Tubing Spools Market Outlook - 2026
The global tubing spools market size was valued 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.
The tubing spool is an equipment that is attached to the smallest casing string or uppermost casing head. It is used to seal the annular space between the casing and tubing. There are a variety of tubing spools available in metals such as high manganese steel, carbon steel, and stainless steel. Moreover, the spool supports the tubing string on an oil well, and connects with a tubing adapter on the top. It consists of upper and lower flange for packoff tubing hanger retention and testing of the secondary seal. Its parts include upper bowl, lockdown screw, load shoulder, secondary seal area, test port, outlet, lower & upper flanges, and ring gasket groove.
Major players such as EthosEnergy Group Limited, Integrated Equipment, Jereh Oilfield Equipment, Weir Group, and others, are offering durable and efficient tubing spools to the market. For instance, Integrated Equipment offers wide range of tubing heads & spools designed with a straight bowl profile.
Segmental Overview
The growing exploration and drilling activities for oil around the globe, and oil price recovery are some of the major factors which drives the tubing spools market growth. In addition, the rise in redevelopment of mature oil wells propel the demand for tubing spools in the oil and gas industry. However, increase in prices of raw materials and fluctuations in foreign currencies are expected to hinder the tubing spools market growth.
Furthermore, the technological developments in wellhead system offer lucrative growth opportunities for the market players during the forecast period. The tubing spools are an integral and essential part of wellhead system. The tubing spools is an associated accessory required to assemble the wellhead system. Wellhead systems are required to control the pressure during production and drilling operation. In addition, it connects the surface pressure-control equipment and serves as a point to suspend tubing & casing strings. The advance technology in wellhead system provides reduced life cycle cost, and superior reliability for pressure seals and suspension point. For instance, in March 2019, ABB, a Swiss-Swedish multinational corporation launched ABB Ability Wellhead Manager, a versatile new cloud-based visualization system for oil and gas operators. Similarly, in August 2017, Australia-based KINETIC and WEFIC collaborated to launch high-end wellheads in Australia. The new feature of wellheads include nested hanger configurations. The new wellheads have an ability to drill without dismantling blowout preventer (BOP).
The global tubing spools market is segmented based on type, application, and region. Based on type, the market is segmented into single tubing, and dual tubing. The single tubing spool is projected to experience growth during the forecast period due its utilization for HTHP application in the oil & gas industry. These single tubing spools are an essential part of a piping system in the oil and gas industry, which are also utilized to supports the tubing string on an oil well, and connect with tubing adapter on the top.
By Type
Single Tubing segment is projected to grow at a significant CAGR
Based on application, the market is divided into onshore, and offshore The onshore segment is a largest segment in 2018 in terms of revenue owing to the discovery of new oil and gas resources. In addition, The tubing spool in onshore application is widely used for proper pressure sealing of the total casing, which are used in the respective operation. Moreover, increase in investments in offshore oil & gas exploration and production activities offers lucrative growth opportunities for the tubing spools market growth.
By Application
Onshore segment holds dominant position in 2018
Based on region, the tubing spools market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The North America region is projected to experience growth during the forecast period owing to expansion of the oil and gas sector in the region. Moreover, rise in investment in new well drilling activities is also expected to fuel the market growth in the region.
By Region
North America holds a dominant position in 2018 and is expected to grow at a highest rate during the forecast period.
Competition Analysis
The key market players profiled in the report of the tubing spools market include Delta Corporation, EthosEnergy Group Limited, Integrated Equipment, Jereh Oilfield Equipment, Jiangsu Sanyi Petroleum Equipment Co., Ltd, JMP Petroleum Technologies, Inc., Msp/drilex, Inc., Uztel S.A, Sunnda Corporation, and Weir Group.
The major players operating in the global market have adopted key strategies such as acquisitions and business expansion, to strengthen their market outreach and sustain the stiff competition in the tubing spools market. For instance, in July 2018, Weir Group , a Scottish engineering firm acquired ESCO Corporation. The ESCO Corporation is merged with Weir Group to operate as a new division. The company deals in oil and gas drilling tool and other parts. Similarly, in April 2019, Weir Group opened a new 92,000 square-foot customer service center at David Mims Business Park in New Mexico, U.S. to fulfil the rise in customer demand. Moreover, in February 2019, Integrated Equipment, Inc., a manufacturer of oilfield equipment received $9 million from Veritas Financial Partners for future growth and improve its supply chain by establishing a global support network.
Key Benefits for Stakeholders
- The report provides an extensive analysis of the current and emerging tubing spools market trends and dynamics.
- In-depth tubing spools market analysis is conducted by constructing estimations for the key segments between 2018 and 2026.
- Extensive analysis of the market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- The global tubing spools market forecast analysis from 2018 to 2026 is included in the report.
- Key market players operating in the market are profiled in this report, and their strategies are analyzed thoroughly, which help understand the competitive outlook of the tubing spools industry.
Tubing Spools Market Report Highlights
| Aspects | Details |
 By TYPE |
|
 By APPLICATION |
|
 By Region |
|
 Key Market Players | UZTEL S.A., JMP Petroleum Technologies, Inc, MSP/DRILEX, (Shanghai) Co., Ltd., Delta US Corporation LLC, Sunnda Corporation, . Integrated Equipment, Inc., The Weir Group PLC, EthosEnergy Group Limited, Jiangsu Sanyi Petroleum Equipment Co., Ltd., Yantai Jereh Oilfield Services Group Co., Ltd. |
Analyst Review
The tubing spools is a part of wellhead system that is widely used in the oil and gas industries. The tubing spools market is projected to depict a prominent growth during the forecast period, owing to various factors, such as rise in number of oil and gas exploration due to increase in demand for crude oil. In addition, increase in investment in the petrochemical industry is also expected to boost the demand for tubing spools in oil exploration and production processes in the developing economies such as Brazil, China, and India.
The advantageous features such as versatile straight bore design for single completions, and sealing off the pressure between the casing and tubing annulus is currently creating the highest demand for single tubing spools. These tubing spools are more efficient as compared to the other types. Various leading manufacturers such as Weir Group, Yantai Jereh Oilfield Services Group Co., Ltd., UZTEL S.A., and others occupy a prominent revenue share in the market.
Based on application, the onshore segment garnered the highest market share in 2018, as the demand for tubing spools is increasing in the oil equipment industry, as they play a vital function by offering a control of wellhead pressure for drilling equipment.
Among the analyzed regions, North America is expected to account for the CAGR revenue in the global market throughout the forecast period.
Growing exploration and drilling activities for oil around the globe, rise in redevelopment of mature oil wells, and technological developments in wellhead system are some of the factors which are anticipated to drive tubing spools market trends.
The global tubing spools market size was valued 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.
The global tubing spools market will be valued at $725.8 million in 2026.
By application, the onshore segment has maximum market share of the tubing spools market in 2018.
The key trend includes growing exploration and drilling activities for oil and oil price recovery around the globe.
The global tubing spools market size was valued 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.
Many major companies dealing in oil and gas exploration are expanding their business by strategic partnership agreements. Such factor will offers growth opportunities for the market players in the region.
The number of petrochemical companies which are situated in the prominent regions of the North America are expected to boost the demand of the tubing spool.
The global tubing spools market was valued at $490.5 million in 2018.
The tubing spool is a part of wellhead system installed at the external opening of an oil or gas drilling well. It plays a vital function by offering a control of wellhead pressure for drilling equipment.
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