ID: MRFR/E&P/9134-HCR | July 2021 | Region: Global | 111 pages
Landing string equipment market size is projected to grow at a rate of ~6.51% CAGR between 2021 and 2027.
The major factors driving the growth of the global landing string equipment marketarethe advancement in landing string technologies and the growing demand for landing string optimization in subsea wells. These landing string equipment can offer quick sealing and shutting and enhanced well control during adverse weather conditions.For instance, landing string technology has evolved to provide a more cost-effective solution for the most demanding oilfields and the demand for subsea completion and intervention operations.
Moreover, the need for deeper wells, integrated with more complex well designs, drives operators to either upgrade equipment or design around current equipment limitations. This is likely to boost the demand for landing string equipment as these equipment are an integral part of the entire subsea system. Additionally, rapid advancement in landing string technologies, along with the growing demand for landing string optimization for use in subsea wells, which can offer quick sealing and shutting, and enhanced well control during adverse weather conditions, is driving the market growth for landing string equipment. Further, the landing control systems with a lower footprint help to reduce operating expenses by minimizing rig up times, the deck space, and ancillary support facilities.
The global landing string equipment market is expected to ratehigh growth during the forecast perioddue to thegrowth in deepwater drilling and an increase in the demand for oil & gas to cater to the increased demand for fuel. This is expected to drive the demand for landing string equipmentduring the forecast period.
Many major players, such as Expro Holdings UK 2 Ltd., National Oilwell Varco Inc., Superior Energy Services Inc., and Interventek Subsea Engineering, actively focus on providing a broad product portfolio related to landing string equipment systems. Moreover, these companies are continuously focusing on advancing the currently available technology related to landing string equipment. For instance, in April 2019, Interventek Subsea Engineering (UK) developed a control system for a new subsea in-riser landing string that is designed to reduce the weight, size, complexity, and cost of the subsea system.Other significant contracts involving subsea systems technology specialist Interventek, which entered into a contract with Baker Hughes in September 2020. Under this contract, the landing strings have been incorporated within Baker Hughes’ subsea systems as they develop and expand their in-house offering.The supply agreement also includes the provision of support for inspection, training, testing, maintenance, and deployment of the technology.Similarcontracts and developments are expected to drive the growth of the global landing string equipmentmarket during the forecast period.
The global landing string equipment marketis expected to register ~6.51% CAGR during the forecast period.
The key players operating in the globallanding string equipmentmarketareExpro Holdings UK 2 Ltd., National Oilwell Varco Inc., Superior Energy Services Inc., Vallourec SA, Yantai Enerserva Machinery Co. Ltd., Enovate Systems Ltd., Expro Group, Quail Tools, Schlumberger Ltd., Superior Energy Services, Inc., Thyssenkrupp AG, Technip FMC, and Interventek Subsea Engineering.
Landing String Equipment Market Segmentation
The global landing string equipment market has been segmented based on application. Based on application, the landing string equipment market is divided intodeepwater, ultra-deepwater, shallow water, and others. The deepwatersegment is expected to hold the largest share in the global market during the forecast perioddue to an increase in deep-sea mining to meet the energy requirement across the globe.Moreover, deepwater is one of the major application areas for landing string equipment as many companies across the world are focusing on reviving the pending projects of deepwater. Additionally, deepwater offshore application accounts for the significant share of the operated production of various companies and is a strategic and fast-growing segment for some major companies, including TotalEnergies.
Based on region, the landing string equipment market is segmented into Asia-Pacific, North America, Europe, the Middle East&Africa, and South America. North Americaaccounts for the largest share of the landing string equipment marketdue toincreasing offshore drilling projects and subsea processing. Such investments would accelerate the growth of landing string equipment in this region. Moreover, due to the rapid growth oil well cementing and exploration activities, the market for landing string equipment is likely to see a boost. Moreover, according to the US Energy Information Administration (EIA), in 2018, approximately 6.44 million bpd of crude oil was produced from tight oil resources in the US.
The increase in the extraction and production of oil and gas surges the demand for drilling activities and subsea activities, which will ultimately enhance the market for landing string equipment as it is an integral part of subsea activities. Additionally, high market share of North America is attributed to the increasing production of shale gas in Canada and US. Additionally, rising investments and initiatives taken by government to support oil & gas industry in these countries is expected to fuel the demand for landing string equipment market during the forecast period.All these factors will drive the demand for landing string equipment in the region. All these factors are likely to positively trigger the landing string equipment market.
Landing string equipment are a combination of systemsthat are installed between the tubing hanger and the first riser point. The landing string system generally contains equipment such as subsea test tree, lubricator valve, and retainer valve. Moreover, landing new and advanced string equipment are used owing to their compatibility with conventional drill pipe handling systems. This system enables higher running speeds compared to alternative landing methods. On the other hand, traditional drill strings focus primarily on the ability to transfer drilling torque. One of the other major features of landing string equipment is that these string equipment are fitted inriser safety systems that interface with the subsea wellhead on the seabed to allow completion or well intervention activities to be conducted safely from floating vessels.
Moreover, in critical situations, landing string system provides more control whenever required by end-user. Some of the major companies provide a very comprehensive products related to landing string equipment. For instance, Schlumberger offers the SenTURIAN Family systems in conjunction with the SenTREE subsea test tree systems, the landing string disconnects from the wellhead in 15 seconds, providing a dual barrier of protection that safely closes in the well and retains all the contents of the riser to prevent spillage. The landing string can also be reconnected quickly when conditions return to normal. Similarly, TechnipFMC also offers a wide product range of landing string equipment which is suitable for primary wellcontrol barrier during a range ofsubsea operations. The company provides full system integration of the Landing String (LS) with the subsea equipment and vessel to reduce complexity of interface management and therefore minimize operational risk. Such innovative products offered by the major companies is likely to boost the demand for landing string equipment.
Landing string equipment system is an integral part of the subsea & offshore industry. However, the delayed offshore projects and postponing indefinitely due to the COVID-19 impact negatively affected the landing string equipment market, limiting the installation of landing string equipment systems across different geographics. The effects of COVID-19 have been felt in the oil and gas industry as well, of which landing string equipment are an important element. From individuals being sent on leaves to companies having to drastically change their long-term plans, everyone has had to adjust. The impact is especially noticeable when it comes to offshore oil rigs. Moreover, this unprecedented situation has created challenges in the technical and financial activities of the offshore sector. Hence, most of the operators around the world were forced to postpone the offshore projects that were in the pipeline. This has directly impacted the landing string equipment market. However, the governments of various countries are taking corrective measures to restart the halted projects.
|Market Size||2030: Significant Value|
|CAGR||6.51% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Application, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Expro Holdings UK 2 Ltd., National Oilwell Varco Inc., Superior Energy Services Inc., Vallourec SA, Yantai Enerserva Machinery Co. Ltd., Enovate Systems Ltd., Expro Group, Quail Tools, Schlumberger Ltd., Superior Energy Services, Inc., Thyssenkrupp AG, Technip FMC, and Interventek Subsea Engineering|
|Key Market Opportunities||growing demand for landing string optimization for use in subsea wells|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Landing String Equipment market is predicted to grow at 6.51% through forecast period of 2020-2027.
The forecast period for Landing String Equipment market research report is 2020-2027
Global Landing String Equipment Market is dominated by North America region.
The global landing string equipment market is expected to rate high growth during the forecast period due to the growth in deep water drilling and an increase in the demand for oil & gas to cater to the increased demand for fuel.