Published Date: 28-Feb-2022
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According to a new report Global Horizontal Directional Drilling Market, published by KBV research, The Global Horizontal Directional Drilling Market size is expected to reach $11.6 billion by 2027, rising at a market growth of 5.8% CAGR during the forecast period.
The Services market is leading the market in the Global Horizontal Directional Drilling Market by Component 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $7.6 billion by 2027, growing at a CAGR of 6.1 % during the forecast period. The Machines market is expected to witness a CAGR of 5.2% during (2021 - 2027).
The Rotary Steerable System market shows high market share in the Global Machine Market by Type 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $3.1 billion by 2027. The RSS machine type employs push-and-point-the-bit technologies for precise drilling directional control, as well as real-time adjustments. RSS's capacity to improve ROP, reduce torque and drag, and smoother borehole output are some of the characteristics that are expected to expand its adoption.
The Rigs market acquired maximum revenue share in the Global Machine Market by Machine Parts 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $2.02 billion by 2027. The need for rigs is being driven mostly by a rise in the number of oil and gas and telecommunications sector projects. Various technical developments in rig infrastructure enable the end-user to do operations at a very strong optimization rate.
The Midi market is generating high revenue in the Global Rig Market by Type 2020, thereby, achieving a market value of $852.5 million by 2027. Midi rigs are used for medium-sized projects requiring a pullback strength of up to 40,000 pounds, a pipe diameter of up to 24-inches, a length of up to 1000 feet, and a depth of up to 75 feet. The deployment rate of micro rigs has grown in response to the growing need to meet the demand for clean energy, as well as the consequent growth in funding in the natural gas sector and the ongoing increase in utility building projects like the installation of gas pipelines.
The New sales market leading the segment in the Global Rigs Market by Sales Type 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1.1 billion by 2027. New rigs, on the other hand, are mostly owned by multinational corporations or huge contractors to carry out massive upstream and downstream operations in the oil and gas sector. In comparison to aftermarket rigs, newer rigs assist to prevent the danger of utilising worn-out drill pipes, the cost of repairing existing drilling gear, and a strained drill rod. New directional drilling equipment are extensively tested and are often warrantied.
The Offshore market this segment has high growth rate of 7.5% during (2021 - 2027). Exploration and production operations are expected to be carried out on a bigger scale around the world in the near future due to the enormous unexplored oil and gas reserves. Furthermore, the decrease in the average breakeven value across all non-permitted projects is leading to cheaper offshore oil production.
The Telecommunication market shows high growth rate of 6.6% during (2021 - 2027). The telecommunications segment acquired the significant revenue share of the whole market. The growing need for faster broadband access is driving telecommunications companies to use newer, more dependable drilling services, like horizontal directional drilling, to expand their network of optic fibre cables. For communications applications at offshore sites, HDD allows the deployment of conduits and pipe systems through holes as large as 4 feet in diameter and 6500 feet in length.
The North America market fastest growing region in the Global Horizontal Directional Drilling Market by Region 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $3.9 billion by 2027. The Europe market is expected to witness a CAGR of 4.9% during (2021 - 2027). Additionally, The Asia Pacific market is expected to witness a CAGR of 7.5% during (2021 - 2027).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Nabors Industries Ltd., NOV, Inc., Herrenknecht AG, Vermeer Corporation, Xuzhou Construction Machinery Group Co., Ltd., The Toro Company, Halliburton Company, Schlumberger N.V., Weatherford International PLC, and Baker Hughes Company.
By Machine Type
By Machine Parts
By Rig Type
By Rigs Sales Type
By End Use
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