The growing exploration and drilling activities for oil around the globe, and oil price recovery are some of the major factors which drive the market growth.
PORTLAND, OR, UNITED STATES, October 13, 2021 /EINPresswire.com/ — 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.
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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 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.
Top 10 Key Market Players
EthosEnergy Group Limited
Jereh Oilfield Equipment
Jiangsu Sanyi Petroleum Equipment Co., Ltd
JMP Petroleum Technologies, Inc.
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Key Market Segments
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Source: EIN Presswire