Global drilling jars market has exponentially expanded on account of growing hydrocarbon exploration and extraction initiatives and subsequent increase in drilling activities across the globe. Drilling jars are bottom hole assembly apparatuses that facilitate easy release of a trapped drill pipe. Predominant use of hydrocarbons is its application as a combustible fuel source, linked directly to increasing energy demand as economies emerge and develop. This is expected to remain a key factor for global drilling jars market growth over the forecast period. Increasing governmental policies and initiatives that favour energy requirements have a direct impact upon drilling activities, further complementing drilling jars market growth.
Several new developments in drilling equipment and jars are also likely to create lucrative opportunities for the global market growth. Exploration activities in the fields of shale and coal methane are also expected to greatly enhance opportunities for drilling jars industry participants. Political environment along with other market forces such as regulatory norms, supply-demand balances, reserve petroleum capacities play an important role in crude oil production. These factors are expected to further influence global drilling jars market dynamics over the forecast period.
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Vast fossil fuels & hydrocarbon reserves in North America and Middle East have significantly enhanced the development of drilling jars market in these regions. Recent shale gas boom in the U.S. is expected to further strengthen the North American market growth. Ardent drilling initiatives in Asia Pacific region particularly in emerging markets of China and India are expected to augment regional drilling jars market growth over the forecast period. Depleting conventional fuel reserves in Europe has also led to significant enhancement in the field of hydrocarbon extraction as an alternative energy source. This factor is likely to complement the growth rate of drilling jars in the European market.
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Key players operating in the global drilling jars market are extensively engaging in M&A, such as the recent merger between Trilantic North America and TRP Energy, in order to expand their portfolios and strengthen their market presence. Key industry participants operating in the global drilling jars market include BICO Drilling Tools Inc., Toro Downhole Tools, Odfjell Drilling Ltd., Cougar Drilling Solutions, TTGM International (USA) Inc., VNIIBT – Drilling Tools, Schlumberger, Tasman OMM and Knight Oil Tools.
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