Landing String Equipment Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Landing String Equipment Market Research Report, Application and Region – Forecast till 2027” the market grow at a rate of 6.51% during the forecast period 2020-2027.
The global landing string equipment market is growing rapidly. The rapid revenue growth attributes to the rapidly growing oil and gas industries and well intervention industries worldwide. Additionally, dropping O&G prices and rising pressure to minimize expenditures define the growing market landscape, driving the increased production and recovery from aging subsea fields. With the rising demand for more assurance of wellbore connectivity, the market is expected to demonstrate huge prospects during the years to come.
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List of the Key Companies Profiled in the Landing String Equipment Market Research Report are:
- National Oilwell Varco Inc.
- Expro Holdings UK 2 Ltd.
- Superior Energy Services Inc.
- Yantai Enerserva Machinery Co. Ltd.
- Vallourec SA
- Enovate Systems Ltd.
- Quail Tools
- Expro Group
- Schlumberger Ltd.
- Thyssenkrupp AG
- Superior Energy Services Inc.
- Interventek Subsea Engineering
- Technip FMC
The landing string equipment market outlook appears extremely competitive due to the strong presence of well-established market players. They seek opportunities to foster the extensive value chain and focus on R&D investments, expansion, and M&A activities. New players enter the market with competitive pricing to undercut the established providers and gain footholds in international markets.
For instance, recently, on March 02, 2021, Aquaterra Energy announced receiving an order for a deepwater intervention riser. The company would provide riser equipment for deeper water well interventions, mainly in the Asia/Pacific region.
Aquaterra has designed a durable system that can withstand repeat make & breaks, with a gas-tight metal-to-metal seal. The system can be operated from a lightweight intervention vessel, semisubmersible /jack-up as a surface riser, and open water subsea riser/as a landing string.
Increasing Funding from O&G Centers (OGTCs) Boost the Market Size
Over the last couple of years, the oil & gas industries globally are rebounding phenomenally. Besides, support from leading global oil companies influences the market growth by providing end-user expertise and design criteria feedback. Growing numbers of projects to deliver function tested prototypes and demand for compact & lightweight in-riser safety systems reducing complexity and costs push the landing string equipment market further.
Rising demand for energy and fossil fuels year by year, led by increasing industrialization and urbanization, impacts the market landscape positively. Furthermore, the growing globalization and economic growth boost the market, driving the global energy demand. Moreover, additional offshore discoveries and alarming depletion of oil and gas reservoirs escalate market growth.
Advances in drilling technologies and studies undertaken to review, validate, and determine the cost and configuration of integrating subsea solutions bolster the market value. Also, growth in autonomous offshore and 5G-enabled communication systems foster the market, improving preliminary operational, deployment & maintenance plans and regulatory approval requirements.
Rise in energy demand was reassuringly robust amid COVID 19 crises. Resultantly, the pandemic effects on the landing string equipment industry were negligible. Of course, market players faced problems ranging from obtaining components required to develop solar batteries and attracting workers from quarantines to delivering end products.
Lockdown mandates to control the spread of the virus disrupted supply chains, creating the scarcity of components and key raw material production. Resultantly, product prices were spiked, and the market demand was lowered. Delayed and postponed offshore projects affected the landing string equipment market, limiting the installation of these systems across different geographies.
However, the landing string equipment industry is rapidly returning to normalcy, witnessing the rising energy demand. Simultaneously, corrective measures taken by the governments of various countries to restart halted subsea projects are estimated to increase the market demand.
The market is segmented into applications and regions. The application segment is sub-segmented into deepwater, ultra-deepwater, shallow water, and others. Among these, the deepwater segment holds the largest market share due to increased deep-sea mining to meet the energy requirement across the globe. The region segment is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
North America dominates the global landing string equipment market. The largest market share attributes to the increasing deepwater drilling activities, offshore drilling projects, and subsea processing. Substantial investments for the development of landing string systems accelerate the growth of the regional market. Rapid growth in oil well cementing and exploration activities boosts the landing string equipment market.
The increase in the extraction and production of O&G surges the demand for drilling activities and subsea activities, enhancing the landing string equipment market growth. Additionally, the increasing production of shale gas in Canada and the US substantiate the market growth. Rising government initiatives and investments to support the oil & gas industry fuel the demand for landing string equipment and systems.
Segmentation of Market covered in the research:
Information by Application (Deepwater, Ultra-Deepwater, Shallow Water, and Others) and Region (North America, South America, Europe, Asia-Pacific, and Middle East & Africa)
Browse In-depth Market Research Report (111 pages) on Landing String Equipment
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