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Conductor installation is an important process in oil & gas drilling operations. It provides stability to the well during its construction and production. The oil & gas well conductor installation services market considers revenue from offshore and onshore applications. The onshore sector holds majority of the market share, and this trend is expected to continue during the forecast period. Recovery in crude oil prices has attracted more investments in onshore oil & gas exploration & production (E&P) activities. Moreover, oil & gas operators invest more in mature oilfields due to decline in production, which increases their revenue. However, the market growth is being accelerated by increase in product demand, rise in disposable income, innovation in products, raw materials, and changes in consumption technologies. Therefore, increase in investment in oil & gas is expected to propel E&P activities, thereby boosting the oil & gas well conductor installation services market growth over the forecast period.
COVID-19 scenario analysis
COVID-19 has reduced the demand for oil across the world. In addition, its impact on financial markets has led to price fluctuations. Governments across the globe have suspended international traveling during the pandemic, which results in less consumption of fuel. The energy produced offshore involves majority of supply of oil and natural gas globally, which is increasingly a crucial source of renewable electricity. Offshore oil production has been significantly affected due to the coronavirus outbreak. Governments across various countries encourage to reduce the number of offshore workers, which is anticipated to negatively affect oil production capacity. Moreover, the global lockdown has caused industries to shut down their factories, thereby hampering the global oil & gas market.
The global oil & gas well conductor installation administration services market is predicted to develop actively. This development is attributed to developing countries combined with expanding industrial improvements, which drives the global energy demand. Therefore, undiscovered oil & gas assets are being investigated using innovative techniques to fulfill the rise in demand for energy across the globe. As a result, governments of various developing countries have launched several initiatives and made investments to increase oil & gas production to attain energy security in their jurisdiction. Moreover, upstream oil & gas companies adopt various E&P technologies to tap unexplored reserves of oil & gas. Increase in investments in upstream oil & gas is expected to boost E&P activities. Therefore, these factors are expected to propel the global oil & gas well conductor installation services market during the forecast period. However, fluctuations in oil & gas prices, growing demand for renewables, and environmental concerns related to various drilling operations are anticipated to hamper the growth of the oil & gas well conductor installation services market over the forecast period.
Development in the conductor installation sector has been identified as a critical factor in the oil & gas well conductor installation services market that contributes to the market growth.
The per-day cost of renting rigs in offshore wells is higher compared to onshore rigs due to low availability of new E&P activities. Therefore, oil & gas companies increase their focus to reduce the rig time to balance the demand & supply of offshore rigs and minimize the per-day cost of renting rigs in offshore wells. However, Conductor Anchor Node (CAN) technology launched by Neo Drill AS needs less rig time to install oil & gas conductor pipe on the seabed. Such technological advancements are expected to increase the demand for oil & gas well conductor installation services and fuel the growth of the market during the forecast period.
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Key Market Segments
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