The recovery in the global crude oil prices is one of the major factors responsible for the burgeoning sales of centralizers and float equipment across the world. With recovery in global crude oil prices since the middle of 2016, several oil and gas organizations around the world are launching extensive oil and gas exploration and production (E&P) activities. For example, British Petroleum (BP) plc launched Mad Dog oil field operations’ second phase.
Similarly, exhaustive plans for developing the Penguins Field in the North Sea were announced by the Royal Dutch Shell plc. Additionally, the rapid economic progress of several countries is also propelling the requirement for fossil fuels in order to serve the needs of electricity generation, domestic transportation, and various other allied industries. The global energy consumption is predicted to skyrocket, which will, in turn, fuel upstream E&P activities in the future years.
According to the estimates of the Organization of Petroleum Exporting Countries (OPEC), the worldwide oil demand is predicted to grow from 95.4 million b/d to 111.1 million b/d from 2016 to 2040. This mushrooming requirement for oil and gas products will propel the sales of centralizers and float equipment in the forthcoming years. Due to these factors, the global centralizers and float equipment market is set to exhibit lucrative growth in the coming years.
Geographically, the market for centralizers and float equipment registered the highest growth in North America in the past years, as per the observations of P&S Intelligence, a market research company based in India. This was credited to the fact that North America has historically been the world’s biggest oil and gas producing region. Moreover, the huge investments being made in oil and gas E&P activities will boost the sales of centralizers and float equipment in the region in the upcoming years.
Hence, it can be said with surety that the demand for centralizers and float equipment will surge all over the world in the forthcoming years, primarily because of the recovery in crude oil prices and the increasing number of oil and gas exploration and production activities in various countries around the world.
Source: www.psmarketresearch.com
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