Primary Cementing Equipment Market Infographics Description:
- The Infographics: Primary Cementing Equipment Market was valued at US$ 2,819.8 Mn in 2019.
- Worldwide Primary Cementing Equipment market is projected to reach US$ 5,119.5 Mn in 2029 at a CAGR of 6.2% from 2020 to 2029.
- Amongst equipment type, the floating equipment in the global primary cementing equipment market is estimated to account for a majority revenue share in 2018.
- Among all the application segments, the offshore is expected to register highest CAGR of over 6.5%, owing to owing to the cost decrease and digitalization of the oil & gas offshore projects.
- The market in Asia-Pacific is expected to dominate global primary cementing equipment market and is expected to account for the largest market share as compared to other regions.
Primary Cementing Equipment Market Scope and Estimation (2023-2033)
- The Global Primary Cementing Equipment Market is set to grow from US$ 3628 million in 2023 to US$ 6,810 million by 2033, with a 6.5% CAGR.
- Floating Equipment holds the largest market share at 42.3%, crucial for deep and ultra-deepwater drilling, mainly offshore.
- Offshore operations command a 64% market share, driven by the growing complexities and demands of offshore drilling.
- The Asia-Pacific region leads market share at 33.4%, followed by North America at 28.2%, due to increased oil and gas exploration.
- Market growth is expected to continue, propelled by the expansion of offshore drilling and technological advancements in equipment efficiency and sustainability.
- New growth avenues may emerge from developing innovative cementing solutions and forming strategic partnerships, especially in emerging markets focusing on oil and gas exploration.
Primary Cementing Equipment Market Leading Key Players Are
- Schlumberger Limited
- Halliburton Company
- Forum Energy Technologies
- BJ Services
- ACC Corporate
- Botil Oil Tools India Private Limited
- Rubicon Oilfield International Holdings
- L.P
- Seenopex
- VULCAN Completion Products
- Tangent Oil & Gas Equipment and Supply
Growth Drivers and Strategic Developments
The Primary Cementing Equipment Market plays a crucial role in the oil and gas industry, providing tools essential for securing well casings and preventing fluid migration. These include cementing heads, float equipment, and centralizers, which are fundamental for maintaining well integrity and operational safety. With investments in traditional oil and gas exploration anticipated to exceed $50 billion in 2023—the highest since 2019—the market is witnessing significant growth. This increase is driven by the need for effective well construction and cementing solutions that ensure the structural integrity and operational efficiency of wells.
Despite robust investments, the industry encountered challenges in the first half of 2023, discovering only 2.6 billion barrels of oil equivalent (boe), a 42% decrease from the previous year. This decline highlights the growing difficulties in locating new reserves and underscores the importance of maximizing output from each discovery. Additionally, the success rate of high-impact exploration wells stood at about 31%, emphasizing the need for more efficient and reliable cementing equipment to achieve well stability and reduce operational risks.
The dependency on advanced primary cementing equipment is increasing as firms aim to enhance the success rates of drilling projects while ensuring environmental safety. The market’s expansion reflects not only increased exploration activities but also the imperative for improved technical capabilities in well construction. This sector is critical in maintaining the balance between achieving adequate energy production and minimizing environmental footprints.
In related developments, August 2023 saw discussions on the necessity to decarbonize well construction processes, including those for oil, gas, CCS, geothermal, and water wells. The focus is on reducing environmental impacts as well construction is expected to remain a global activity for decades. Moreover, in September 2023, Mountain Cement Co LLC enhanced its production capabilities with a new Polysius® booster mill to increase grinding capacity and improve clinker reactivity, indicating ongoing innovation within the industry.
Furthermore, a February 2023 article emphasized the urgent need for India’s cement sector to contribute significantly to the country’s Net-Zero 2070 target. The cement industry, accountable for about 8% of India’s total emissions, is urged to transition from being a product supplier to a broader role as a construction solutions provider. These developments illustrate the dynamic nature of the industry and its critical role in both economic development and environmental stewardship.
