Global Drill Collar Market Projected to Augment at a Notable CAGR during the For
Posted by Arslan on January 23rd, 2019
Rising shale gas exploration activities in the United States is one of the crucial factor to support the demand for drill collar over the near future. Further, increasing energy demand, redevelopment of maturing oilfield wells and rising need to maximize production are pushing Drill Collar Market Growth.
Drill collar are thick-walled pieces machined from solid steel bars, usually plain carbon steel. Drill collar possess various advantages which include compressive loads, hole size integrity, BHA stiffness to maintain hole straightness etc. The primary function of the drill collar is to apply the weight on the bit. Drill collars are generally produced from modified steel and are supplied in the form of rolled surface finish.
Global Drill Collar Market: Dynamics
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.
Prominent manufacturers involved in the drill collar market are focussing on development of high quality (modified steel based) product to assist the end-users across the globe. Some of the drill collar manufacturers have recently announced their divestment from their drilling products business
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.
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.
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