In terms of market share, the market in the North America region accounts for the major fraction of the global well casing and cementing market because of the increase in number of onshore and offshore drilling activities in the region. The market in the Middle East and Africa also hold a significant share on the global well casing and cementing market because of the presence of a large number of oil & gas industries in the region.
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There is an increase in demand for oil & gas in the market with the rapid growth in urbanization around the world. As a result, there is a steep increase in the number of both onshore and offshore drilling activities. This is to prevent the groundwater and the surrounding ecosystem from any sort of leakage. The stringent government regulations to minimize the adverse environmental effects caused by the exploration activities also drive the popularity of the well casing and cementing market. However, the fluctuating prices of crude oil limit the market growth.
Companies covered in the market report are Consolidated Oil Well Services LLC, Nine Energy Service Inc., Gulf Energy SAOC, Magnum Cementing Services Ltd., Calfrac Well Services Ltd., China Oilfield Services Limited, Baker Hughes, a GE company, Schlumberger N.V., Halliburton Company, and Weatherford International plc.
Key benefits of the report:
- This study presents the analytical depiction of the global well casing and cementing industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global well casing and cementing market share.
- The current market is quantitatively analyzed from 2021 to 2029 to highlight the global well casing and cementing market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global well casing and cementing market analysis based on competitive intensity and how the competition will take shape in coming years.
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COVID-19 scenario analysis:
The outbreak of the COVID-19 pandemic has severely affected the global well casing and cementing market.
- Most of the business activities have come to a halt because of the nationwide lockdowns and restrictions on national and international transport imposed by the governments. This has resulted in a drastic fall in the demand for oil & gas around the world and as a result the applications for well casing and cementing decreased significantly.
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