Landing String Equipment Market
Report ID: SQMIG55F2079
Landing String Equipment Market Trends
Skyquest Technology's expert advisors have carried out comprehensive research on the landing string equipment market to identify the major global and regional market trends and growth opportunities for leading players and new entrants in this market. The analysis is based on in-depth primary and secondary research to understand the major market drivers and restraints shaping the future development and growth of the industry.
Landing String Equipment Market Dynamics
Landing String Equipment Market Drivers
Rising Deepwater and Ultra-Deepwater Drilling Activities
- The growth of offshore exploration (especially in deepwater and ultra-deepwater regions) continues to create demand for high-quality landing string equipment. Offshore operations must contend with high-pressure and high-temperature (HPHT) systems, so landing strings must be able to withstand the extremes in HPHT systems. The demand for energy and depletion of shallow water deposits continue to spur the development of HPHT configurations which require landing string equipment.
Stringent Safety and Regulatory Standards
- Increasing focus on operational safety and adherence to regulatory compliance is causing oilfield operators to procure higher quality landing string equipment. These instruments are essential for ensuring safe pressure control and structural integrity during drilling operations. Compliance with standards like API and ISO increases growth in the market and leads oilfield operators to adopt certified and advanced techno logical solutions.
Landing String Equipment Market Restraints
High Capital and Maintenance Costs
- Landing string equipment consists of sophisticated components designed with up-to-date materials to improve this integral piece of equipment workflow and wear cycle while making it expensive to manufacture and maintain. The high upfront and lifecycle cost can also serve as a barrier to investment for small and mid-sized offshore operators. Additionally, while in the low oil price environment, operating and development budgets have been reduced and new landing string investments extended due to uncertainty in monthly capital approvals.
Technological Complexity and Skill Gaps
- The operation of landing string equipment also requires expertise as personnel requires training in handling and introducing a system to providing complex integration between BOP's and subsea systems. This is often hampered by either a lack of trained personnel or technical capabilities development which has limited certain regions for efficient deployment and operation of subsea landing string since the lack of suitably skilled professionals to operate landing string effectively subsea incurs delays to the project and safety and performance concerns in the critical offshore environment.
Landing String Equipment Market Report Snapshots
REQUEST FOR SAMPLE
Want to customize this report?
REQUEST FREE CUSTOMIZATION
REQUEST FREE CUSTOMIZATION
USA (+1) 351-333-4748
