Casing spools is an essential equipment that requires for drilling process owing to its ability for controlling the wellhead pressure. These are often flange ended on the top and connected to the bottom of the tubing head that become a part of the wellhead system of the oil well. It has a straight bore bowl with 45-degree landing shoulder design which prevents from the damage of sealing areas by drilling tools, avoids test plug and bowl protector wedging problems when pressure is applied.
These are normally furnished with threaded outlets and studded outlets. It is generally opted to perform multiple task such as act as outlets for fluid returns, testing blowout preventers (BOPs) while drilling, retaining the bowl protector, and pressure-testing casing seals through a test port. In addition to this, manufacturers strives to improve the satisfaction of end-users across the globe by offering high-quality products at competitive prices. This is also expected to fuel the market in the coming years.
Major drivers of the global Casing spools market are increase in dependency on pressure pumping solutions components, rise in industrial expenditure for maintenance and replacement of machinery. In addition to this, rapid growth in oil and gas sector in developing economy and stringent regulatory laws for usage of effective components & solutions are expected to boost the business of casing spools in coming years. However, risks associated with explosive decompression damage and fluid swell of the casing spools during use are likely to restrain the growth of the market in the near future. Nevertheless, factors such as targeting new users, development of innovative products, and wider reach of casing spool through online sales are projected to offer attractive opportunities to the market in the near future.
The global Casing spools market can be segmented based on type, casing size, flange size, working pressure, application, distribution channel, and region. In terms of type, the casing spools market can be classified into low alloy steel and stainless steel. Based on casing size, the casing spools market is segmented into 8-10”, 10.1-12”, 12.1-15”, 15.1-18”, above 18.1”.
Based on working pressure, the casing spools market is segmented into below 2000 PSI, 2001-3000 PSI, 3001-5000 PSI, and above 5000 PSI. In terms of flange size, the casing spools market is segmented into 11-13”, 13.1-15”, 15.1-18”, and above 18.1”. Based on application, the global casing spools market can be split into mining, aggregates, oil & gas, flow control, and others. Based on distribution channel, the casing spools market can be categorized into offline channel and online channel. The online channel can be sub-segmented into e-commerce sites, and company websites.
Based on region, the global Casing spools market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The Casing spools market in North America is expected to be driven by rapid growth in the mining, oil & gas sector. In Europe, stringent regulation by the governmental bodies and industrial association for regular maintenance and replacement of components in pressure handling equipment to avoid the risk associated with it have promoted the usage of casing spools.
The market in Asia Pacific is expected to expand significantly, owing to its ability of cost effective and reliability. The market in Middle East & Africa is likely to fuel the sales of casing spools owing to its rapid growth in higher pressure and critical service applications. The casing spools market in South America is anticipated to be driven by rise in the oil & gas sector.
Major players operating in the global casing spools market include Sentry Wellhead Systems, Kingsa Industries (S) Pte Ltd, TechnipFMC plc, Integrated Equipment, JMP Petroleum Technologies, Inc., The Jereh Group, GE Oil & Gas Inc., Delta Corp Limited, The Weir Group PLC, Tiger Valve Company, and Worldwide Oilfield Machine.