The report covers both pre and Post – COVID analysis | The final report will include an in-depth analysis of the impact of the Russia-Ukraine war and the COVID-19 pandemic on the industry.
What is the Future Outlook of Drill Collar Market?
The future outlook of the Drill Collar market entails an analysis of its size, segmentation (including product type, application, and geography), competitor landscape, current status, and emerging development trends. Additionally, the report offers strategic insights to assist companies in navigating the challenges presented by the COVID-19 pandemic.
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The drill collar market is expected to grow at a compound annual growth rate (CAGR) of over 1% during the forecast period of 2020-2025.
The market is being driven by increased exploration activity and a focus on developing new oil and gas fields. However, the volatile nature of oil prices in recent years has led to decreased exploration activity, causing a slowdown in the drill collar systems market.
The onshore segment is expected to have the maximum share in the market. Onshore drilling encompasses all the drilling sites located on dry land and accounts for 70% of the global oil production. The demand for oil and gas production has always been on the rise, leading to increased exploration activities. This is expected to aid the market’s growth over the forecast period.
North America is the largest market for drill collar, owing to the increased drilling activity in shale plays in the region. The recent development of shale plays, horizontal drilling, and fracking resulted in an increase in the demand for drill collar in the region.
The drill collar market is highly fragmented, with numerous players accounting for the market share. Some of the key players include Hunting PLC, Vigor Drilling, National Oilwell Varco (NOV), Schlumberger Limited, American Oilfield Tools, Workstrings International, and International Drilling Services Ltd (IDS), among others.
The demand for oil and gas has always been increasing, and this resulted in an increase of drilling activities around the world in an effort to discover new fields. Currently, the wells are being drilled deeper, and they are more complex than before, which is expected to drive the drill collar market’s growth.
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In 2019, ONGC announced that it allotted INR 6,000 crore for drilling 200 wells over the next seven years in Assam, to increase the output from the state. The wells are expected to be drilled during the next seven years. Hence, new investment in the onshore oil and gas industry, increasing exploration of unconventional resources, and the crude oil price stability are expected to increase the demand for drill collar across the world.
North America is a major market for drill collars, owing to the recent shale gas exploration in the region. Exploration in the Gulf of Mexico is also on the rise, and it is complementing the drill collar market in the region. According to the Canadian government’s report published in 2018, oil production from Canada is anticipated to reach 4.5 million barrels per day by 2020, and production is expected to increase from offshore wells situated in the West Orphan Basin, offshore Newfoundland, and Labrador, which is estimated to hold 25.5 billion barrels of oil and 20.6 trillion cubic feet of gas.
As a result of higher oil prices and declining drilling costs, the offshore rig count and offshore oil production in the United States increased significantly, indicating growing offshore drilling activities. This is expected to be the major driver for the drill collar market in the country.
In conclusion, factors such as rising oil and gas investments, along with the development of shale plays, are expected to drive the growth of the global drill collar market over the forecast period. The market is highly competitive, with numerous players accounting for the market share, and is expected to continue to grow in the coming years.
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