Pre-COVID-19 Forecast of Casing Centralizers Market Pegged at 3.9% CAGR Through 2030, Finds Fact.MR
The global casing centralizers market is anticipated to grow at a CAGR of 3.9% to create an absolute $ opportunity of more than US$ 215.9 million during the forecast period (2020-30).
With an increase in the production of shale gas in countries such as China, Canada, Argentina and the US, sales of casing centralizers are expected to experience a substantial rise through 2030. As per the World Oil estimates in 2018, the drilling activities outside the U.S. is forecast to increase by 4.6% to 43,456 wells, led by significant improvements in Russia, China, Australia and parts of Africa.
However, amidst the COVID-19 outbreak, several companies have temporarily abandoned discoveries of new oil & gas fields, aligning with social distancing requirements and stay at home orders. A halt in operation of several end-use industries along with closures of production facilities and supply chains disruptions has creating a logistical havoc in the casing centralizers market. As the pandemic fades with significant containment measures and resumption of factories in the most affected countries such as China, the casing centralizers market is expected to rebound by the second half of the forecast period and create significant opportunities for manufacturers.
Read Report- https://www.factmr.com/
Key Takeaways of Casing Centralizers Market Study
• The global casing centralizers market is expected to grow at a volume CAGR of 3.7% and expand 1.4X through 2030.
• Bow spring casing centralizers will continue to hold maximum share of the total market value and create an absolute $ opportunity of US$ 93.5 million during the forecast period.
• Onshore application of casing centralizers is expected to grow at a value CAGR of 3.8%, however, lose 110 BPS from its market share through 2030.
• Steel remains the material of choice and accounts for nearly three-fifth of the overall casing centralizers market value.
"The adoption of casing centralizers is expected to be on a significant rise, with an estimated increase in the greenfield and brownfield projects in the upstream. However, postponement and cancellation of these projects and delays in investment in oil & gas exploration, due to the COVID-19 outbreak, will hinder the casing centralizers market growth in the first half of the forecast period," concludes the Fact.MR analyst.
PR Source- https://www.factmr.com/