Global Horizontal Directional Drilling Market 2019-2023
About this market
The rising drilling activities in remote areas are impacting the horizontal directional drilling market growth during the forecast period. E&P companies are starting to explore unconventional avenues for exploration in remote areas. For instance, the Middle East, the Gulf of Mexico, and the North Sea have been witnessing a reduction in the rate of production. In addition, the rise in the adoption of deepwater and ultra-deep-water drilling has further led to an increase in the investments of offshore drilling projects, in turn, contributing to the horizontal directional drilling market growth during the forecast period. Technavio’s analysts have predicted that the horizontal directional drilling market will register a CAGR of close to 8% by 2023.
Growing consumption of oil and gas
The consumption of oil and gas continues to increase due to the rising worldwide demand for energy. The increasing consumption of oil and gas is expected to grow due to the increase in industrialization and urbanization in developing countries.
Growing adoption of renewable energy
The increase in renewable energy sources will affect the conventional fuel market as more investments are being redirected toward renewable energy sources. This will affect the growth of the global horizontal directional drilling market during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the horizontal directional drilling market during 2019-2023, view our report.
The market appears to be highly fragmented with the presence of several market players. The company is focusing on applications like predictable end-to-end real-time workflows, which are accessible from everywhere through the transformation of the cloud platform. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Horizontal Directional Drilling Market 2019-2023
Technavio recognizes the following companies as the key players in the global horizontal directional drilling market: F. Hoffmann-La Roche Ltd, Merck KGaA, Novartis AG, Pfizer Inc., and Sanofi.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the increase in production efficiency of oilfields using big data analytics.”
According to the report, one of the major drivers for this market is the drilling activities in remote areas.
Further, the report states that one of the major factors hindering the growth of this market is the growing adoption of renewable energy.
Baker Hughes, a GE Co. LLCHalliburton Co.Nabors Industries Ltd.Schlumberger Ltd.Scientific Drilling International Inc.Weatherford International Plc
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook