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The landing string equipment market size is estimated to increase by USD 424.91 million and grow at a CAGR of 7.06% between 2023 and 2028. The deep-water and ultra-deepwater E&P activities are on the rise, driven by the escalating global offshore rig count. This surge is propelled by the growing demand for oil and natural gas, fostering market growth. However, this growth faces challenges from the ascent of renewable energy sources, diverting focus from traditional hydrocarbon exploration. Additionally, offshore oil and gas production encounter hurdles due to the complexities and risks inherent in such operations. Safety and environmental apprehensions further complicate matters, particularly concerning subsea E&P activities. Despite these challenges, the industry continues to navigate forward, driven by innovation and stringent safety protocols, ensuring sustainable energy provision while addressing environmental concerns in offshore operations.
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The equipment segment is estimated to witness significant growth during the forecast period. The equipment segment can be referred to as the various types of equipment used in the building and maintenance of landing strings in the oil and gas industry. In addition,well-completion and production processes depend on landing strings, sometimes referred to as completion strings.
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The equipment segment was the largest segment and was valued at USD 473.72 million in 2018. Moreover, some of the main tools used in landing strings include tubing hangers, tubing head adapters, casing heads, and tubing connectors. For instance, tubing hangers are made to seal off the wellhead from the tubing string so that fluids can be produced or injected. In addition, they manage flow through the wellbore and support the tubing string. Furthermore, the requirement for effective and dependable well completion and production operations in the oil and gas industry is what fuels the equipment segment of the global market. In addition, factors including the increasing drilling activities, growing energy demand, and technological advancements are fuelling the growth of this segment which, in turn, drives the market growth during the forecast period.
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APAC is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors that are significantly contributing to the growth of the market in APAC is the rising number of deep-water and ultra-deepwater oil and gas projects in China, Australia, and a few countries in Southeast Asia. In addition, as per the International Energy Administration (IEA), Global oil demand is at an all-time high, fueled by increased summer air travel, higher oil use in power generation, and surging Chinese petrochemical activity. Moreover, the Global oil demand is expected to rise by 2.2 million barrels per day to 102.2 million barrels per day in 2023, with China accounting for more than 70% of the increase. Hence, such factors are expected to fuel the demand for landing string equipment, which, in turn, will drive the market growth in APAC during the forecast period.
The landing string is a critical component in offshore drilling, facilitating completion processes in subsea wells. Located on the seabed, it ensures precise well intervention and completion, particularly in deepwater scenarios where floating vessels are employed. Amidst the evolving energy landscape, characterized by a balance between fuel demand and the rise of renewable resources like shale gas, crude oil remains central. In regions like Aberdeen, companies like Interventek drive innovations in equipment segments, supporting construction and maintenance activities on offshore rigs. Efficient landing control is crucial, especially in UltraDeep Water environments, requiring optimal utilization of deck space and mitigation of adverse weather impacts. This ensures uninterrupted drilling activities and supports sustained oil demand amidst fluctuations like summer air conditions.
One of the key factors driving the market growth is the increase in global offshore rig count. Several landing string equipment are used in offshore oil and gas well drilling and completion operations. In addition, landing string equipment, including blow-out preventers (BOPs), marine riser, and connectors are in great demand as the number of offshore rigs grows.
Moreover, these pieces of equipment are critical for well control and safety during drilling and completion operations. In addition, factors such as oil and gas pricing, exploration and production operations, technology improvements, and government legislation all have an impact on the global offshore rig count. Additionally, the discovery of new offshore oil and gas reserves in places like the Gulf of Mexico, the North Sea, and Brazil's pre-salt basins has increased demand. Hence, such factors drive the market growth during the forecast period.
A key factor shaping the market growth is the growing advances in landing string control systems. There have been several significant advances in landing string systems over the past few years, which have optimized the use of landing strings in subsea wells. For instance, a landing string system is an in-rise safety system that interfaces with the subsea wellhead on the seabed to enable well intervention or completion activities to be performed safely from floating vessels.
Moreover, landing string systems contain a subsea test tree within a blow-out preventer. In addition, the test tree comprises large bore hydraulically operated valves to offer improved well control and sealing and cutting capabilities to quickly shut in the well and disconnect the vessel during emergencies, such as adverse weather conditions and drive-off scenarios. Hence, such factors are driving the market growth during the forecast period.
Safety and environmental concerns associated with subsea E&P activities are some of the key challenges hindering market growth. As subsea oil and gas E&P activities are done under the seabed, several safety issues arise due to the complexities involved in the operations. In addition, reliable and safe installation of subsea equipment is a key factor involved in the development of a subsea oil and gas well.
Moreover, as oil and gas mature, the need to complete well interventions also increases. In addition, subsea well access systems help ensure safe and reliable oil and gas production from subsea wells. Therefore, the sudden release of oil and gas causes explosions, which may destroy the integrity of the well and may lead to oil spillage. Hence, such factors are negatively impacting the market. Hence, it is expected to hinder the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aker Solutions ASA: The company offers landing string equipment that contains Subsea Test Tree, Retainer Valve, and Lubricator Valve, designed for demanding oil and gas drilling applications.
The research report also includes detailed analyses of the competitive landscape of the market and information about 14 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market is integral to offshore drilling, particularly in deep water and UltraDeep Water operations. This specialized equipment, including oil and gas pipeline, drill strings, and drill pipes, facilitates precise landing control during offshore projects. As crude oil remains a key energy source, regions like Aberdeen witness significant investment in the construction and maintenance of offshore oil rigs. Advanced technologies such as SenTURIAN and SenTREE subsea enhance subsea processing, finishing, and manufacturing ensuring efficient oil consumption. Safety measures, including the BOP stack and adequate elevator capacity, are prioritized to mitigate risks inherent in deepwater drilling. Efficient utilization of deck space and ancillary support systems optimize drilling projects, supporting the sector's growth amidst the rising demand for fuel and the emergence of renewable resources such as shale gas.
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Market Scope |
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Report Coverage |
Details |
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Page number |
166 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.06% |
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Market Growth 2024-2028 |
USD 424.91 million |
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Market structure |
Concentrated |
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YoY growth 2023-2024(%) |
6.7 |
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Regional analysis |
APAC, Middle East and Africa, Europe, North America, and South America |
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Performing market contribution |
APAC at 41% |
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Key countries |
US, Saudi Arabia, China, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Aker Solutions ASA, Drilltech Services North Sea Ltd., ExPert E and P Co. LLC, Expro Group Holdings NV, Halliburton Co., Interventek Subsea Engineering Ltd., NOV Inc., Quail Tools LP, Schlumberger Ltd., Superior Energy Services Inc., TechnipFMC plc, Vallourec SA, WellPartner AS, and Yantai Enerserva Machinery Co. Ltd. |
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Market dynamics |
Parent market analysis, market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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