Centralizers and Float Equipment Market to Reach $971.80 Million by 2029: TechSci Research
Increasing oil and gas exploration, both onshore and offshore, is driving global demand for centralizers.
The TechSci Research's report,
"Centralizers
and Float Equipment Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast 2019-2029," centralizers are mechanical
devices placed around casing points to secure them and prevent contact with
borehole walls. This ensures a continuous annular gap for proper cement
sealing, essential for quality cementing jobs by preventing mud channels and poor
zone isolation. Centralizers also support casing and prevent binding
differentials.
Oil, prone to significant
price fluctuations, is influenced by OPEC's production decisions, private oil
companies like ExxonMobil, geopolitical events, and environmental awareness.
Reduced crude oil and natural gas demand directly impacts production, affecting
centralizer usage in oil well cementing. Global governments' environmental
regulations to curb vehicle emissions, promoting electric vehicles, are
expected to further reduce oil and gas demand, impacting market growth. The
market segments into bow spring centralizers, rigid centralizers, and others.
Bow spring centralizers, effective in vertical and slightly deviated wellbores,
enhance cementing efficiency. Their demand rises due to extensive usage in oil
and gas exploration. They provide separation between the wellbore and casing
with flexible bows. Rigid centralizers, made of cast aluminum or steel, are
suitable for deviated drill holes, offering robust efficiency regardless of
lateral force. This type has fixed blade height and size specifications for
specific cases or hole sizes.
https://www.techsciresearch.com/report/centralizers-and-float-equipment-market/23613.html
Recent Developments:
- In August 2022, Halliburton Labs selected
AW-Energy, RedShift Energy, and Renkube to join its collaborative program,
aimed at advancing cleaner, more affordable, and reliable energy
solutions. Participants will gain access to industrial capabilities, technical
expertise, and mentorships to scale their businesses.
- July 2022 saw the introduction of
Halliburton Company's new Hedron platform, featuring fixed Polycrystalline
Diamond Compact (PDC) drills. These drills incorporate cutting-edge
technology and customizable designs to deliver high-performance solutions
tailored to customer needs.
- NOV was awarded the Non-Drilling
Contractor - Best Safety Initiative Award for 2021 by IADC - Southern
Arabian Peninsula Chapter (IADC-SAPC) in August 2022. The award recognizes
NOV's "Make It Right" program, which implements superior safety
controls and modern health and safety management approaches in the
southern Arabian Peninsula.
- NOV initiated the development of the Max
Platform several years ago to create a flexible system for interfacing
data sources and converting data into actionable insights. Additionally,
GustoMSC has been developing the Operator Support System (OSS) for two
years, an application layer on the Max Platform that enhances safety and
performance for offshore operations.
- In December 2021, Weatherford
International plc secured a three-year digital oilfield contract from
Kuwait Oil Company ("KOC"). The contract supports KOC's digital
transformation strategy in the North Kuwait heavy oil field and includes
instrumentation, real-time monitoring, production optimization, and well
backup services to optimize production and processing plans.
Key market players in the Global Centralizers and
Float Equipment Market are: -
Schlumberger Limited
Halliburton Company
Weatherford International
Baker Hughes (now part of GE)
National Oilwell Varco
Swell Packers Plus Energy
Services Inc.
TAM International
NCS Multistage
Rubicon Oilfield International
Omega Completion Technology
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"Government investments in new oil and gas reserves open up fresh growth
opportunities in the market. Furthermore, various regions are launching
projects to meet the rising crude oil demand, thereby increasing the need for
drilling equipment and centralizers. In 2020, Egypt announced a USD 1.4 billion
investment in oil and natural gas exploration across nine new locations in the
Mediterranean Sea and the Red Sea. The state Department of Petroleum and
Natural Resources unveiled plans to drill 23 new wells in both seas.
Additionally, the steady growth of oil and gas exploration, driven by economic
development and technological advancement, boosts the demand for drilling and
well-cementing equipment, including casing centralizers. Moreover, both
international and local government policies are influencing the evolution of
the oil and gas market, particularly focusing on alleviating hydrocarbon
poverty, predominantly in developing nations."
“Centralizers and Float
Equipment Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, Segmented By Equipment (Centralizers, Float Equipment), By Material
(Steel, Aluminum, Others), By Application (Onshore, Offshore), By Region, and By
Competition 2019-2029” offers insights into market size,
structure, and future growth. The report aims to provide cutting-edge market
intelligence to aid decision-makers in making informed investment decisions.
Additionally, it identifies and analyzes emerging trends, along with essential
drivers, challenges, and opportunities in the Global Centralizers and Float
Equipment Market.
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