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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.
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Smart Casing Running Tools Market: Strategic Insights
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We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Smart Casing Running Tools Market: Strategic Insights
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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 ToolsMarket Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
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.
The List of Companies - Smart Casing Running Tool Market
- 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.
- Magnum Manufacturing
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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