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The Landing String Equipment market is influenced by a multitude of factors that collectively shape its dynamics and growth trajectory. One of the primary drivers is the ongoing expansion of the oil and gas exploration and production activities worldwide. As the energy industry seeks to tap into new reserves and optimize existing ones, the demand for reliable and technologically advanced landing string equipment increases. These tools play a crucial role in the drilling and completion process, ensuring the efficient and safe extraction of hydrocarbons from beneath the Earth's surface.
Moreover, advancements in drilling technologies and techniques contribute to the market's growth. The exploration and production sector continually seeks innovative solutions to enhance efficiency, reduce downtime, and minimize environmental impact. Landing string equipment, which includes components like casing hangers, tubing heads, and other wellhead accessories, evolves in tandem with these technological advancements. Manufacturers and service providers strive to develop equipment that can withstand harsh operating conditions, deepwater environments, and high-pressure reservoirs, meeting the stringent requirements of modern drilling operations.
Global energy demand trends also play a pivotal role in shaping the landing string equipment market. Fluctuations in oil prices, geopolitical factors, and the transition towards cleaner energy sources influence investment decisions in the oil and gas sector. Periods of increased oil prices often result in higher exploration and production activities, driving the demand for landing string equipment. Conversely, during periods of low oil prices or increased focus on renewable energy, the market may experience a slowdown as operators reassess their capital expenditures.
The regulatory landscape significantly impacts the landing string equipment market, especially concerning safety and environmental standards. Governments worldwide implement stringent regulations to ensure the responsible and sustainable extraction of hydrocarbons. Compliance with these regulations requires the use of high-quality and reliable landing string equipment that meets industry standards. As regulations evolve, equipment manufacturers and service providers must adapt to meet the changing requirements, creating opportunities for innovation and market expansion.
Geopolitical factors and regional economic conditions also influence the landing string equipment market. The distribution of oil and gas reserves worldwide often leads to concentrated drilling activities in specific regions. Political stability, regulatory frameworks, and economic conditions in these regions affect the level of investment in exploration and production, directly impacting the demand for landing string equipment. Additionally, the rise of unconventional oil and gas plays, such as shale formations, introduces new opportunities for the market, particularly in regions with significant unconventional resources.
Technological collaborations and partnerships within the industry contribute to the growth and evolution of the landing string equipment market. Manufacturers collaborate with drilling operators, service companies, and research institutions to develop and test innovative solutions. These partnerships foster the exchange of expertise, enabling the creation of landing string equipment that addresses the specific challenges of modern drilling operations. The synergy between equipment manufacturers and end-users accelerates the pace of technological advancements, ensuring that landing string equipment remains at the forefront of the evolving energy landscape.
Despite the positive market factors, challenges such as the volatility of oil prices, the complexity of deepwater drilling projects, and the need for continuous research and development persist. Innovations in materials, design, and manufacturing processes are crucial for overcoming these challenges and maintaining the competitiveness of landing string equipment in the global energy market.
The landing string equipment market is shaped by a complex interplay of factors, including global energy demand, technological advancements, regulatory frameworks, geopolitical influences, and collaborative efforts within the industry. As the oil and gas sector navigates through evolving market conditions, landing string equipment continues to be a critical component in ensuring the efficiency, safety, and sustainability of drilling operations. The market's resilience and adaptability hinge on its ability to address current challenges and anticipate future trends, ultimately contributing to the ongoing evolution of the energy exploration and production landscape.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | by Application, and Region |
Landing String Equipment Market Highlights:
The Landing String Equipment Market will register significant market value with a CAGR of 6.51% in the forecast period.
Landing String Equipment Market Scenario
The landing string equipment combines systems installed between the first riser point. The system consists of equipment like a retainer, lubricator, etc. The system allows higher running speeds compared to other landing methods. The traditional drill strings focus primarily on the ability to transfer drilling torque, unlike this one. One of the other prominent features of landing string equipment is this string equipment. The equipment is fitted with riser 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. The rising demand for landing string equipment is increasing due to the increase in deepwater drilling. The need for oil and gas to manage the fuel demand is the major factor in the market's acceleration. The growing demand for renewable resources and the high price of crude oil will hamper the oil and gas industry, resulting in the market's decline.
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.
Landing String Equipment Market Key Players
The key players operating in the global landing string equipment market are 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.
Recent Development
April 2022 -Â Russian forces make gains in Ukraine's east. Russia's military holds a string of villages in the Donbas region. And now the focus of Moscow's offensive, continuing on the 64th straight day.
In mid-March, the Offshore Technology Conference (OTC) announced the winners of its 2022 Spotlight on New Technology Award. The prestigious award is presented to OTC exhibitors who are revolutionising the future of offshore energy through technological advancement and innovation.
Aberdeen-based subsea good intervention technology specialist Interventek announced the commercial launch of a new API 17G qualified, in-riser subsea landing string system.
November 2021 - Expro of ABERDEEN, UK, has won subsea good access contracts in the Asia/Pacific region with a combined value of more than $50 million.
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.
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.
Landing String Equipment Market Regional Analysis
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.Â
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.
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