Drilling equipment includes assemblies, equipment, tools, and components that are used in oil or gas upstream activities. Drilling tools and equipment cater in delivering effective, faster, and safer drilling operation with ....see more
The artificial lift market is projected to reach USD 8.7 billion by 2027, at a CAGR of 4.8% during the forecast period. The major players in the artificial lift market are Schlumberger Limited (US), Halliburton (US), Baker Hughes Company (US), NOV Inc (US), and Weatherford (US).
The thermoplastic pipe market is expected to grow from USD 2.7 billion in 2021 to USD 3.3 billion by 2026, at a compound annual growth rate (CAGR) of 4.5% during the forecast period.The key players NOV (US), Wienerberger (Austria), TechnipFMC (UK), Georg Fischer (Switzerland), and Advanced Drainage Systems (US).
The global well casing & cementing market is projected to reach USD 11.7 billion by 2024 from an estimated USD 9.2 billion in 2019, at a CAGR of 5.0% during the forecast period. Increasing drilling operations have increased the demand for well casing & cementing.Halliburton (US), Schlumberger (US), BHGE (US), Weatherford (US), NOV (US), Tenaris (Luxembourg), Vallourec (France), TMK Group (Russia), Trican (Canada), Nabors Industries (Bermuda), Frank’s International (Blackhawk Specialty Tools) (Netherlands), Innovex Downhole Solutions (US), and Centek Group (UK).
The global robotic drilling market is estimated to grow at a CAGR of 7.01% from 2018 to 2023, to reach at an estimated market size of USD 923.2 Million by 2023 from USD 658.0 Million in 2018 The increased drilling activities due to the development of unconventional hydrocarbon resources and the adoption of automation and robotics in oil and gas drilling, which results in higher efficiency drilling and improved safety in rigs are the major factors driving the robotic drilling market growth. To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some top players in the robotic drilling market, including Nabors (US), Precision (Canada), Weatherford (Switzerland), Huisman (Netherlands), and National Oilwell Varco (US).
The PDC drill bits market is expected to grow from an estimated USD 3.66 Billion in 2018 to USD 4.54 Billion by 2023, at a CAGR of 4.41% during the forecast period. This growth can be attributed to factors such as increasing oil & gas drilling activities in the world and need for advanced techniques for faster drilling in less downtime. The report provides an in-depth understanding of the competitive landscape and includes profiles of some of the leading players in the PDC drill bits market. The key players include Schlumberger (US), BHGE (US), Halliburton (US), NOV (US), Varel (US), Atlas Copco (Sweden), Ultera (US), Drill Master International (US), Sichuan Chuanshi Diamond Bit (China), Torquato (US), Rubicon Oilfield International (US), and Western Drilling tools (Canada), Shear bits (Canada), Volgaburmash (Russia). These players adopted various strategies, such as new product launches, contracts & agreements, and mergers & acquisitions to increase their global presence and market share.
The global drilling tools market is projected to grow at a CAGR of 4.75%, from 2017 to 2022, to reach a market size of USD 8.61 Billion by 2022, from an estimated market size of USD 6.83 Billion in 2017. Increasing drilling activities, development of unconventional hydrocarbon resources coupled with high energy demand from Asia Pacific are driving the drilling tools market. To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the drilling tools market including Schlumberger (US), Halliburton (US), Weatherford (Switzerland), Baker Hughes GE (US), and National Oilwell Varco (US).
The oilfield equipment rental market is expected to be valued at USD 16.99 Billion in 2017 and is projected to be worth USD 20.55 Billion by 2022, at a CAGR of 3.87%. The oilfield equipment rental market is driven by factors such as technological advancement in oilfield equipment that has enabled the progress of non-conventional oil & gas fields, which were considered economically unviable, with techniques like horizontal drilling and ultra-deep drilling. Increase in global investments in exploration and production by key oil companies is also one of the driving forces for the market.
Global oil and gas production has increased over the last five years, from 81.15 Million barrels per day in 2009, to 88.67 Million barrels per day b 2014. This has led to the supply for oil & gas exceeding its demand which has ultimately caused a decline in the prices of crude oil during the last six months of 2014. Consequently, the oil and gas operators have reduced their capital expenditure outlook for 2015 citing concerns over low profit margins. This reduction has mainly impacted the upstream exploration and production (E&P) activities. However, the declining production from onshore oilfields in countries such as Russia, the U.K. and India among others has resulted in higher demand for exploring new offshore reserves. Drill pipe which are used to support drilling and exploration activities are expected to grow at a CAGR of 3.8% to reach USD 1,133.8 Million by 2020 from USD 940.62 Million in 2015. In this report, 2014 is considered as the base year and 2020 is considered as the forecast year. The report covers the grade of drill pipe as well as the application segments.
The oil & gas industry has witnessed significant growth in last decade due to increasing E & P activities throughout the world, when oil prices were priced above $100 per barrel. However, the recent crude oil price drop has slowed down the industry. Brent crude prices fell down to $47.7 per barrel in January 2015, from $108.1 per barrel in January 2014, which is close to 60% change. It is expected that this slump would slowly recover in the coming years with the focus of the industry being shifted to efficiency and optimization. Downhole tools still find their importance in terms of increasing production efficiencies and intervention jobs. The global downhole tools market is expected to reach a value of $4.49 Billion by 2019, at a CAGR of 4.9 % from 2014 to 2019.
With increasing demand for drilling rigs, the top drive market is expected to grow as they are directly proportional to the number of drilling rigs installed. Top drives are used for onshore or offshore rigs, and can be hydraulic or electric. Earlier, the use of top drives was uncommon and rotary table/Kelly was used for the same purpose. It is used to facilitate the drilling process of a borehole. It is situated on a drilling rig, provides torque to the drill string, and makes the drilling process easy. The global top drive market is estimated to reach $1,541.3 Million by 2020, at a projected CAGR of 5.7% during the forecast period, indicating a high demand in onshore and offshore applications. The electric top drive market is estimated to reach a value of $1,381.3 Million whereas the hydraulic top drive market is projected to reach $160.3 Million by 2020.
Waste is an inevitable by-product of drilling activities in the form of cuttings and mud. The increasing demand of energy and growing environmental concern is driving the solid control equipment market. Solid control equipment optimizes the drilling efficiencies by reducing fluid losses. The American Petroleum Institute (API) has estimated that approximately 1.21 barrels of total drilling waste fluids are generated for every foot drilled including solid cuttings.