Press release
Redevelopment Of Maturing Oilfield Wells And Rising Need To Maximize Production Are Pushing The Growth Of Drill Collar Market
Demand for the drill collar is primarily driven by the rising drilling related activities across the globe that may be for exploration or extraction of natural gas and oil. Further, increasing investments in the deep water reserve, which will be a key resource with enormous potential, to assist the demand for drill collar in the near future.Rising natural gas production has allowed the increased usage of natural gas in the industrial sector as well for the production of electricity, and natural gas exports are also expanding at a rapid pace. The aforementioned factors are assisting the demand for drill collar.
Development of reliable, safe and efficient drilling products that are cost-effective throughout its cycle is found to be one of the key challenges in the global drill collar market.
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Global Drill Collar Market: Segmentation
The global drill collar market can be segmented on the basis of design, material type and application
On the basis of material type, the global drill collar market can be segmented into
Standard Steel Drill Collar
Non-magnetic Drill Collar
On the basis of design, the global drill collar market can be segmented into
Spiral
Slick
Flex
Pony
On the basis of application, the global drill collar market can be segmented into
Oil Exploration
Gas Exploration
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Global Drill Collar Market: Market Participants
Some of the key players involved in the global drill collar market include Schlumberger Limited, SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG, Halliburton Company, National Oilwell Varco, Weatherford International, Workstrings International, Stabil Drill, ACE O.C.T.G. Ltd., Drilling Tools International, Inc., American Oilfield Tools, Superior Drillpipe Manufacturing, Aliron Tool Research, and others.
Key manufacturers involved in the manufacturing of drill collar have announced the divestment of their drilling products business. For instance, recently, Vallourec has announced that it has received offer for the purchase of its drilling products business, for a total amount of US$ 63 Million. The global drill collar market is expected to be partially fragmented in the nature. Global players are expected to account for significant share in the overall market.
Global Drill Collar Market: Regional Outlook
Considering regions, North America is expected to dominate the global drill collar market over the forecast years owing to the increasing oil & natural gas exploration & drilling activities across the U.S. and Canada. Consumption of natural gas in the United States is expected to rise in the coming years.
According to the Energy Information Administration (EIA), overall natural gas consumption in U.S. averaged at 75.1 billion cubic feet/day in 2016 and is expected to increase by 0.3 Bcf/d (0.4%) in 2017 and 1.5 Bcf/d (2.0%) in 2018. North America is expected to be followed by Middle East & Africa in the global drill collar market over the near future.
Latin America in the global drill collar market is anticipated to grow at moderate pace over the forecast years. Europe and Asia-Pacific are expected to account for small share in the overall market and is anticipated to grow at slow rate over the near future.
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