Articles

Centralizers and Float Equipment Market Size, Leading Players, Growth and Future Scope

by Vijay K. Web Marketing
Due to the thriving economy of several countries across the globe and the resultant surge in the demand for fossil fuels in order to meet the soaring requirements of electricity generation, domestic transportation, and other allied industries, the demand for centralizers and float equipment is expected to rise considerably in the coming years. According to the Organization of Petroleum Exporting Countries (OPEC), the global oil demand is predicted to increase from 95.4 million b/d in 2016 to 111.1 million b/d by 2040, thereby boosting the need for various upstream oil and gas production and exploration (E&P) activities.


Due to the above-mentioned factors, the centralizers and float equipment market revenue is expected to increase from $991.6 million in 2018 to $1,439.3 million by 2024, with a CAGR of 6.3% during 2019–2024 (forecast period). These equipment are commonly used in various onshore and offshore oil and gas production and exploration (E&P) activities. Of these, the onshore applications recorded higher usage of this equipment in 2018, mainly on account of the higher number of E&P activities in onshore fields (almost 80% of the worldwide oil and gas drilling activities).

Geographically, North America recorded the highest demand for centralizers and float equipment in 2018. This is primarily ascribed to the fact that it ac-counts for the highest oil and gas production in the world, accounting for more than 20% of the worldwide production in 2018. Moreover, the region is also witnessing increasing investments by the major oil and gas producing companies on E&P projects, which are expected to propel the growth of the centralizers and float equipment market in this region during the forecast period.


Therefore, due to the burgeoning demand for energy on account of the soar-ing global population level and flourishing economy of various countries espe-cially in the Asia-Pacific (APAC) region, and the increasing E&P activities, the demand for centralizers and float equipment is expected to witness tremen-dous growth in the coming years.

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About Vijay K. Senior   Web Marketing

211 connections, 3 recommendations, 862 honor points.
Joined APSense since, May 17th, 2016, From New York, United States.

Created on Dec 11th 2020 06:32. Viewed 211 times.

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