The global drill pipe market is expected to grow at ~3.47% CAGR during the forecast period 2018-2023. Drill pipe is basically a part of drill String which completes the whole drill assembly. Drill pipe are thick hollow wall pipe which is used in drilling rigs for horizontal and vertical drilling in wellbore. Drill pipes are available in wide ranges from 18 feet to 45 feet. Due to increase demand in drilling equipment drill pipes has gained huge share in exploration of offshore Stations.
The Global Drill Pipe Market is being driven substantially due to increase investment in exploration activities and advancement in drilling technologies. Furthermore, Investment in offshore and onshore exploration, production activities has taken a step further for the growth of Drill Pipe Market.
The Global Drill Pipe Market is segmented based on by Application, Grade and Region. Based on Grade the market is segmented as API grade, Premium grade. Based on Application, Market is segmented as Onshore and Off Shore. Based on Region, Market is segmented in North America, Europe, Asia-Pacific and Rest of the world.
Geographically, the Global Drill Pipe Market has been segmented into North America, Europe, Asia Pacific and Rest of the World. North America dominated the global drill pipe market in 2017 and is expected to hold the largest market size during the forecast period. Development in drilling technologies such as horizontal drilling and hydraulic fracturing has resulted a positive approach towards oil and gas business.
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Drill Pipe Global Market – Segmentation
The scope of global drill pipe market is segmented into three major segments which are explained below:
- Government Organisation
- Oil & Gas
- API Grade
- Premium grade
Drill Pipe Global Market – Competitive Analysis
The global market for drill pipe is at a growing stage. All key players in the market are market are investing in research and development to expand their product base and introduce new products in the market. Market leaders are unceasingly looking for expansion opportunities by acquiring companies. Key players are seeking opportunities to work in North America, because of growing development in the region.
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In September 26th, 2018 – Shanghai Hilong Drilling Tools Pipe Co., Ltd. (Hilong Drilling Tools), a wholly-owned subsidiary of Hilong Group, has won the bidding of the Uzbekneftegaz project, and signed a supply contract worth an estimated USD15.9 million with Neftegazinvest LLC.
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