Landing String Equipment Market to grow by USD 424.91 million between 2024-2028
According to a research report “ Landing String Equipment Market” by Type (Equipment, Services) End-user (Deepwater, Ultra-deepwater, Shallow water) Geography (APAC, Middle East and Africa, Europe, North America, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 424.91 million at a CAGR of over 7.06% during the forecast period. In the upstream oil and gas industry, the demand for Landing String Equipment (LSE) has grown significantly due to the increasing focus on offshore deep-water and ultra-deepwater resources. The harsh offshore environment necessitates advanced LSE to facilitate the production of oil and natural gas from subsea wells. According to the US Energy Information Administration (EIA), global offshore deep-water oil production is projected to expand by 2 million barrels per day by 2025. This trend underscores the importance of robust and reliable LSE in enabling offshore E&P companies to extract resources from challenging deep-water environments..
Browse market data tables, figures, and in-depth TOC on “Landing String Equipment Market” by Type (Equipment, Services) End-user (Deepwater, Ultra-deepwater, Shallow water) Geography (APAC, Middle East and Africa, Europe, North America, South America) Global Forecast to 2028.
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By Type, the Equipment segment is projected to dominate the market size in 2024.
In the deep-water landing string equipment market, essential components cater to offshore drilling beyond 500 meters (1,640 feet). These elements encompass the secure and efficient transportation of drill bits to the seafloor and their connection to drilling rigs. Key components include blow-out protection (BOP) systems, which serve as vital safety devices during drilling operations. Positioned atop wellheads, BOPs consist of remotely controllable valves that prevent uncontrolled oil or gas flows.
By End-user, Deepwater segment is expected to hold the largest market size for the year 2024.
In the oil and gas industry, the equipment segment of the global landing string market encompasses various tools essential for building and maintaining landing strings, also known as completion strings. These strings play a crucial role in well-completion and production processes. Notable equipment includes tubing hangers, which seal off the wellhead from the tubing string, enabling fluid production or injection, and tubing head adapters, facilitating the installation and removal of landing strings by connecting tubing hangers to the wellhead.
APAC is forecasted to hold the largest market size by region in 2024.
The landing string equipment market in the Asia-Pacific region is experiencing significant growth, driven by the surge in deep-water and ultra-deepwater oil and gas projects in China, Australia, and select Southeast Asian countries. This expansion is in response to the International Energy Agency's (IEA) projection of a 2.2 million barrels per day increase in global oil demand to 102.2 million barrels daily by 2023, with China accounting for over 70% of the rise. Notably, in August 2023, Transocean reported that ONGC had given their Dhirubhai Deep-water KG1 drillship a binding award notification for an offshore India assignment, further underscoring the market's momentum.
The Landing String Equipment Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
In the oil and gas industry, the Landing String Equipment Market plays a crucial role in ensuring successful drilling and completion of wells, particularly in UltraDeep Water and Shallow Water environments. This market encompasses various components, including Landing Control Systems, Adverse Weather Equipment, and Well Control Systems. These systems facilitate the deployment and retrieval of Drill Strings, Landing Strings, and Completion Strings during drilling activities. Moreover, the market caters to the requirements of offshore rigs, subsea processing facilities, and floating vessels engaged in Deepwater Drilling and Well Intervention. The demand for landing string equipment is influenced by factors such as oil consumption, fuel demand, and crude oil prices. Renewable resources may also impact the market as the energy transition progresses. Key players in this market include Interventek, based in Aberdeen, and other prominent entities operating in the Equipment Segment. Their offerings cater to the construction and maintenance of subsea wellheads and completion of subsea wells. The market also encompasses the manufacturing and finishing of drill strings, drill pipes, and other related components. In summary, the Landing String Equipment Market is a vital segment of the oil and gas industry, providing essential solutions for drilling, completion, and intervention activities in various water depths and environmental conditions.
Market Research Overview
In the Offshore oil and gas industry, the Landing String Equipment market plays a vital role in Deepwater and UltraDeep Water drilling projects. This equipment is essential for the deployment and retrieval of drilling BOP stacks, marine risers, and drill pipes on Offshore rigs. The market encompasses various components such as landing strings, landing control systems, and associated ancillary support systems. The demand for landing string equipment is driven by the increasing investment in Offshore drilling activities, particularly in Shallow Water and Deep Water regions. Adverse weather conditions and well control requirements necessitate the use of robust and reliable landing string equipment. Moreover, the completion of subsea wells and the manufacturing and finishing of drilling and production equipment in the equipment segment further boost the market. Key players in the market include SenTREE subsea, SenTURIAN, Interventek, and Aberdeen. The market also caters to the needs of the renewable resources sector, with applications in fuel demand and well intervention. The future outlook for the landing string equipment market remains positive, with the increasing demand for crude oil and the expansion of drilling activities in various seabed environments.
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