IMARC Group, a leading market research company, has recently releases report titled “Horizontal Directional Drilling Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global horizontal directional drilling industry share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Horizontal Directional Drilling Market?
The global horizontal directional drilling market size reached US$ 9.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 12.7 Billion by 2028, exhibiting a growth rate (CAGR) of 5.4% during 2023-2028.
What is Horizontal Directional Drilling?
Horizontal directional drilling (HDD) is a trenchless drilling technique employed for digging horizontal bores using steerable motor assemblies. It relies on beamers, bites, rigs, and pipes to install underground pipelines, electrical semiconductors, service conduits, and cables and drill accurately along the chosen bore path. It helps to improve overall efficiency, flexibility, and cost-effectiveness while increasing the contact between the reservoir and wellbore. It can be conducted with minimum requirements and negligible soil contamination or landscape damage. As a result, HDD finds extensive applications across numerous industries, such as oil and gas, telecommunication, power, and utilities.
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What are the growth prospects and trends in the Horizontal Directional Drilling Industry?
The global horizontal directional drilling market is primarily driven by the increasing onshore and offshore oil and gas exploration activities. Moreover, the surging adoption of HDD for installing underground electrical telecommunication systems by surveying, designing, and constructing underground cables is another major growth-inducing factor.
Additionally, numerous technological advancements, such as the development of automated HDD systems that utilize software to plan and control drilling equipment more accurately with reduced data-to-surface delays, have accelerated the product adoption rate. Furthermore, due to the rising environmental concerns among the masses, the shifting preferences toward HDD, as it maintains the condition of the drilled area and causes minimal disturbance to the surrounding environment, is positively influencing the market growth.
Other factors, including favorable government policies, rising energy demand, and rapid urbanization and industrialization, are also anticipated to drive the market further.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Technique:
Conventional
Rotary Steerable System
Breakup by Parts:
Rigs
Pipes
Bits
Reamers
Breakup by Application:
On-shore
Off-shore
Breakup by End User:
Oil and Gas Excavation
Utility
Telecommunication
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Baker Hughes Company, Barbco Inc., China Oilfield Services Limited (China National Offshore Oil Corporation), Ellingson Companies, Halliburton Company, Helmerich & Payne Inc., Herrenknecht AG, Nabors Industries Ltd., NOV Inc., Schlumberger Limited, The Toro Company, Vermeer Corporation and Weatherford International plc.
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