Centralizers and Float Equipment Market Analysis and In-Depth Analysis on Market Dynamics, Emerging Trends, Growth Factors and Sales Forecast to 2024

The prosperity of the oil and gas field and recovery in crude oil prices are driving the growth of the centralizers and float equipment niche. As the crude oil prices are in the recovery mode since mid-2016, upstream players are restarting exploration and production (E&P) projects and bidding for new fields. For instance, Royal Dutch Shell PLC is planning to develop the Penguins field in the North Sea, while British Petroleum PLC began the second phase of the Mad Dog oil field operations.

The global centralizers and float equipment market is projected to reach $1,439.3 million by 2024, registering a CAGR of 6.3% during the forecast period

Recent recovery of crude oil prices helped the crude oil upstream industry, which in result, encouraging the demand for well completion equipment, since mid-2016. In last couple of years, many exploration and production (E&P) companies had resumed operations of deferred projects and retendering of other E&P projects. For instance, British Petroleum (BP) plc began the second phase of the Mad Dog oil field operations, Royal Dutch Shell plc announced its plans to develop the Penguins field in the North Sea, and several other global players also demonstrated active participation in E&P operations. Thus, this trend in E&P initiations is expected to propel the centralizers and float equipment market in the forthcoming years.

Insights into market segments

On the basis of region, centralizers and float equipment market is categorized into North America, Europe, Asia-Pacific (APAC), LATAM, and MEA. Among these, North America accounted for the largest demand for these equipment, with a market share of slightly less than 40%, in terms of value, in 2018. This is due to the fact that it is the highest oil and gas producing region, which accounted for more than 20% of the global production in 2018. North America’s continuous investments in E&P projects are expected to propel the market growth during the forecast period as well.

Based on the equipment, the centralizers and float equipment market is bifurcated into centralizers and float equipment. Between the two, in 2018, float equipment accounted for larger revenue share of more than 55% in the market. This significant market share is ascribed to the increasing E&P activities, coupled with the rising necessity for preventing the backflow of cement slurry in well completion operations. As per oil and gas industry experts, the crude oil prices are expected to remain constant in the upcoming years, which in result, would fuel the market growth during the forecast period.

Some of the major players operating in the global centralizers and float equipment market are Halliburton Company, Weatherford International plc, Centek Group, Ray Oil Tool Company, Downhole Products, Summit Casing Equipment, Sledgehammer Oil Tools Pvt. Ltd., NeOz Energy, Puyang Zhongshi Group Co. Limited (PYSZ), National Oilwell Varco Inc., and Oilmec Drilling Equipments Pvt. Ltd.