According to a new report published by Allied Market Research, titled, "Tubing Spools Market by Type, and Application: Global Opportunity Analysis and Industry Forecast, 2019–2026," the global tubing spools market size was valued at $490.5 million in 2018, and is projected to reach $725.8 million by 2026, registering a CAGR of 4.9% from 2019 to 2026.
North America is expected to be the leading contributor to the global tubing spools market, followed by Asia-Pacific, and Europe. Based on type, the single tubing spools segment accounted for the highest market share in 2018 and is expected to witness significant growth during the forecast period, owing to its capability of supporting maximum loads.
In terms of application, the onshore segment contributed the highest share in the market in 2018 and is expected to witness growth at a CAGR of 5.5% during the forecast period owing to technical innovations. This is expected to provide lucrative growth opportunities to the market players in developing economies.
The major players in the market such as EthosEnergy Group Limited, Integrated Equipment, Jereh Oilfield Equipment, Weir Group, and others, have focused on business expansion and acquisition to strengthen their presence in the market. For instance, in July 2018, Weir Group , a Scottish engineering firm acquired ESCO Corporation. The ESCO Corporation is merged with Weir Group to operate as a new division. The company deals in oil and gas drilling tool and other parts. Similarly, in April 2019, Weir Group opened new 92,000 square-foot customer service center at David Mims Business Park in New Mexico, U.S. to fulfil the growing customer demand. Moreover, in February 2019, Integrated Equipment, Inc., a manufacturer of oilfield equipment received $9 million from Veritas Financial Partners for future growth and to improve its supply chain by establishing a global support network.
The key players profiled in the report include Delta Corporation, EthosEnergy Group Limited, Integrated Equipment, Jereh Oilfield Equipment, Jiangsu Sanyi Petroleum Equipment Co., Ltd, JMP Petroleum Technologies, Inc., Msp/drilex, Inc., Uztel S.A, Sunnda Corporation, and Weir Group.
Key Findings of the Study:
- The report provides an extensive analysis of the current and emerging tubing spools market trends and dynamics.
- Depending on type, the single tubing segment dominated the tubing spools market, in terms of revenue in 2018 and is projected to grow at a CAGR 5.6% during the forecast period.
- By application, the onshore segment led the market in 2018.
- North America is projected to register the highest growth rate in the coming years.
- Key market players within the tubing spools market are profiled in this report, and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the tubing spools industry.
- In-depth tubing spools market analysis is conducted by constructing estimations for the key segments between 2018 and 2026.