Significant oilfield expansions, improving drilling techniques with enhanced productivity, growing investments across upstream sector, technological advancements and favorable government initiatives to bolster global drill pipe market growth through 2025
According to a report published by TechSci Research on “Global Drill Pipe Market By Grade (API Grade and Premium Grade), By Application (Onshore and Offshore), By Region (North America, Asia-Pacific, Europe, MEA and South America), Competition, Forecast & Opportunities, 2014-2025”, global drill pipe market is expected to reach USD 1,426.68 million by 2025 from 1,237.52 million in 2019 growing at a CAGR of 6.52% during the forecast period. The growth of the drill pipe market is mainly due to the growing oil & gas exploration around the world, with the continuous need of meticulous real time data from the wellbore. Moreover, growing advancements in drilling techniques is further bolstering the growth of the global drill pipe market.
In terms of grade, the global drill pipe market is categorized into API grade and premium grade. Among these, the API grade category accounted for majority of the global drill pipes market in 2019 and it is anticipated to remain as the largest category throughout the forecast period as well. The growth of the category is majorly attributable to the fact that API grade drill pipes are less expensive as compared to the premium grade drill pipes. However, premium grade drill pipes are expected to grow at a faster rate than the API grade drill pipes, owing to the increase in deep-water drilling activities. Also, the premium grade drill pipes are suitable for unfavorable drilling conditions, such as high pressure, high temperature, corrosive environment, etc.
Browse 115 market data Figures spread through 110 Pages and an in-depth TOC on“Global Drill Pipe Market “
In terms of region, the global drill pipe market is categorized into North America, Europe, Asia-Pacific, South America and Middle East & Africa. Among the regions, North America accounted for majority of the global drill pipe market with a market share of around 48% in 2019 and is anticipated to maintain its position during forecast period as well. Burgeoning shale gas exploration and production in the US, has favored the drill pipe market in the North America. Additionally, factors such as increased exploration activity and focus on the development of new oil and gas fields are expected to help drive the market for drill pipe in North America.
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“The global drill pipe market is witnessing growth on account of advancements in drilling technologies such as horizontal drilling and pad drilling, which have amplified the drilling efficiency and lessened the drilling rig downtime, thereby enabling faster drilling operations. This in return will translate into the increased drilling equipment demand, which includes drill pipe.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Drill Pipe Market By Grade (API Grade and Premium Grade), By Application (Onshore and Offshore), By Region (North America, Asia-Pacific, Europe, MEA and South America), Competition, Forecast & Opportunities, 2014-2025” has evaluated the future growth potential of the global drill pipe market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global drill pipe market.
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