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U.S. Drill Pipe Market to surpass annual deployment of 13 million feet by 2024

Author : Rahul Sankrityayan | Published Date : 2019-08-21 

Global Drill Pipe Market report research highlights key dynamics of the global sector. The potential of the industry has been investigated along with the key challenges. The current market scenario and prospects of the sector has also been studied.

Ongoing capital expenditure from independent players along with increasing exploration of unconventional wells will propel the U.S. drill pipe market. As per the U.S. EIA, 44 onshore companies have increased their capital expenditure by 72% between 2015 & 2016 in the country. Moreover, availability of recoverable shale O&G reserves will further drive the product adoption.

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Global Drill Pipe Market is predicted to exceed USD 1 Billion by 2024. Ongoing government ventures to increase crude oil production along with rising investments in upstream sector will propel the product penetration. Increasing primary energy consumption coupled with stabilizing crude prices will further propel the business landscape. For instance, according to the EIA's Annual Energy Outlook 2018, the U.S. NG consumption across the industrial sector is set to increase by 39% from 25.9 Bcf/d in 2017 to 36.1 Bcf/d by 2050.

Implementation of advanced techniques for crude production including hydraulic drilling in combination with horizontal drilling will drive the drill pipe market size. Furthermore, ongoing E&P of unconventional resources will fuel the business growth. According to the Energy Information Administration, tight oil is anticipated to be the prime source of the U.S. oil production accounting for around 70% of the overall output by 2040.

Premium drill pipe market will witness robust growth on account of the product's aptness for the exploration of deep & ultra-deep-water reservoirs coupled with the ability of these products to function efficiently across difficult geographical regions. API grade drill pipes are favored when compared to premium grade across onshore owing to their cost effectiveness.

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Saudi Arabia drill pipe market sizeis predicted to grow over 10% by 2024. Crude oil production targets set by the government along with rising onshore rig count will propel the product demand. For instance, in 2018, Saudi Aramco signed a contract with the National Oilwell Varco based in the U.S. for the manufacture of onshore rigs and other drilling equipment.

Offshore drill pipe market share is predicted to expand over 8% by 2024. Technological enhancements to effectively explore deep-water & ultra-deep-water reserves across different geographical terrains at optimum cost will stimulate the business growth. Favorable regulative policies to improve domestic production from untapped reserves will further drive the product deployment.

Increasing count of upstream projects across the Amazon region will fuel the LATAM drill pipe market. In 2016, Petroamazonas signed an accord worth about USD 1 billion to increase production output by approx. 30 thousand bbl/day in 2018 and to extract 84.6 MMbbl of crude from incremental reserves.

Eminent industry players in the drill pipe market share include E&M Supply Group, Tenaris, Vallourec, DP-Master Manufacturing, Premier Drill Products, TMK Group, Ferrostaal Piping Supply, Texas Steel Conversion, Oil Country Tubular Limited, Holly Pipe Corporation, RK Pipe & Supply and Hilong Group.

Related Report:

Low Voltage Drives Market 2019

https://www.marketwatch.com/press-release/low-voltage-drives-market-2019-by-power-range-capacity-drive-technology-application-forecast-to-2025-2019-08-19

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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