In 2023, Canada re-imported casings, tubing, and drill pipes at a certain volume, which is pivotal for understanding the subsequent forecasted trends. From 2024 to 2028, the forecast shows a consistent decline in volume, starting at 154.93 thousand kilograms in 2024 and falling to 91.46 thousand kilograms by 2028. This equates to an approximate year-on-year decrease in volume by 9.5%, with a compounded average annual reduction of 12% over the five-year forecast period.
Key trends to watch for the future include the technological advancements that could affect the demand for drilling equipment, changes in oil prices influencing drilling activities, and Canada’s energy policy shifts focusing on sustainable and renewable energy sources, potentially reducing reliance on drilling equipment.
