The mounting production of sour crude, especially in the lockdown period due to the novel Coronavirus pandemic around the world, has pretentious the global oil country tubular goods market 2020 imperatively. The current data on the market position of the oil country tubular goods market by Market Research Future reveals that a high growth rate has been recorded for future expansion, which could be noted, post the pandemic. Many factors are being scored behind the growth of the market, which has been discussed below. The forecasted period of the market’s growth is calculated for the years 2017–2026.
The economic revival in many parts of the world resulted in augmented energy consumption. Oil and gas is a crucial source in the overall energy outlook of the world. Major factors motivating the market when studied are low oil breakeven prices owing to the technological advancement, reducing supply-demand gap, reduced oil services cost, and surged directional drilling. The premium-grade oil country tubular goods are possible to observe elevated CAGR over increasing focus on the development of deepwater and offshore reserves, worldwide. The requirement of premium grade oil country tubular goods is superior in harsher and challenging upstream operation.
The Oil Country Tubular Goods Market is in a growing phase due to the factors of swelling demand for the same from upstream activities. The premium applications such as widespread in gas wells, horizontal wells, and high pressure and temperature wells have been liable for the market’s development in the future. With this, the boost in offshore rig count during the years 2017-2018 after the drop in the oil price back in 2014, the demand for the oil country tubular goods is anticipated to swell during the forecasted period.
Furthermore, the rise in the deep-water exploration in the remote areas with harsh environments has resulted in the augment in the use of premium quality drilling equipment, which has resulted in the development of the market. The Gulf of Mexico is one of the significant offshore deepwater reserves, which is liable to observe an upsurge in production in the forecast period. On the contrary, risen import duty in the United States has been a restraint towards the growth of the market.
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The key players of global oil & gas sensors market are Honeywell (US), Emerson (US), ABB (Switzerland), GE (US), Rockwell (US), Siemens (Germany), TE Connectivity(US), BD Sensors (Germany), Lord (US), Fortive (US), and Bosch (Germany).
The global oil country tubular goods market has been further being segmented on the manufacturing process, and grade.
In terms of manufacturing process segment, the global market has included electric resistance welded (ERW) and seamless.
In terms of grade segment, the global market has included API grade and premium grade.
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North America is likely to lead the oil country tubular goods market share owing to colossal drilling activities across the region. Favourable government policies and investment by some of the notable players in the market are possible to ensure robust expansion for the oil country tubular goods market. The U.S. has persistently focused on leveraging the production of oil and gas to balance the ratio of supply-demand. Also, the shale revolution and immense potential in unlocking new reserves are probable to motivate the market.
Steady growth is pragmatic in European countries is witnessed as most of the countries are inclining towards renewable energy sources. However, there is enough potential for the hydrocarbon industry as Germany, UK, Norway, and Russia, among others, are focusing on escalating their domestic production.
On the other hand, Asia-Pacific will experience sluggish growth owing to a lack of technological advancement and slowdown of economies. Oil-rich nations in the Middle East & Africa prolong to expand projects to augment oil and gas production. UAE, Saudi Arabia, Kuwait, Oman, Angola, Algeria, and Egypt, among others, are broadly investing in drilling operations to meet the escalating demand for oil and gas.
Impact of COVID-19 on Oil Country Tubular Goods Market @ https://www.marketresearchfuture.com/report/covid-19-impact-oil-country-tubular-goods-market
Table of Contents
- Report Overview
- Market Trends and Competitive Landscapes
- Segmentation of Market by Type
- Segmentation of Market by End-Users
- Market Analysis by Major Regions
- Product Commodity of Market in Major Countries
- North America Oil Country Tubular Goods Landscapes Analysis
- Europe Oil Country Tubular Goods Landscapes Analysis
- Asia Pacific Oil Country Tubular Goods Landscapes Analysis
- Latin America, Middle East & Africa Oil Country Tubular Goods Landscapes Analysis
- Major Players Profile
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