Landing string equipment market to grow by USD 424.91 million from 2023 to 2028; APAC accounts for 41% of market growth- Technavio

NEW YORK , Dec. 7, 2023 /PRNewswire/ — The landing string equipment market size is expected to grow by USD 424.91 million from 2023 to 2028, according to Technavio. In addition, the growth momentum of the market will be progressing at a CAGR of over 7.06% during the forecast period. The rise in deep-water and ultra-deepwater E and P activities is notably driving the landing string equipment market. However, factors such as the Rise of renewable energy may impede market growth. The market is segmented by type (equipment and services), end-user (deepwater, ultra-deepwater, and shallow water), and geography (APAC, Middle East and Africa, Europe, North America, and South America). 

Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The Free sample report is available in PDF format 

Key Segment Analysis
The equipment segment is estimated to witness significant growth during the forecast period. The equipment segment can be considered as different types of equipment used in the construction and maintenance of landing strings in the oil and gas industry. In addition, the finishing and manufacturing process depends on the landing strings, sometimes called the completion strings. Furthermore, the need for efficient and reliable well production and completion of operations in the oil and gas industry is what is driving the equipment segment of the global landing string equipment market. Besides, factors such as increased drilling activities, growing energy demand, and technological advancements are driving the growth of this segment, thereby driving market growth during the forecast period.

To know additional highlights and key points on various market segments and their impact in coming years, View the Free PDF Sample Report.

Geographical Market Analysis 

APAC is estimated to contribute 41% to the growth of the global market during the forecast period. One of the key factors contributing significantly to the market growth in the  APAC region is the increase in the number of deepwater and ultra-deepwater oil and gas projects in China, Australia, and several Southeast Asian countries. In addition, according to the International Energy Administration (IEA), global oil demand is at a record high, driven by increased summer air travel increased oil consumption for production, and China’s strong electricity production and petrochemical activities. Thus, such factors are anticipated to drive the demand for landing string equipment, which will drive the market growth in APAC during the forecast period.

Company Insights 
The landing string equipment market is concentrated, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market’s competitive landscape and offers information on several market companies, including:

Aker Solutions ASA, Drilltech Services North Sea Ltd., ExPert E and P Co. LLC, Expro Group Holdings NV, Halliburton Co., Interventek Subsea Engineering Ltd., NOV Inc., Quail Tools LP, Schlumberger Ltd., Superior Energy Services Inc., TechnipFMC plc, Vallourec SA, WellPartner AS, and Yantai Enerserva Machinery Co. Ltd.

View the Free PDF Sample Report to find additional highlights on the growth strategies adopted by companies and their product offerings.

The oil and gas upstream equipment market size is estimated to grow at a CAGR of 3.26% between 2024 and 2028. The market size is forecast to increase by USD 11,226.76 million.

The oilfield casing spools market size is estimated to grow at a CAGR of 6.56% between 2024 and 2028. The market size is forecast to increase by USD 45.22 million. 

ToC:

Excustive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type 

Market Segmentation by End-user

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio