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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