The global well casing and cementing market is expected to grow at a CAGR of 5.23% during the forecast period. Based on application, the global well casing and cementing market has been segmented into onshore and offshore. As per the latest market research report published by Technavio, the global well casing and cementing market has the potential to grow by USD 3.19 billion during 2020–2024, and the market’s growth momentum will accelerate throughout the forecast period. Get the free sample report below for the detailed information.
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Onshore wells account for the major share of the production of oil and natural gas globally. In onshore oil and gas E&P operations, the operating cost of drilling activities is relatively lower compared with offshore operations. Hence, oil and gas E&P companies are increasing their investments in onshore E&P projects to gain profit margins. The recovery of crude oil prices has also increased investments in onshore oil and gas E&P activities.
Several oil and gas companies are increasing their E&P activities across the world. For instance, in December 2018, China National Petroleum Corp. announced one of the largest onshore oil and gas discoveries in the Junggar Basin. Therefore, the rise in oil and gas E&P activities will increase the demand for oil and gas well casing and cementing operations. This will drive the growth of the onshore segment of the global well casing and cementing market during the forecast period. To know the complete and in-depth analysis and forecast of this market get the complete report by clicking the link below.
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