Oil and Gas Conductor Pipe Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
Global Oil and Gas Conductor Pipe Market: Snapshot
The oil and gas conductor pipe market is expected to observe expansive growth across the assessment period of 2020-2030. The increasing activities related to offshore and onshore drilling are one of the most prominent reasons of growth for the oil and gas conductor pipe market. The rising consumption of oil and gas is also prognosticated to bring tremendous growth opportunities for the oil and gas conductor pipe market.
The rapid depletion of non-renewable resources is urging many governments to promote the use of renewable energy. This factor will indirectly have a large influence on the growth of the oil and gas conductor pipe market. An increase in the number of deep-water and ultra-deep water projects will invite exponential growth. The booming construction industry and the drilling activities related to building structures will bring enormous growth prospects.
Research and development activities are crucial for the growth of the oil and gas conductor pipe market. The players invest extensively in these activities for deriving formulations and insights that help in the overall growth of the oil and gas conductor pipe market. These activities help in increasing the revenues of the players in the oil and gas conductor pipe market, ultimately contributing to the growth.
The COVID-19 outbreak has caused great distress across many sectors and businesses. The oil and gas conductor pipe market is no exception. The increasing transmission of the virus led to the enforcement of strict lockdown restrictions that resulted in closure of manufacturing facilities and production units. This aspect ruined the growth projections of the oil and gas conductor pipe market to a considerable extent.
However, with the phased reopening of businesses due to the large economic impact on numerous countries, the demand for oil and gas conductor pipes has been stabilized. Thus, the players in the oil and gas conductor pipe market expect a stable growth landscape between 2020 and 2030.
Global Oil and Gas Conductor Pipe Market: Overview
Oil and gas conductor pipes are used by oil and gas companies, world over, for onshore and offshore drilling. The use of these pipes has correlated directly with the rise in number of directional as well as conventional drilling projects by oil and gas companies. Growing potential of profit generation in the deepwater and ultra-deepwater oil resources has propelled investment in oil and gas conductor pipes. Growing demand for better well drilling equipment for oil and gas companies for challenging projects is fueling the evolution of the global oil and gas conducting pipe market. Over the past few years, various countries have witnessed recovery in the prices of crude oil, thereby increasing the application of oil and gas conductor pipes.
The report takes a closer look at the current outlook, promising avenues in various product segments, and major manufacturing advances in key regions. The insights are an-evidence guide for new entrants and incumbent players to frame their strategies to chase lucrative investment pockets in the global oil and gas conducting pipe market.
Global Oil and Gas Conductor Pipe Market: Notable Developments
Over the past few years, deepwater and ultra-deepwater hydrocarbon projects have proliferated in numbers. The projects are supported by rising rig counts in several countries. Especially oil- and gas-directed rigs have witnessed spikes in recent weeks in the U.S. in its major oil- and gas-producing states. This undoubtedly has made positive impact on the global oil and gas conductor pipe market.
Giving the ever-rising demand for gas in various end-use industries, various countries have been expanding their oil and gas explorations in deepwater and ultra-deepwater fields, thus propelling the use of oil and gas conductor pipes. A significant part of these initiatives is motivated by their efforts to up natural gas production to meet the regional demands. The excitement in this direction has been fueled notably by ultra-deepwater semi-submersible projects.
An ultra-deepwater semi-submersible rig, Mærsk Deliverer, has bagged a three-year contract for drilling in the Ichthys gas field and parts of the Browse Basin offshore Western Australia. The lone-term contract will commence in Q2 of 2020. Such contracts have a significant bearings on the global market.
Companies desiring at the helm of business developments in the global oil and gas conductor pipe market include Cenergy Holdings, OAO TMK, Tenaris, Sumitomo, and Mertex UK. Some prominent players are suppliers of oil and gas conduction pipes.
Global Oil and Gas Conductor Pipe Market: Key Growth Dynamics
The global oil and gas conductor pipes market in garnering substantial revenues from growing number of onshore and offshore drilling activities. Rise in weekly rig count over the past few weeks is a notable factor is bolstering the demand for conductor pipes. Rapidly increasing number of offshore deepwater and ultra-deepwater drilling projects worldwide is fueling the demand for oil and gas conductor pipes.
The global demand for oil and gas conductor pipes has also been accentuated by the need for sturdy oil well drilling equipment for challenging drilling projects. Growing number of long-term contracts especially for offshore drilling augurs well for the oil and gas conductor pipe market.
Global Oil and Gas Conductor Pipe Market: Regional Assessment
Some of the key regional markets for oil and gas conductor pipes could be Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), and the Americas. This is in part attributed to rapidly rising use of oil and gas conductors in onshore drilling activities in several parts of these regions. In particular, the Americas has shown a considerable potential in recent years, propelled by the growing number of deepwater exploration areas. The presence of large recoverable resources in North America, especially in the U.S. Gulf of Mexico is expected to contribute generous quantum of revenues to the global oil and gas conductor pipe market.
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