07 November 2019
Landing String Equipment Market Report 2020-2030: Forecasts by Application (Deepwater, Ultra-Deepwater, Shallow water, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) and analysis of leading companies operating in this industry. Landing strings are the high-duty thick wall drilling cables that can be used to dig offshore oil and gas, land heavy equipment on the seabed, or place heavy casing strings in offshore wells. A market analysis of landing string equipment addresses landing string equipment applications in shallow water, deep water, and ultra-deep water. The Deepwater segment had a significant market share in 2018 and it is predicted that this trend will continue over the forecast period. To order to maintain its market position, factors such as the increase to offshore deep water oil and gas E&P ventures must play an important role in the deep water sector.
The stabilization of prices of crude oil has prompted many oil and gas companies to increase their investment in new exploration ventures. The growth in active offshore rigs has increased the number of wells in offshore well sites being drilled, which has increased the demand for landing strings. The rise in global offshore rig count will therefore be a key factor driving the growth of the global market for landing string equipment over the forecast period at a CAGR of over 6 percent.
Due to the growing need to optimize landing string use in subsea wells, the landing string equipment market is experiencing significant technological advancements in landing string control systems. Vendors are developing landing string control systems that provide enhanced control of the well and enable rapid sealing and shutdown of subsea wells under adverse weather. It is expected that these developments in landing string control systems will fuel the market for landing string equipment over the next five years.
The average cost of importing crude oil is slowly increasing. Thanks to the rise of global crude oil prices, the prospect for high profits has motivated oil and gas companies to increase their investment in new exploration projects. The growth in oil and gas investment projects has also increased the number of offshore drilling ventures. As a result, demand for landing strings has also increased in offshore drilling rigs. The rise in the global count of offshore rigs will therefore be an important factor driving the growth of the demand for landing string equipment.
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