Wired Drill Pipes Global Market – Competitive Analysis
The wired drill pipes market is anticipated to have enormous amount of developments during the forecast period, due to increased drilling activities especially in geographically difficult areas. The market is also likely to have huge growth prospect in the North America region and in the African region as these regions are currently witnessing a huge oil and gas drilling activities.
Schlumberger Limited (U.S.), The Halliburton Company (U.S.), IntelliServ (NOV) (U.S.), Baker Hughes (U.S.) and Weatherford International PLC (U.S.).and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global Wired Drill Pipes Market.
Global Market Highlights:-
The global wired drill pipes market is projected to achieve an impressive growth during the forecast period. This is due to the increased amount of drilling activities carried out in the North America and African region. For instance, IntelliServ Wired Drill Pipe (WDP), one of the major players in the market has established that wired drill pipe enables real-time, bi-directional data which in turn can significantly reduce time spent in drilling.
Asia-Pacific is expected to show a high rate of growth in drill pipes market over the coming years, owing to increasing oil and gas exploration activity in the region. The drill pipes market is emerging in countries such as China, India, Indonesia, Australia and Thailand and is estimated to grow at a high rate in the forecast period.
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Scope of the Report:-
The scope of the study segments the global drill pipes market by its grade, application, and region.
Global Drill pipes Market, By Application
- Onshore
- Offshore
Global Drill Pipe Market, By Grade
- API Grade
- Premium Grade
Global Wired Drill Pipe Market Segmentation:-
Wired Drill Pipe Market is segmented on the basis of location into onshore and offshore, to enable data recording and sensor reports for drill operations. The overall fast assessment of transmitted data results into lower downtime of rig and enables drilling time reduction by almost 3 days/well, which ultimately reduces the operational cost and increase the overall capital generated from the rig. All these factors constitute towards the growth of Wired Drill Pipe Market during the forecast period. However, high initial capital cost for setup and overall modification or replacement of the existing drill pipe will restrain the growth of Wired Drill Pipe Market.
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North America region dominates the global drill pipes market:-
On the basis of region, drill pipe market is dominated by North America. North America accounted for the largest market share of 39% in 2016, with a market value of USD 376.3 Million and is projected to grow at a CAGR of 4.30% during the forecast period. The development in drilling technologies such as horizontal drilling and hydraulic fracturing have unlocked vast hydrocarbon reserves in the region. This has enabled oil and gas companies in the region to innovate to the point, where they can perform the drilling activities profitably. The U.S. accounts for the largest market share in the North American region with advancements in unconventional drilling technologies, which have attracted capital for oil and gas drilling projects. Europe was the second-largest market in 2016, valued at USD 194.4 Million in 2016; it is projected to grow at a CAGR of 3.32%. The Europe oil and gas industry is expected to be dominated by countries such as U.K, Norway and Russia. Russia has been one of the top oil and gas producing countries in the world and a major supplier of gas to the European countries. New discovery of oil has been found in the Laptev Sea offshore Northern Russia. This drives the market in the region.
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