Digitalization and Automation in Oilfields to Fuel Smart Casing Running Tools Market Growth During Forecast Period
According to our latest study, "Smart Casing Running Tools Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis – by hardware, software, sales, application, and technology, and Geography," the market 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. The report includes growth prospects owing to the current smart casing running tools market trends and their foreseeable impact during the forecast period.
The smart casing running tools market growth is driven by digitalization and automation in oilfields. The ongoing digitalization and automation of oilfield operations drive the smart casing running tools market. As the oil and gas industry increasingly adopts IoT, real-time data analytics, machine learning, and remote monitoring technologies, there is a clear shift toward integrating smart tools that enhance operational visibility, efficiency, and control. Smart casing running tools, equipped with sensors and digital interfaces, fit seamlessly into this evolving digital ecosystem by enabling automated casing deployment, real-time torque and drag measurement, and remote operation-critical capabilities for reducing human error, improving decision-making, and optimizing performance in complex wells. This trend is particularly relevant in offshore and high-risk environments, where the need for precision and minimal intervention is high.
Smart Casing Running Tools Market Analysis — by Geography
Smart Casing Running Tools Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Hardware [Remote Display, Sensor Kit (Torque and Tension Sensor, Position Sensor, Data Transmission Sensor, and Others), Head Assembly, Gripping Assembly, Circulator Assembly, Power Supply, and Other Accessories], Software (Inbuilt and Optional), Sales [Direct Sales and Aftermarket (Parts and Accessories and Service and Rental)], Application (Onshore and Offshore), Technology (Fully Automated CRT, Remotely Operated CRT, and Hybrid CRT), and Geography
Smart Casing Running Tools Market Report, Analysis by 2031
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Source: The Insight Partners Analysis
By leveraging digitalization, these tools can alert operators to potential issues before they escalate, enable predictive maintenance, and streamline casing operations while contributing to safer and more cost-effective well construction. In a market where downtime is expensive and efficiency is paramount, integrating smart casing tools supports the broader industry goal of creating smart wells and fully digital oilfields. As a result, the increased adoption of digital technologies across the upstream sector directly accelerates the smart casing running tools market growth.
McCoy Global Inc.; NOV Inc.; Expro Group Holdings NV; Nabors Industries Ltd; Volant Products; Weatherford International Plc; Odfjell Technology Ltd; Parker Drilling Company; Premiere, Inc.; and Magnum Manufacturing are among the key players profiled in the smart casing running tools market report. Several other major players were also studied and analyzed in the market study to get a holistic view of the market and its ecosystem.
The report includes the smart casing running tools market forecast by hardware, software, sales, application, and technology. The hardware segment is divided into remote display, sensor kit, head assembly, gripping assembly, circulator assembly, power supply, and other accessories. The sensor kit segment is sub segmented into torque and tension sensor, position sensor, data transmission sensor, and others. The software segment is bifurcated into inbuilt and optional. The sales segment is bifurcated into direct sales and aftermarket. The application segment is divided into onshore and offshore. The onshore segment held the largest smart casing running tools market share in 2024. The technology segment is categorized into fully automated CRTs, remotely operated CRTs, and hybrid CRTs. The fully automated CRTs segment held the largest smart casing running tools market share in 2024.
The scope of the smart casing running tools market report focuses on North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, Indonesia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
North America dominated the smart casing running tools market in 2024. The Middle East and Africa is the second-largest contributor to the global smart casing running tools market, followed by Asia Pacific. The Middle East & Africa is rapidly emerging as a key growth area for smart casing running tools, driven by both the scale of oil and gas operations and the region's increasing focus on efficiency and safety. In the Middle East, countries such as Saudi Arabia, the UAE, and Qatar are home to a few of the world's largest and most productive oilfields. These nations are leading a strategic transition toward advanced drilling technologies as part of national visions for economic diversification and energy innovation. Smart casing running tools align perfectly with these objectives by enabling faster well delivery, reducing the number of personnel on rigs, and lowering non-productive time. Operators in this region are particularly focused on minimizing HSE risks and improving asset reliability, both of which are directly supported by the automation and data capabilities of smart casing running tools market growth.
In many parts of Asia Pacific, well conditions are complex—deepwater fields in Malaysia and Australia, high-pressure formations in China, and tight reserves in India—all requiring precision and safety during casing operations. Smart casing running tools are particularly valuable in these scenarios due to their ability to reduce human error, optimize torque application, and provide real-time performance monitoring. Additionally, as regional operators increasingly focus on digital transformation, integration with top-drive systems and tubular running technologies becomes a critical advantage. The growing presence of international oilfield service providers in Asia Pacific has also introduced global best practices and technologies, accelerating the adoption of automated casing tools. Further, as Asia Pacific continues to develop its energy assets while focusing on safety and operational excellence, the smart casing running tools market growth is anticipated to boost during the forecast period.
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