Centralizers and Float Equipment Market: The Future Impact Of The Propellants And Restraints On The Market
The prosperity of the oil and gas field and recovery in crude oil prices are driving the growth of the centralizers and float equipment niche. As the crude oil prices are in the recovery mode since mid-2016, upstream players are restarting exploration and production (E&P) projects and bidding for new fields. For instance, Royal Dutch Shell PLC is planning to develop the Penguins field in the North Sea, while British Petroleum PLC began the second phase of the Mad Dog oil field operations.
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Further, the improving economic status of many nations has resulted in the increasing requirement for fossil fuels for electricity generation and transportation. In the forecast period, the E&P activities are expected to increase to keep up with the growing energy requirement. The Organization of Petroleum Exporting Countries estimated that the worldwide need for oil would increase to 111.1 million barrels per day (bpd) by 2040 from 95.4 million bpd in 2016.
The rising demand for oil & gas and increasing discovery of reserves are positively impacting the centralizers and float equipment market. It valued $991.6 million in 2018 and is expected to reach $1,439.3 million by 2024 at a 6.3% CAGR during the forecast period (2019–2024). Float equipment reduces the strain on derrick and provides a landing platform for backpressure valve and bottom and top cementing plugs to prevent the cement from flowing back into the well. A centralizer is used to maintain the cement sheath uniformity around the pipe determines.
The centralizers and float equipment market is being positively impacted by the growing oil and gas demand across the world. The fact that these are the primary sources of energy in many countries and the improving world economy have contributed in the increasing demand for these. While gas serves as the primary fuel source for domestic purposes, it, along with oil, is also used in electricity generation and transportation. China and India, which have large populations, are among the biggest consumers of oil & gas, thereby resulting in high centralizer and float equipment sales.
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Another major factor contributing to the growth of the centralizers and float equipment market is the discovery of new gas & oil reserves. Investments in exploration and production (E&P) activities by many government and private entities are being increased to identify profitable reserves, as the demand for fuel in emerging economies, such as Brazil, India, and China, continues to grow. For instance, several oil reserves were discovered in the Sakakemang Block in southern Sumatra, Permian Basin in the U.S., Arctic region, and Glengorm in the U.K., in 2018.
The segments of the centralizers and float equipment market are region, equipment, and application. The application segment of the market is bifurcated into offshore and onshore. During the historical period (2014–2018), the larger market revenue share of about 80.0% was held by the onshore application due to the increasing E&P activities at the onshore sites. In the forecast period, the onshore application is expected to remain the highest revenue contributor to the market, owing to the increasing demand for oil & gas and rising E&P activities.