Drill collars: Key market research findings
- Increase in downhole data efficiency and tapping unexplored resources
- Growing use of standard steel drill collars and slick drill collars
Technavio has added a new market research report on the global drill collars market, to its oil and gas portfolio. The global drill collars market is expected to grow at a CAGR of around 6% between 2015 and 2019 due to the increasing drilling activities worldwide and the rapidly increasing oil and gas demand. The Americas lead the global market for drill collar, accounting for around 63% of the total market share by 2019. Rising demand for energy, growing need to maximize production from existing wells, and the redevelopment of maturing oil fields wells are some of the significant factors that accounts for this region’s vast growth.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Growing demand for energy has shifted the focus towards unexplored reservoirs due to decline in production and the exploration of conventional oil reserves. Tapping the unexplored resources has boosted the oil and gas drilling activities. Moreover, increased applications of IT and digital oilfield technologies in drilling operations have increased the downhole data efficiency. This has enabled the use of appropriate downhole drilling tools such as drill collars with specific configuration,” says Navin Rajendra, Lead Analyst, Energy, Technavio Research.
The standard steel drill collars segment dominate the drill collars market, accounting for more than 66% of the total market share. Increasing offshore drilling activities and the high tensile and material strength of standard steel drill collars are expected to result in its high market share during the forecast period. Slick drill collars are the highest revenue generators of the drill collars market. These drill collars are used in reservoirs with simple geometry and facilitate easy drilling operations.
The leading vendors in the global drill collars market include Halliburton, Hunting, National Oil well Varco, Schlumberger, Vallourec, Workstrings International, and Weatherford International. This market is highly fragmented due to the presence of numerous multinational and regional vendors. Growth and development of this market are dependent on factors like the efficiency of drill collars, increasing investment by market vendors, and advances in tools technology. Moreover, it has been observed that numerous vendors across the globe are now investing in R&D activities to improve the well drilling efficiency of drill collars.
A more detailed analysis is available in the Technavio report, Global Drill Collars Market 2015-2019.
We can customize reports by other regions and specific segments upon request
Other Related Reports:
- Global Gas and Oil Drill Bits Industry – Market Research 2015-2019
- Global Downhole Drilling Tools Market 2015-2019
- Global Offshore Drilling Market 2014-2018
- Drill Pipe Market in the Middle East 2015-2019
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