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.