Feb 4, 2019
Offshore drill pipe market is poised to surge at over 8% by 2024 owing to technological enhancements to effectively explore deep-water & ultra-deep-water reserves across different geographical terrains at optimum cost.
Sellbyville, United States - February 4, 2019 /MarketersMedia/ —
The U.S. drill pipe market is set to surpass annual deployment of 13 million feet by 2024. Increasing exploration of unconventional wells coupled with ongoing capital expenditure from independent players will stimulate the industry growth in the country. According to the U.S. Energy Information Administration, 44 onshore oil companies have augmented their capex by 72% from 2015 to 2016 in the country. Furthermore, availability of proven technically recoverable shale oil and gas reserves will further enhance the product adoption.
Global Drill Pipe Market is expected to hit USD 1 Billion by 2024, as reported in the latest study by Global Market Insights, Inc. Drill pipe market is set to witness an appreciable growth on account of ongoing government ventures to augment crude production coupled with rising investments across upstream sector. Stabilizing crude oil prices coupled with escalating primary energy consumption will further stimulate the business growth. For instance, as per the International Energy Agency, global oil demand is projected to reach 104.7 mb/d by 2023.
Implementation of advanced production techniques including horizontal drilling in combination with hydraulic drilling will propel the drill pipe market size. Moreover, ongoing exploration & production of unconventional resources will drive the industry growth. For instance, as per Energy Information Administration (EIA), tight oil is expected to be the leading source of the U.S. accounting for about 70% of total production by 2040.
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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.
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.
Saudi Arabia drill pipe market is 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.
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Key industry participants across the drill pipe market include Tenaris, Tejas Tubular Products, Vallourec, Premier Drill Products, DP-Master Manufacturing (S), E&M Supply Group, Ferrostaal Piping Supply, TMK Group, Oil Country Tubular Limited, Drill Pipe International, Texas Steel Conversion, Hilong Group, Holly Pipe Corporation and RK Pipe & Supply.
Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/pressrelease/drill-pipe-market
Source URL: https://marketersmedia.com/drill-pipe-market-will-expand-at-8-cagr-up-to-2024/478736
Source: MarketersMedia
Release ID: 478736
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