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.
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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.
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.
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Based on equipment type, the categories of the centralizers and float equipment market are float equipment and centralizers. Due to the increasing E&P activities and the requirement to prevent cement slurry backflow, higher revenue of over $550.0 million was generated by the float equipment category in 2018. During the forecast period, this category is projected to show an approximately 6.0% CAGR, which can be attributed to their moderate pricing and rising E&P projects across the globe.
The discovery of vast oil & gas reserves at various locations, such as continental and sedimentary basins in Vaca Muerta (Argentina) and Arctic Circle, provide ample growth opportunities for the centralizers and float equipment market. As per the United States Geological Survey, about 1,669 trillion cubic feet of gas, 90 billion barrels of oil, and 44 billion barrels of natural gas liquid are present in the Arctic region. Such rich regions are attracting the attention of E&P companies, therefore hold a massive growth potential for centralizers and float equipment manufacturers.
Therefore, the market for centralizers and float equipment is expected to register impressive growth in the forecast period due to the increasing demand for oil and gas and rising E&P projects worldwide.
This post was originally published on Raleigh Recorder