The tubing spool is equipment that is attached to the smallest casing string or the uppermost casing head. It also consists of an upper and lower flange for pack-off tubing hanger retention and testing of the secondary seal. Moreover, some of the key parts associated with tubing spools include the upper bowl, lockdown screw, test port, outlet, lower & upper flanges, and ring gasket grooves. It is used to seal the annular space between the casing and tubing. Some of the key feature including the 45-landing shoulder, versatile straight-bore design, and flanged padded outlets. Moreover, tubing spool offers ancillary support to oil and gas production and exploration activities on oil well and connects with a tubing adapter on the top. There are a wide variety of tubing spools used in different metals associated with high manganese steel, carbon steel, and stainless steel.
According to study, “Tubing Spools Market by Type (Single Tubing and Dual Tubing), and Application (Onshore and Offshore): Global Opportunity Analysis and Industry Forecast, 2019-2026”. Some of the key companies operating in the global tubing spools market are Delta Corporation, Integrated Equipment, EthosEnergy Group Limited, Jereh Oilfield Equipment, JMP Petroleum Technologies, Inc., Jiangsu Sanyi Petroleum Equipment Co., Ltd, Msp/drilex, Inc., Sunnda Corporation, Uztel S.A, and Weir Group. Some of the key players that operate globally have now adopted strategies associated with acquisitions and business expansion, for strengthening their market outreach and sustaining over the stiff competition.
Based on the type, the tubing spools market is segmented as single tubing and dual tubing. The single tubing spool is expected to experience growth owing to its utilization for HTHP application in the oil & gas industry during the forecast period. In addition, based on application, the market is segmented as onshore and offshore (shallow, deep, and ultra-deep). The onshore segment dominates the market due to the discovery of new oil and gas resources.
The tubing spools market is driven by a rise in the redevelopment of mature oil wells, followed by growth in the oil & gas industry, an increase in crude oil prices, and growth in exploration & drilling activities for oil around the globe. However, fluctuations in foreign currencies and the threat of substitute products may impact the market. Moreover, growth in technological developments in the wellhead system is a key opportunity for the market.
Based on geography, the North-American region holds the largest share in the global tubing spools market owing to the expansion of the oil and gas sector in the region. Whereas, the Asian-Pacific and European regions are anticipated to witness a higher growth rate due to a rise in investment in new good drilling activities over the forecast period. In upcoming years, it is predicted that the future of the global tubing spools market will be optimistic as a result of an increase in the number of small-scale tubing spool manufacturers during the forecast period. The global tubing spools market size was valued at the US $490.5 million in 2018 and is estimated to reach the US $725.8 million by 2026, registering a CAGR of 4.9% from 2019-2026.
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