The new report by Expert Market Research titled, ‘Global landing string equipment Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives in-depth analysis of the global landing string equipment market assessing the market based on its segments like application and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 7%
Imported crude oil is gradually regaining its average price. Oil and gas businesses have increased their investment in new drilling projects as a result of the rebound in global crude oil prices, which is supporting the growth of the global landing string equipment market. Offshore drilling initiatives are benefiting from increased investment in oil and gas projects. As a result, the need for landing strings in offshore drilling rigs has increased. As a result, the increasing number of offshore rigs will be a major driver driving the growth of the worldwide landing string equipment market in the future.
Landing String Equipment Industry Definition and Major Segments
A landing string is a drill pipe with a thick wall that can be used for drilling as well as landing heavy casing strings in wells or heavy equipment on the seabed.
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The industry is broadly categorised on the basis of its applications into:
• Shallow water
Based on region, the market is segmented into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Landing String Equipment Market Trends
The progress in landing string technology and the growing demand for landing string optimization in subsea wells are the two primary drivers driving the global landing string equipment market forward. During inclement weather, this landing string equipment can provide quick sealing and shutting as well as improved well control. For example, landing string technology has advanced to give a more cost-effective solution for the most challenging oilfields as well as the demand for subsea completion and intervention operations. Furthermore, the demand for deeper wells, along with more complicated well designs, forces operators to upgrade equipment or design around current restrictions.
Landing string equipment, which is a vital part of the overall subsea system, is anticipated to see an increase in demand as a result of this. Furthermore, the market for landing string equipment is expanding as a result of rapid advancements in landing string technologies and increased demand for landing string maximisation for use in subsea wells, which can provide quick sealing and shutting, as well as enhanced well control during extreme weather conditions. Furthermore, by reducing rig up times, deck space, and ancillary support facilities, the landing control systems with a smaller footprint help to minimize operational expenses. The global landing string equipment market is predicted to grow rapidly over the forecast period, owing to an increase in deepwater drilling and an increase in demand for oil and gas to meet rising fuel demand. During the projected period, this is expected to stimulate demand for landing string equipment.
Key Market Player
The major players in the market are Expro Holdings UK 2 Ltd., National Oilwell Varco Inc., Superior Energy Services Inc., Vallourec SA, Yantai Enerserva Machinery Co. Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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