Global Landing String Equipment Market Size to worth USD 586.5 Million by 2033: Market Study Report

Global Landing String Equipment Market Size to worth USD 586.5 Million by 2033

According to a research report published by Spherical Insights & Consulting, The Global Landing String Equipment Market Size is Expected to Grow from USD 309.5 Million in 2023 to USD 586.5 Million by 2033, at a CAGR of 6.60% during the forecast period 2023-2033.

Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Landing String Equipment Market Size, Share, and COVID-19 Impact Analysis, By Application (Shallow & Deepwater and Ultra-Deepwater), By End-user (Oil & Gas Companies, Oilfield Service Companies, and Research & Development Institutions), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.  

Landing string equipment is a set of components that are used in offshore oil and gas operations to run a subsea test tree for well test completion. These are jointed pipe systems that are used to run and land heavy equipment, such as liners, casing strings, and tubing, on offshore wells. Further, the equipment can withstand a greater load capacity and is typically examined to higher acceptance criteria compared to strings used only for drilling. The increasing need for landing string optimization for use in subsea wells is escalating the market growth opportunity for landing string equipment. The advancement in landing string technologies is driving the landing string equipment market. The growing investment in offshore oil & gas projects and the adoption of deepwater drilling are contributing to propel the market growth. On the contrary, the economic slowdowns that can lead to reduced demand for landing string systems are challenging the market.       

The ultra-deepwater segment is expected to grow at the fastest CAGR during the forecast period.

Based on the application, the landing string equipment market is classified into shallow & deepwater and ultra-deepwater. Among these, the ultra-deepwater segment is expected to grow at the fastest CAGR during the forecast period. It preserves well integrity, increases drilling accuracy, and ensures regulatory compliance, the landing string system is essential to ultra-deepwater exploration The rapid advancements in drilling technology afloating production, and drilling units are driving the market growth in the ultra-deepwater segment.

The oil & gas companies segment is anticipated to hold the largest market share during the predicted timeframe.

Based on the end-user, the landing string equipment market is classified into oil & gas companies, oilfield service companies, and research & development institutions. Among these, the oil & gas companies segment is anticipated to hold the largest market share during the predicted timeframe. There is a production of large volumes of oil/gas by deepwater oil projects that can comparatively achieve lower per-barrel operating costs during the reservoir lifecycle. The growing oil and gas sector worldwide owing to the rising crude oil market leads to drive the frequency of drilling activities, thereby propelling the market growth.

North America is estimated to hold the largest share of the landing string equipment market over the forecast period.

North America is estimated to hold the largest share of the landing string equipment market over the forecast period. The rapid technological advancements and increased offshore exploration & production activities are responsible for driving the market in the region. Further, the growing investments by major oil and gas companies in offshore projects are propelling the market. The increase in several offshore drilling projects and subsea processing is propelling the market growth in the region.

Asia-Pacific is predicted to grow at the highest CAGR growth in the landing string equipment market over the forecast period. The rising energy demand and ageing offshore infrastructure in the region are driving the market growth. The increasing energy demand augmenting offshore drilling projects is propelling the landing string equipment market.

Company Profiling 

Major key players in the global landing string equipment market include Expro Group Holdings N.V., Nov, Inc., TechnipFMC plc, SLB, Aker Solutions, ExPert E&P Companies, LLC., Interventek Subsea Engineering, Hilong Holding Limited, Yantai Enerserva Machinery Co., Ltd., Optime Subsea, and Others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In February 2023, Norwegian firm Optime Subsea entered into a long-term framework agreement with oil and gas operator Wintershall Dea regarding the rental of remote-controlled subsea well completion and intervention systems.

• In October 2021, Aberdeen-based subsea well intervention technology specialist Interventek launched a new API 17G qualified, in-riser subsea landing string system.

• In May 2021, Schlumberger and NOV announced a collaboration to accelerate automated drilling solutions adoption by oil and gas operators and drilling contractors. The agreement would enable customers to combine Schlumberger surface and downhole drilling automation solutions with NOV’s rig automation platform to deliver superior well construction performance.

• In April 2021, HOUSTON - Halliburton Company and Optime Subsea announced they formed a global strategic alliance to apply Optime’s innovative Remotely Operated Controls System (ROCS) to Halliburton’s completion landing string services.

• Market Segment

  This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the landing string equipment market based on the below-mentioned segments:

   

  Global Landing String Equipment Market, By Application

• Shallow & Deepwater
• Ultra-Deepwater

• Global Landing String Equipment Market, By End-user

• Oil & Gas Companies
• Oilfield Service Companies
• Research & Development Institutions

• Global Landing String Equipment Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa