Tubing Spools Market to Garner $725.8 Mn, Globally, by 2026 at 4.9% CAGR, Says Allied Market Research

PORTLAND, Oregon, Jan. 22, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Tubing Spools Market by Type (Single Tubing and Dual Tubing), and Application (Onshore and Offshore): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global tubing spools industry was pegged at $490.5 million in 2018 and is projected to reach $725.8 million by 2026, registering a CAGR of 4.9% from 2019 to 2026.

Chief reasons for market fluctuations

Growth in exploration and drilling activities for oil around the globe, oil price recovery, and increase in redevelopment of mature oil wells have boosted the growth of the global tubing spools market. However, threat of substitute products and variations in foreign currencies continues its influence over profit margins are the factors that hamper the market growth. On the contrary, technological developments in wellhead system are expected to create lucrative opportunities in the near future.

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The onshore segment dominated the market

Based on application, the onshore segment held the largest share in 2018, contributing to nearly three-fourths of the global tubing spools market. Furthermore, the segment is projected to register the fastest CAGR of 5.5% during the forecast period. This is due to the discovery of new oil and gas resources which is positively impacting the onshore tubing spools market.  

The single tubing segment to manifest the fastest growth through 2026

By type, the single tubing segment held the largest share in 2018, accounting for more than two-thirds of the global tubing spools market. Moreover, the segment is expected to portray the fastest CAGR of 5.6% during the forecast period. As the oil & gas industry utilizes single tubing spool for HTHP application which drives the growth of the market.

North America region held the lion's share

The global tubing spools market across North America held the largest share in 2018, accounting for around two-fifths of the total revenue. In addition, the region is anticipated to grow the fastest CAGR of 6.1% during the study period. This is attributed to the number of petrochemical companies that are situated in the prominent regions of North America.

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Major market players

• EthosEnergy Group Limited
• Jereh Oilfield Equipment
• MSP/Drilex, Inc.
• Uztel S.A 
• Weir Group
• Delta Corporation
• Sunnda Corporation
• JMP Petroleum Technologies, Inc.
• Integrated Equipment
• Jiangsu Sanyi Petroleum Equipment Co., Ltd

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SOURCE Allied Market Research