forecast 8.1 By Equipment 8.1.1 Centralizers Market, By Type 8.1.2 Float Equipment Market, By Type 8.2 By Application 8.3 By Country
Chapter 9. LATAM Market Size and Forecast 9.1 By Equipment 9.1.1 Centralizers Market, By Type 9.1.2 Float Equipment Market, By Type 9.2 By Application 9.3 By Country
Chapter 10. MEA Market Size and Forecast 10.1 By Equipment 10.1.1 Centralizers Market, By Type 10.1.2 Float Equipment Market, By Type 10.2 By Application 10.3 By Country
Chapter 11. Competitive Landscape 11.1 Market Share Analysis of Key Players 11.2 Product Offerings of Key Players 11.3 Strategic Developments of Key Players
Chapter 12. Company Profiles 12.1 Halliburton Company 12.2 Weatherford International plc 12.3 National Oilwell Varco Inc. 12.4 Centek Group 12.5 Ray Oil Tool Company 12.6 Downhole Products 12.7 Summit Casing Equipment 12.8 Sledgehammer Oil Tools Pvt. Ltd. 12.9 NeOz Energy 12.10 Puyang Zhongshi Group Co. Limited (PYSZ) 12.11 Oilmec Drilling Equipments Pvt. Ltd.
