Landing String Equipment Market - Key Futuristic Trends and Opportunities 2031

Landing String: Introduction

• Landing strings are similar to heavy-wall drill pipes possessing high tensile strength, which are used against regular drill pipes. Landing strings are extensively employed for off shore wells in deep water, owing to their high tensile strength, which enables running and landing casing of other heavy equipment.
• Landing strings possess a higher wall thickness as compared to that possessed by other drill pipes, which provides high strength and more control in emergency situations at the time of drilling. Landing strings have gained popularity in the oil & gas exploration industry due to their compatibility with conventional drill pipe handling systems.
• A landing string comprises a subsea test tree, retainer valve, and lubricator valve

Key Drivers and Restraints of Global Landing String Equipment Market

• Demand for landing string equipment has been increasing owing to a rise in deep water drilling and an increase in the demand for oil & gas in order to cater to the demand for fuel. Furthermore, steady rise in offshore activities around the globe is anticipated to propel the global landing string equipment market.
• Increase in active offshore rigs has fueled the number of wells being drilled in offshore well sites, which in turn is anticipated to boost the global landing string equipment market between 2021 and 2031. Landing string offers various benefits such as high tensile strength and more control. This is also expected to drive global landing string equipment market in the near future.
• Expansion of the landing string equipment market can be ascribed to a rise in technological advancements in landing string control systems owing to optimize the use of landing strings in subsea wells. These advances in landing string control systems is expected to fuel the global landing string equipment market.
• Global landing string equipment market is expected to expand further due to a rise in advancements in subsea processing
• Increase in the demand for renewable energy resources due to high volatility in prices of crude oil has hampered the oil & gas industry resulting in a decline in offshore drilling and subsea processing activities. This, in turn, is projected to restraint the global landing string equipment market, as landing string equipment is utilized for offshore drilling.

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COVID-19 Impact Analysis

• Governments of various countries have enforced nationwide lockdowns, as a precautionary measure to curb the spread of the COVID-19 pandemic. This has disrupted oil & gas projects, globally. The pandemic has negatively impacted the supply of landing string equipment in the market, which in turn is likely to hamper the global landing string equipment market.

Global Landing String Equipment Market: Key Segment

• The global landing string equipment market can be segmented based on application and region
• Based on application, the global landing string equipment can be divided into shallow water, deep water, and ultra-deep water. The deep water segment is estimated to expand at a rapid pace during the forecast period due to an increase in deep sea mining to meet the energy requirement across the globe.

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Global Landing String Equipment Market: Regional Segment

• Based on region, the global landing string equipment market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
• North America is anticipated to dominate the global landing string equipment market. The market in the region is estimated to expand at a rapid pace during the forecast period. The region has increasing offshore drilling projects as well as subsea processing.
• Latin America and Middle East hold a prominent share of the market due to increase in optimization of drilling activities for oil & gas exploration in these regions
• Asia Pacific is estimated to be a highly attractive region of the global landing string equipment market due to an increase in investment in oil & gas projects in growing economies such as India
• The landing string equipment market in Africa is estimated to expand at a sluggish pace due to a lack of resources and economic downturn witnessed by countries in Africa