This market survey and forecast report on the global casing centralizers provides us with a clear explanation of the global casing centralizer market value in the next few years, and the reasons for the growth of the market value:
"According to the latest Fact.MR analysis, the global casing centralizers market is expected to create an excellent opportunity exceeding USD 215.9 million.
With the increasing popularity of casing centralizers in oil and gas drilling activities, the market is expected to be worth over $675 million by the end of 2030.
Increasing oil and gas consumption in various end-use industries and rapid growth in offshore and onshore oil and gas exploration activities are some of the major factors driving the casing centralizer market.
Casing centralizers are increasingly used to prevent casing from contacting the well wall while providing good clearance around the casing to aid in cementing operations.
Increasing government investment in the exploration of new oil and gas reserves is creating new growth avenues for the casing centralizer market. New projects are being launched in several regions to meet growing demand for crude oil.
For example, in 2020 Egypt announced an investment of $1.4 billion to explore for oil and gas at nine new sites in the Mediterranean and Red Seas. The state Department of Petroleum and Mineral Resources announced the news and expects to drill a total of 23 new wells in two offshore areas.
According to Fact.MR, bow spring casing centralizers are expected to remain the most popular product type in oil and gas applications. These casing centralizers provide clearance between the casing and the wellbore by using elastic bows.
According to the report, the demand for casing centralizers in onshore production will increase significantly over the forecast period. This was attributed to increased exploration and production activities in onshore oil and gas fields. In addition, onshore drilling accounts for around 80% of global oil and gas production.
Regionally, North America will continue to dominate the casing centralizer market due to increased government initiatives to explore new oil and gas reserves. Apart from this, the strong presence of major market players also supports the growth in the region.
According to the study, the North American casing centralizer market is expected to create an absolute dollar opportunity worth USD 108.1 million over the forecast period.
“As the global demand for oil and gas continues to increase, exploration for additional oil and gas reserves has become necessary. Hence, governments around the world are investing heavily. This is expected to create the casing centralizer market over the next decade. Profitable growth path," says a Fact.MR analyst.
Key Contents of Casing Centralizers Market Survey:
The North American casing centralizer market is expected to grow at a CAGR of 4.1% during the evaluation period.
The Asia Pacific will be a lucrative market for casing centralizers, expanding 1.6 times by 2030.
The European market is expected to expand by 1.4 times between 2020 and 2030 as demand for oil and gas grows in the UK and Germany.
Sales of Bow Spring Casing Centralizers grew at a CAGR of 3.7% during the evaluation period.
By application, the onshore segment will grow at a CAGR of 3.8% during the forecast period."
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Source of the above news content: https://www.prnewswire.com/
