Global drill collar market is expected to witness considerable growth over a foreseeable period owing to increasing energy demand along with surging drilling and E&P activities globally. Low crude oil spot prices coupled with growing energy demand is expected to complement the global drill collar market expansion over the next six years. Increasing investment from major players to increase the crude oil production rates is likely to propel the market growth in future.
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Rising E&P activities across the globe is further expected to create an immense opportunity for the new entrants as well as existing players over the forecast period. Upcoming drilling projects particularly in Middle East and South–East Asia are further anticipated to positively impact global drill collar market growth. Oil & gas drilling services industry is expected to experience significant growth over the forecast period owing to new hydrocarbon exploration in Africa and Latin America. This trend is expected to drive the drill collar demand in these regions in next six years.
Shale gas exploration in U.S. is expected to be the major factor driving the drill collar market in North America over the forecast period. Increasing oil exploration across Gulf of Mexico is likely to propel the North American market. Huge investments in exploration in deep and ultradeep sea reserves particularly in “Golden Triangle” comprising Gulf of Mexico in U.S., Western Africa and Brazil is anticipated to bolster drill collar demand in these regions. Increasing demand to strengthen bottom hole assembly (BHA) particularly in tight reservoirs to easily penetrate formation rock layers is anticipated to drive drill collar demand particularly in Middle East, Africa and China. Upcoming shale gas exploration projects in China and Russia is expected to fuel drill collar market expansion in these regions in next few years.
Some key players operating in global drill collar market include Command Energy Service Ltd., Weatherford International, Aliron Tool Research, Goldenman Petroleum Equipment Co. Ltd., Tianhe Oil Group, Drilling Service Ltd., and Deep Drill Supply Ltd.
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