- The key vendors in the global drill pipe market 2015-2019 are DP-Master Co., Ltd, Hilong Group, Hunting plc, Superior Drillpipe Manufacturing Inc., Tasman Oil Tools Pty Ltd, Tenaris S.A. and Vallourec S.A
London, 01 July 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the global drill pipe market 2015-2019. Advances in downhole drilling technologies will boost the global drill pipe market in future. Technologically advanced drill tools increase efficiency, control, and monitoring of the wells and are in demand because of growing complexity of wells, increased exploration of unconventional reserves, and redevelopment of mature fields. The global drill pipe market is expected to grow significantly during the period 2014-2019, posting a CAGR of 9.58% in terms of revenue.
The global drill pipe market is expected to grow rapidly during the forecast period primarily because of increased drilling activities worldwide and rapidly growing demand for oil and gas. Vendors worldwide are investing in R&D activities to develop better tools to improve well-drilling efficiency and reduce negative environmental influences of well drilling.
“The increase in investment in downhole drilling tools is fueling the growth of the global drill pipe market in recent years,” says Faisal Ghaus, Vice President of Technavio Research.
“Many vendors are investing in offshore drilling tools to reduce fluid loss and oil leakage during the drilling process. They are also making a huge investment to reduce the adverse effect of drilling fluids and chemicals on the marine environment.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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