Smart Casing Running Tools Market Dynamics, Recent Developments, and Strategic Insights by 2031

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.

Smart Casing Running Tools Market Analysis

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.

Smart Casing Running Tools Market Overview

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.

Customize This Report To Suit Your Requirement

You will get customization on any report - free of charge - including parts of this report, or country-level analysis, Excel Data pack, as well as avail great offers and discounts for start-ups & universities

Get FREE CUSTOMIZATION

Smart Casing Running Tools Market: Strategic Insights

• Get Top Key Market Trends of this report.
  This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.

Free Sample PDF

Smart Casing Running ToolsMarket Drivers and Opportunities

Rise in Demand for Sensors in Automotive Applications

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.

Reduction in Non Productive Time (NPT)

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.

Smart Casing Running ToolsMarket Report Segmentation Analysis

Key segments that contributed to the derivation of the smart casing running tools market analysis are hardware, software, sales, application, and technology.

• The global smart casing running tools market, by hardware, is segmented into remote display, sensor kit, head assembly, gripping assembly, circulator assembly, power supply, and other accessories. The head assembly segment held the smart casing running tools market share in 2024.
• The global smart casing running tools market, by software, is segmented into inbuilt and optional. The inbuilt segment held a larger share of the smart casing running tools market in 2024.
• The global smart casing running tools market, by sales, is segmented into direct sales and aftermarket. The direct sales segment held the largest smart casing running tools market share in 2024.
• The global smart casing running tools market, by application, is segmented into onshore and offshore. The onshore segment held a larger share of the smart casing running tools market in 2024.

Smart Casing Running ToolsMarket Share Analysis by Geography

• The smart casing running tools market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South & Central America. North America dominated the 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
• North America represents one of the most mature and technologically advanced markets for smart casing running tools. The region's oil and gas industry—particularly in the US and Canada—is characterized by extensive onshore and offshore drilling operations, a high level of automation, and a strong focus on safety and efficiency. The demand for smart casing running tools is largely driven by the continued development of shale reserves in the US, especially in the Permian, Bakken, and Eagle Ford basins. Operators in these areas are under constant pressure to reduce drilling time and minimize health, safety, and environmental (HSE) risks, leading to increased adoption of automated and intelligent tools. Additionally, the availability of capital and advanced infrastructure supports the early adoption of emerging technologies. Government policies encouraging domestic energy production and improvements in digital oilfield integration further accelerate this trend. As North America continues to lead in digital transformation and cost-optimization strategies, the market for smart casing running tools is expected to remain strong and steadily expand.
• Asia Pacific is experiencing a growing demand for smart casing running tools, fueled by increasing exploration and production (E&P) activities, especially in countries such as China, India, Australia, and Indonesia. As energy demand continues to rise across the region, governments and private operators are investing heavily in upstream infrastructure to meet domestic supply needs and reduce dependency on imports. This growth trajectory creates a strong market for advanced drilling technologies, such as smart casing running tools, which offer significant operational advantages.

Smart Casing Running Tools

Smart Casing Running Tools Market Regional Insights

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.

Smart Casing Running Tools Market Report Scope

Smart Casing Running Tools Market Players Density: Understanding Its Impact on Business Dynamics

The Smart Casing Running Tools 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:

1. McCoy Global Inc.
2. NOV Inc.
3. Expro Group Holdings NV
4. Nabors Industries Ltd
5. Volant Products
6. Weatherford International Plc

Disclaimer: The companies listed above are not ranked in any particular order.

Smart Casing Running Tools Market News and Recent Developments

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:

• McCoy Global Inc. announced the successful commercialization of its innovative smarTR technology. The smarTR system, designed to enhance wellbore integrity, significantly improve personnel safety, and optimize tubular running operations, has exceeded customer expectations. Confidence in the technology from its US field-trial partners, including a leading US tubular running service (TRS) provider, resulted in US$ 11.0 million contract awards for smarTR hardware. In addition to the equipment award, the contract includes utilization-based SaaS revenue for the system’s remote integration and automated operational capabilities. (Source: McCoy Global Inc., Press Release, April 2025)
• Odfjell Technology will act as a strategic partner to Reelwell AS, which has secured a contract with Vår Energi ASA for the provision of its DualLink powered digital drill pipe technology. This is a milestone contract for Reelwell and Odfjell Technology, which will see the DualLink deployed offshore on the Norwegian Continental Shelf (NCS) for the first time. The new collaboration between Reelwell and Odfjell Technology aims to advance drilling efficiency and technology to meet the industry’s evolving needs. This is the first contract since the announcement of the strategic partnership in 2024.

(Source: Odfjell Technology, Press Release, January 2025)

Smart Casing Running ToolsMarket Report Coverage and Deliverables

The "Smart Casing Running tools Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:

• Smart casing running tools market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Smart casing running tools market trends, as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST and SWOT analysis
• Smart casing running tools market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the smart casing running tools market
• Detailed company profiles