Tieback Stem Market to be dominated by North America region through 2027
Growing energy requirements
and extensive drilling activities are expected to drive the demand for the
global tieback stem market over the forecast period, 2023-2027.
According to TechSci Research report, “Tieback Stem Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2017-2027”, the global tieback stem market is anticipated to
grow at a robust CAGR in the forecast period, 2023-2027. Tieback stems are new
casing strings to cover abrasive wear or protect a weak casing string against
extreme production pressure or shut-off conditions. They are also used to
isolate a leaking liner. Tieback stem mule shoe configuration supports stabbing
and reentry with well intervention tools. Tieback stems are used in both
offshore and onshore applications. It depends on the wellhead's location; based
on that, the liner can be tied back to the rig floor or seabed. Oilfield
companies and operators have increased their spending on drilling hydrocarbon
wells. Extraction of oil and gas comprises different operations, including
drilling, well completion, well production, well intervention, and others. The
majority of the companies are willing to invest substantial amounts in
cutting-edge technologies to boost extraction and production activities.
However, the oil &
gas price volatility and growing popularity of renewable energy sources may
hinder the global tieback stem market growth over the forecast period.
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The global tieback stem
market is segmented into drilling type, well completion, application, feet,
regional distribution, and competitive landscape.
Based on drilling type, the
market is divided into horizontal and vertical. The horizontal drilling type is
expected to capture the highest market share over the next five years,
2023-2027. The advantages of opting for horizontal drilling over its
counterparts are their enhanced durability and faster installation. Horizontal
drilling operations are cost-effective and cause a less environmental
disturbance. They are extremely accurate and lead to less soil disturbance and
disruption.
Based on application, the
market is divided into onshore and offshore. The onshore segment is expected to
hold the largest market share over the forecast period, 2023-2027. The segment
growth is driven by the factors such as increased investments in new
hydrocarbon assets and ongoing infrastructure development activities worldwide.
Extreme onshore activities owing to their cost-effectiveness and the high
demand from the developing economies, further support the segment growth.
Major operating companies
operating in global tieback stem market are:
- National Oilwell Varco
- Weatherford International
- DEW Wartungs- und Reparatur GmbH
- Allamon Tool Company Inc.
- Dril-Quip Inc.
- Schlumberger Limited
- Wellcare Oil Tools Private Limited
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“North America dominates the market and
is expected to maintain its dominance over the forecast period, 2023-2027. The
factors contributing to the market growth are a surge in exploration activities
from untapped resources and an increase in unconventional drilling activities.
The rise in investments by the leading authorities to boost oil and gas
drilling projects and the presence of major market players such as NOV Inc,
Weatherford International plc and Schlumberger Limited in the region further
support the market growth. Also, the high production and exploration activities
to satiate the growing energy requirements and the adoption of advanced
technologies and equipment for oil exploration, extraction, and drilling
activities are expected to propel the global tieback stem market growth till
2027” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Tieback Stem Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented
By Drilling Type (Horizontal, Vertical), By Well Completion (Middle Lower,
Upper), By Application (Onshore, Offshore), By Feet (<12ft, 12-20ft,
21-30ft, >30ft), and By Region”, has evaluated the future growth
potential of global tieback stem market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global tieback stem market.
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