Global Horizontal Directional Drilling Market to dominated by Oil and Gas sector till 2026
The increasing demand for
renewable energy sources and flourishing construction industry is expected to
drive the demand for global horizontal directional drilling market in forecast
period.
According to TechSci Research report, “Horizontal
Directional Drilling Market - Global Industry Size, Share, Trends,
Opportunity and Forecast, 2016-2026, Segmented By Machine (Conventional, and Rotary
Steerable System), By Type (Small, Medium, and Large), By Application (Oil and Gas, Telecommunication, Drain Pipe, Electric
Transmission, and Others) and By Region”, the global horizontal directional drilling market is
expected to grow at a steady CAGR for the forecast period, 2022-2026.
Horizontal direction drilling is a method of installing cables, underground
pipes, and service conduits using the trenchless method. The directional
drilling machine and the associated machines are used for the drilling process
to precisely drill across the chosen bore path and back ream the required pipe.
The horizontal directional drilling process causes minimum collateral damage to
the subsurface ecosystems by avoiding the obstacles present in the bore path.
Horizontal directional drilling is more accessible and more environmentally
friendly than the vertical directional drilling method. The horizontal boring
method requires few boreholes to be drilled and maintained, thereby is
preferred over other methods. The launch of new generation mobile communication
technologies such as 4G and the expected roll-out of 5G technology is driving
the demand for precise drilling. The setting of horizontal directional drilling
takes up very little space, making it ideal for densely populated areas and can
be completed quickly. With the growing population around the globe and the
power requirements due to growing automotive, the construction industry is
boosting the demand for the efficient drilling process. Vast volumes of oil
& gas can be extracted while making minimal impact on the environment.
However, the fluctuating crude oil prices may restrain
the growth of the global horizontal directional drilling market in the forecast
period.
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Global
horizontal directional drilling market is segmented into machine, type,
application, regional distribution, and company. Based on machine, the market
is bifurcated into conventional and rotary steerable system. The rotary
steerable system machine segment is expected to account for the largest market
share for the forecast period, 2022-2026. The rotary steerable system can
provide highly accurate directional control of drilling and can form real-time
correction, and thereby it is a highly preferred machine for the horizontal
directional drilling process. The use of these machines produces precise
boreholes and reduces the torque and drag during the drilling process. On the
basis of type, the global horizontal directional drilling market is divided
into small, medium, and large. The medium type segment is expected to hold a
significant share of the market for the next five years. The growing development
of the telecommunication infrastructure and the expansion of the 4G and 5G
network significantly contributing to the market growth. Rising demand for
renewable energy sources due to the growing awareness about harmful pollutants
in the environment. Based on application, the market is divided into oil and
gas, telecommunication, drain pipe, electric transmission, and others. The oil
and gas industry is expected to dominate the global horizontal directional
drilling market for the next five years. The demand for the boring rigs and the
well-developed infrastructure of the oil and gas industry is the driving factor
for the market growth.
Baker
Hughes, Halliburton Co., Nabors Industries Ltd., Schlumberger Ltd., Scientific
Drilling International Inc., Weatherford International Plc, American Augers,
Inc., Barbco, Inc., Creighton Rock Drill Ltd., Direct Horizontal Drilling, Inc.
are the leading players operating in global horizontal directional drilling
market. Manufacturers are increasingly focusing on research and development
process to fuel higher growth in the market.
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“High-end
investments by the market players for technological advancement and accurate
prediction and optimization of the rate of penetration of the bore path are
significantly contributing to fuel the market growth. The growing presence of
advanced technologies, including 3D visualization, 3D earth models, and
automation, provides better accessibility to the underground surface, thereby
ensuring precise drilling operations. The growing energy requirements around
the globe and the adoption of advanced methods to boost the profitability and
efficiency of the drilling process is expected to propel the global horizontal
directional drilling market till 2026” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Horizontal Directional
Drilling Market - Global Industry Size, Share, Trends, Opportunity and
Forecast, 2016-2026, Segmented By Machine
(Conventional, and Rotary Steerable System), By Type (Small, Medium, and
Large), By Application (Oil and Gas, Telecommunication, Drain Pipe, Electric
Transmission, and Others) and By Region” has
evaluated the future growth potential of global horizontal directional drilling
market and provided statistics & information on market size, shares, 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 the of global horizontal
directional drilling market.
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