The smart casing running tools market size was valued at US$ 1.70 billion in 2024 and is expected to reach US$ 2.67 billion by 2031; it is estimated to register a CAGR of 6.8% during 2025–2031. Integrating smart casing running tools with cloud and edge computing is likely to bring a new market trend.
Factors such as the increased drilling activity and digitalization and automation in oilfields are driving the smart casing running tools market. The smart casing running tools market is anticipated to grow during the forecast period, owing to the reduction in nonproductive time (NPT) and technological advancements in smart casing running tools. The integration with cloud and edge computing is likely to be a key trend in the smart casing running tools market. However, high initial investment may hamper the smart casing running tools market growth.
The smart casing running tools (smart CRT) marks a major improvement over conventional casing running tools (CRTs) by incorporating electronic systems and data collection technologies, enhancing safety, efficiency, and overall operational performance in drilling activities. While conventional CRTs are mechanical devices that handle and connect casing strings (pipes that line the wellbore), smart CRTs enhance these core functions by incorporating real-time monitoring, automated control, and intelligent feedback mechanisms. Equipped with sensors and data processing units, smart CRTs provide operators with live data on key parameters such as torque, load, and connection integrity, enabling more informed decision-making and optimized performance.
The increased global drilling activity, driven by rising energy demand and expanding exploration in both conventional and unconventional reservoirs, is significantly propelling the smart casing running tools market growth. As more wells are drilled, particularly in complex environments such as deepwater, ultra-deepwater, and shale formations, the need for efficient, precise, and reliable casing operations becomes critical. Smart casing running tools are designed to meet this demand by offering automated, data-driven capabilities that reduce manual intervention, lower the risk of operational failures, and enhance safety. These tools enable faster and more accurate casing deployment, even in high-pressure/high-temperature (HPHT) and deviated wellbores, helping operators cut non productive time (NPT) and optimize rig performance. The push for increased efficiency in drilling operations, particularly in high-value and technically challenging projects in regions such as the US Permian Basin, Brazil’s offshore fields, and West Africa, is further accelerating the smart casing running tools market growth. Their ability to provide real-time monitoring, torque and drag optimization, and remote control makes them indispensable in modern drilling operations, where speed, safety, and precision are paramount. Thus, their adoption is likely to rise as drilling activity resumes, especially in complex environments where precision and efficiency are critical.
The increasing demand for technologies that reduce non productive time (NPT) in drilling and casing operations is expected to provide growth opportunities for the smart casing running tools market. Smart casing tools enable real-time monitoring, automated control, and remote operation, which significantly enhances operational efficiency. By minimizing human intervention and allowing for proactive decision-making, these tools help in quickly identifying and addressing issues such as stuck pipes, improper casing placement, or downhole anomalies—scenarios that traditionally lead to costly delays. As a result, oil and gas companies can save substantial time and operational costs. This reduction in downtime directly translates to higher rig utilization, lower risk, and improved safety, which are critical factors in today’s competitive energy sector. As operators continue to focus on maximizing output while minimizing costs, the demand for smart solutions that reduce NPT is expected to grow, positioning smart casing running tools as a valuable investment.
Key segments that contributed to the derivation of the smart casing running tools market analysis are hardware, software, sales, application, and technology.
The regional trends and factors influencing the Smart Casing Running Tools Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Smart Casing Running Tools Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
Report Attribute | Details |
---|---|
Market size in 2024 | US$ 1.70 Billion |
Market Size by 2031 | US$ 2.67 Billion |
Global CAGR (2025 - 2031) | 6.8% |
Historical Data | 2021-2023 |
Forecast period | 2025-2031 |
Segments Covered |
By Hardware
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
The Smart Casing Running Tools Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Smart Casing Running Tools Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The smart casing running tools market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Smart Casing Running tools market are listed below:
(Source: Odfjell Technology, Press Release, January 2025)
The "Smart Casing Running tools Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
Increasing drilling activity and digitalization and automation in oilfields are the driving factors impacting the Smart Casing Running tool market.
The Smart Casing Running tool market was valued at US$ 1.70 billion in 2024 and is projected to reach US$ 2.67 billion by 2031; it is expected to grow at a CAGR of 6.8% during 2025–2031.
Integration with cloud and edge computing is the future trends of the Smart Casing Running tool market.
The key players, holding majority shares, in Smart Casing Running tool market includes National Oilwell Varco (NOV), Odfjell Technology, McCoy North America, Nabors Industries Ltd, and Weatherford International.
The North America held the largest market share in 2024, followed by Middle East and Africa.
The Smart Casing Running tool market is expected to reach US$ 2.67 billion in the year 2031.