Landing String Equipment Market Updates

Global Landing String Equipment Market size was valued at USD 1.24 Billion in 2023 and is poised to grow from USD 1.32 Billion in 2024 to USD 2.14 Billion by 2032, growing at a CAGR of 5.9% in the forecast period (2025-2032).

The South Korean landing string equipment market is underscored by a mix of global market players and emerging local innovators. Expro Group Holdings N.V., NOV, Inc. and TechnipFMC plc are the key participants with their subsea landing string systems for deepwater and ultra-deepwater applications. These companies are focused on automation and remote operation technologies to streamline operational efficiencies and improve safety. Additionaly, start-ups such as Perigee Aerospace are informing the development of the market with small scale launch systems being cost-effective, indicating a diversification of landing string equipment. 'Expro Holdings UK 2 Ltd.', 'National Oilwell Varco Inc.', 'Superior Energy Services Inc.', 'Vallourec SA', 'Yantai Enerserva Machinery Co. Ltd.', 'Enovate Systems Ltd.', 'Quail Tools', 'Schlumberger Ltd.', 'Thyssenkrupp AG', 'Technip FMC', 'Interventek Subsea Engineering.', 'Aker Solutions', 'Hilong Holding Limited', 'Optime Subsea', 'WellPartner AS', 'Quail Tools LP', 'Interventek Subsea Engineering', 'Vallourec SA', 'Thyssenkrupp AG', 'ExPert E&P Companies, LLC'

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.

New developments in automation and remote-controlled landing string systems have changed the whole game. These innovations provide efficiency, lower operational risk, and decrease the requirement for human intervention in deepwater and ultra-deepwater vessels. Many companies are also assessing the possibility for integrating AI-driven automatic monitoring systems to better leverage real-time data to streamline and confirm decision-making to enhance the efficiency of planned well operation.

Why is North America Leading Landing String Equipment Market in 2024?