The TechSci Research's report, "Centralizers and Float Equipment Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2019-2029," centralizers are mechanical devices placed around casing points to secure them and prevent contact with borehole walls. This ensures a continuous annular gap for proper cement sealing, essential for quality cementing jobs by preventing mud channels and poor zone isolation. Centralizers also support casing and prevent binding differentials.
Oil, prone to significant price fluctuations, is influenced by OPEC's production decisions, private oil companies like ExxonMobil, geopolitical events, and environmental awareness. Reduced crude oil and natural gas demand directly impacts production, affecting centralizer usage in oil well cementing. Global governments' environmental regulations to curb vehicle emissions, promoting electric vehicles, are expected to further reduce oil and gas demand, impacting market growth. The market segments into bow spring centralizers, rigid centralizers, and others. Bow spring centralizers, effective in vertical and slightly deviated wellbores, enhance cementing efficiency. Their demand rises due to extensive usage in oil and gas exploration. They provide separation between the wellbore and casing with flexible bows. Rigid centralizers, made of cast aluminum or steel, are suitable for deviated drill holes, offering robust efficiency regardless of lateral force. This type has fixed blade height and size specifications for specific cases or hole sizes.
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Recent Developments:
- In August 2022, Halliburton Labs selected AW-Energy, RedShift Energy, and Renkube to join its collaborative program, aimed at advancing cleaner, more affordable, and reliable energy solutions. Participants will gain access to industrial capabilities, technical expertise, and mentorships to scale their businesses.
- July 2022 saw the introduction of Halliburton Company's new Hedron platform, featuring fixed Polycrystalline Diamond Compact (PDC) drills. These drills incorporate cutting-edge technology and customizable designs to deliver high-performance solutions tailored to customer needs.
- NOV was awarded the Non-Drilling Contractor - Best Safety Initiative Award for 2021 by IADC - Southern Arabian Peninsula Chapter (IADC-SAPC) in August 2022. The award recognizes NOV's "Make It Right" program, which implements superior safety controls and modern health and safety management approaches in the southern Arabian Peninsula.
- NOV initiated the development of the Max Platform several years ago to create a flexible system for interfacing data sources and converting data into actionable insights. Additionally, GustoMSC has been developing the Operator Support System (OSS) for two years, an application layer on the Max Platform that enhances safety and performance for offshore operations.
- In December 2021, Weatherford International plc secured a three-year digital oilfield contract from Kuwait Oil Company ("KOC"). The contract supports KOC's digital transformation strategy in the North Kuwait heavy oil field and includes instrumentation, real-time monitoring, production optimization, and well backup services to optimize production and processing plans.
Key market players in the Global Centralizers and Float Equipment Market are: -
Schlumberger Limited
Halliburton Company
Weatherford International
Baker Hughes (now part of GE)
National Oilwell Varco
Swell Packers Plus Energy Services Inc.
TAM International
NCS Multistage
Rubicon Oilfield International
Omega Completion Technology
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"Government investments in new oil and gas reserves open up fresh growth opportunities in the market. Furthermore, various regions are launching projects to meet the rising crude oil demand, thereby increasing the need for drilling equipment and centralizers. In 2020, Egypt announced a USD 1.4 billion investment in oil and natural gas exploration across nine new locations in the Mediterranean Sea and the Red Sea. The state Department of Petroleum and Natural Resources unveiled plans to drill 23 new wells in both seas. Additionally, the steady growth of oil and gas exploration, driven by economic development and technological advancement, boosts the demand for drilling and well-cementing equipment, including casing centralizers. Moreover, both international and local government policies are influencing the evolution of the oil and gas market, particularly focusing on alleviating hydrocarbon poverty, predominantly in developing nations."
“Centralizers and Float Equipment Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Equipment (Centralizers, Float Equipment), By Material (Steel, Aluminum, Others), By Application (Onshore, Offshore), By Region, and By Competition 2019-2029” offers insights into market size, structure, and future growth. The report aims to provide cutting-edge market intelligence to aid decision-makers in making informed investment decisions. Additionally, it identifies and analyzes emerging trends, along with essential drivers, challenges, and opportunities in the Global Centralizers and Float Equipment Market.
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The global centralizers and float equipment market reached a revenue of $991.6 million in 2018 and it is expected to attain a value of $1,439.3 million by 2024.
Furthermore, as per the estimates of P Intelligence, a market research company based in India, the market will advance at a CAGR of 6.3% from 2019 to 2024 (forecast period).
The market is being driven by the increasing exploration of oil and gas reserves, burgeoning requirement for oil and gas products, and recovery in worldwide crude oil prices.Centralizers are basically casing tools which are used for retaining uniformity of the cement sheath around the pipe.
On the other hand, float equipment is used to reduce strain on derrick and provide a landing platform for top and bottom cementing plugs and backpressure valve for preventing the flowing back of the cement into the inner diameter of the well casing.Moreover, with the increasing energy consumption, upstream E activities will surge in the upcoming years.
According to the estimates of the Organization of Petroleum Exporting Countries (OPEC), the demand for oil all over the world is predicted to grow from 95.4 million b/d in 2016 to 111.1 million b/d by 2040.
Between these, the float equipment category dominated the market in 2018.
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