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The Europe Horizontal Directional Drilling market was valued at $XX Billion in 2021 and is expected to reach $XX Billion by 2029, growing at a CAGR of around 5.12% during the forecast period. Over the years, the increasing oil prices and substantial investment initiatives have resulted in drilling and well intervention activities leading to market growth. Technological advancements in offshore drillings, such as customized subsea processing and unmanned tiebacks, FLNG technology, and drilling equipment, have improved oil exploration and production in deep, ultra-deepwater, and harsh-environment offshore fields in the arctic regions.
The advancements in drilling technology, dynamic positioning equipment, and floating production and drilling units have further supported this shift in exploration activities from shallow to ultra-deep waters. As per European Energy Industry Investments 2017, utility companies are expected to spend $295 billion on transmission and distribution infrastructure under new policy scenarios for 2021- 2030, resulting in greater efficiency and reliability in the system, which promotes energy demand. Furthermore, massive development projects to establish business parks, commercial spaces, and housing societies are expected to increase electricity consumption.
In 2020, during the COVID-19 pandemic, the Europe HDD market had impacted severely due to a lack of workforce and practical difficulties in implementing social distancing at equipment production sites. The pandemic has triggered abnormal operating conditions for HDD contractors. The situation prompts manufacturers to create appropriate procedures to reduce workplace infection risks. Trades across countries were disrupted, causing a lack of raw materials and components required for providing drilling solutions and services to the oil & gas industry.
The COVID-19 pandemic impact and the oil prices war are proving to be a two-pronged crisis for oil, gas, and chemicals companies. Oil prices have experienced a decline due to failed agreements on production cuts, and the need for chemicals and refined products is slowing from industrial slow-downs and travel restrictions in the wake of this pandemic.
The Europe Horizontal Directional Drilling market is segregated on the basis
The rotary steerable system technique uses push-and-point-the-bit methods for appropriate directional control of drilling and assists in real-time corrections. In addition, the rotary steerable system can improve the rate of penetration, reduction in torque and drag, and efficient borehole production, which are some of the factors expected to promote the popularity of the rotary steerable system. Moreover, directional drilling service providers invest mainly in developing rotary steerable system machines to offer efficient boring drilling services under harsh underground conditions. Over the past few years, the share of RSS in directional drilling applications has increased yearly.
The drill pipe is threaded on each end in a section of pipe referred to as the tool joint. In the extraction process, the service pipe is pulled back into the bore during the last reaming stage. Most pipelines installed by this process are fusion welded continuous HDPE pipes, although steel, ductile iron, and PVC pipes are also installed. The recent introduction of fusible PVC piping has allowed PVC piping to be more widely used in HDD installations of water pipes, telecommunications, and electrical conduits previously dominated by PE pipes. Polyethylene pipe is the main choice for trenchless installations using directional drilling. Its flexibility, strength and fused joints, as strong as the original pipe itself, make it ideal for HDD applications.
The large potential of untapped subsea hydrocarbon reserves drives an increased focus on deep-water drilling. Offshore drilling activity is estimated to rise by around 10% annually in 2022, and the number of offshore wells drilled will surpass 2,700 in 2022. Such a healthy recovery will propel offshore drilling activity beyond pre-pandemic levels during the next two years. By 2035, the exploration and production companies will need to add 43 million barrels per day of new crude from unsanctioned projects to meet demand. It is estimated that offshore accounts for about 30% of this new crude production, with roughly half of the total offshore volume coming from deep-water and higher-cost ultra-deep-water resources.
Based on geography, the market is categorized into
Along with these companies, there were many other companies considered/ cited in the report while analyzing the Horizontal Directional Drilling market. These companies hold substantial share-owning to the nature of the industry whereas rest of the market shares are marginal chunks to regional and local level manufacturers. other players have considerable presence owing to its robust brand image, geographical reach and strong customer base.
Starting from $2700
Starting from $2700
Starting from $2700
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