London, 13 May 2015: Technavio, the independent tech-focused global research firm, has published a report on the drill collar market in the Middle East 2015-2019, which is expected to grow significantly during the period 2014-2019, posting a CAGR of 13.19% in terms of revenue.
The growth of the market is directly related to the increase in E&P activities in the region. Countries such as Saudi Arabia, Kuwait, Qatar, and Iran are constantly focusing on increasing their oil production, which is the major driver of their economies. In order to increase their oil production, these countries are aggressively increasing their E&P activities.
“Advances in drilling technology and equipment will significantly increase the efficiency, control, and monitoring of the oil and gas wells,” says Faisal Ghaus, Vice President of Technavio.
“Market vendors are increasing their R&D investments that are likely to improve the reliability and efficiency of drill collars and other downhole drilling tools.”
Key Market Drivers
- Increased Global Demand for Oil and Gas
- Rise in Unconventional Oil and Gas Resources
- New Oil and Gas Discoveries in Middle East
- Increased Oil and Gas Production in Middle East
Key Market Trends
- Advances in Technology
- Increased Competition among Vendors
- Decreased Investment in In-house Production Units
Key Market Vendors
- Halliburton
- Hunting plc
- Schlumberger Ltd.
- Tasman Oil Tools
- Vallourec SA
- Weatherford International
To define the market circumstances 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.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
