Oilfield Casing Spools Market: Global Opportunity Analysis and Industry Forecast, 2023-2030 Market

 Casing spool is an important component for the drilling processes as it controls the pressure on the wellhead. It is generally flange ended on the top of the casing head and connected with the bottom of the tubing head of the wellhead system. A casing spool is provided with the straight bore bowl with a landing shoulder which is at an angle of 45-degree. This design prevents the equipment from damage of sealing areas by drilling tools along with preventing bowl protector wedging problems that occur when pressure is applied. The casing spools are often equipped with threaded outlets and studded outlets. These are used for different applications such as testing blowout preventers while drilling, pressure testing casing seals and also as outlets for fluid returns.

COVID-19 scenario analysis:

The outbreak of the COVID-19 pandemic has severely affected the oilfield casing spools market.

• Due to the nationwide lockdowns imposed by the governments to contain the virus, major business activities and the normal outdoor lifestyle of common people were at a halt. This has caused a significant decrease in the demand for fuel and has consequently affected the demand for oilfield casing spools in the market. 
• Moreover, the exploration activities of major companies were also affected due to the lack of workforce caused as a result of the lockdowns and travel restrictions. This has also caused serious effects on the oilfield casing spools market.

Top impacting factors: Market Scenario Analysis, Trends , Drivers and Impact Analysis

With the rapid industrialization, there is an ever increasing demand for fuel across the globe. As a result, the rapid increase in the number of onshore oil and gas exploration activities has played a significant role in driving the growth of the oilfield casing spools market. Moreover, factors such as increase in dependency on pressure pumping solutions and rise in focus on efficient methods for the extraction of crude oil to maximize profit also adds to the surge in demand for casing spools as essential pressure control equipment in the market. On the other hand, there is a rise in deep-water drilling activities in the recent past. Companies such as Shell Brasil Petróleo Ltd. in February 2019 started a Lula North Deepwater project in Santos Basin in Brazil. The rise in popularity of deep-water offshore drilling activities is also expected to boost the growth of the oilfield casing spools market during the forecast period. However, the volatility in the prices of crude oil limits the market growth.

In terms of market share, the North American region accounts for a significant share of the global oilfield casing spools market with rapid growth in the oil & gas industry in the region. The market in the Middle East and Africa is also likely to witness a lucrative growth in demand for casing spools due to the presence of high number of oil & gas industries in the region.

Key benefits of the report:

• This study presents the analytical depiction of the global oilfield casing spools industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global oilfield casing spools market share.
• The current market is quantitatively analyzed to highlight the global oilfield casing spools market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed global oilfield casing spools market analysis based on competitive intensity and how the competition will take shape in coming years.

 Oilfield Casing Spools Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights