Wired Drill Pipe Industry Revenue Growth Predicted by 2020-2023
Posted by mrfr123 on January 22nd, 2020
Wired Drill Pipe Industry - Overview
According to Market Research Future (MRFR)’s assessment, the global wired drill pipe market has been projected to strike a CAGR of 3.2% during the forecast period. The Wired Drill Pipe Industry has been prognosticated to reach a valuation of USD 1.1 Bn towards the end of 2023. The towering demand for real-time data from the wellbore is the primary factor responsible for driving the growth of the wired drill pipe market over the next couple of years.
The increasing exploration of gas is likely to augment the market in the years to come. With the emergence of technological advancements, the demand for precise data for enhancing operational efficiency has been skyrocketing. Also, the need for replacing the conventional systems is expected to boost the growth pattern of the wired drill pipe market across the review period.
Wired drill pipes not only escalate transmission of data but also speeds up the assessment of the transmitted data. It facilitates decision-making process while reducing operational costs. This, in turn, is anticipated to catalyze the growth of the wired drill pipe market in the years to come.
The rising activities in the exploration of shale gas are forecasted to accelerate revenue creation for market participants. According to a published statistical observation, the U.S. is projected to produce 33.35 trillion cubic feet of shale gas in the year 2050. The opportunities unleashed by the exploration is likely to proliferate the wired drilled pipe market through the projection period. On the flip side, the high initial cost of setting up or replacement of existing drill pipe is expected to check the expansion of the market across the assessment period.
Wired Drill Pipe Industry Segmentation:
By location, the global wired drill pipe market has been segmented into onshore, and offshore.
By component type, the wired drill pipe market has been segmented into telemetry, electrical conductors, electrical transmitters, pressure sensors, and others.
By Application, the global wired drill pipe industry has been segmented into data collection, managed pressure drilling, and wellbore integrity in deep ultra-depleted reservoirs.
The global wired drill pipe industry, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is the largest market for wired drill pipes, majorly owing to the accelerated shale gas exploration activities. The U.S. is presumed to lead the expansion of the regional market in the years to come. The region is presumed to account for around 40% of the world’s drilling activity at present. The report suggests that the wired drill pipe market in North America is set to remain highly lucrative in the foreseeable future. The region resonates an intensified need for the replacement of conventional technology which is poised to drive the expansion of the wired drill pipe market over the assessment period.
The important players of the global wired drill pipe industry profiled in this MRFR report are Baker Hughes (U.S.), The Halliburton Company (U.S.), Schlumberger Limited (U.S.), IntelliServ (NOV) (U.S.), and Weatherford International PLC (U.S.).
In December 2018, Equinor, a Norwegian multinational energy company, has awarded a contract to National Oilwell Varco (NOV), an American multinational corporation, and Schlumberger, the world's largest oilfield services company, for the delivery of wired drill pipes to the global fleet of offshore drilling rigs.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
Also See: Wired Drill, Pipe Market, Drill Pipe, Pipe Industry, Wired, Pipe, Market
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