Horizontal Directional Drilling Market Expected To Hit CAGR of 7.4% By 2028

The global horizontal directional drilling market is projected to be US$ 6,707.4 Mn in 2020 to reach US$ 11,956.2 Mn by 2028 at a CAGR of 7.4%. The first five-year cumulative revenue (2020–2024) is projected to be over US$ 38.8 Bn, which is estimated to increase moderately over the latter part of the five-year forecast period.

Horizontal directional drilling, also known as directional boring, is a steerable trenchless technique of installing underground pipes, cables, and conduits in a shallow arc, along with a suggested, bore path, using a surface-launched drilling rig with a slight impact on the close area. Directional boring is used when trenching, or mining is not useful. It is appropriate for various soil conditions and applications such as roads, landscapes, and river crossings.

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Global Horizontal Directional Drilling Market: Market Dynamics

The ongoing innovation and development of the global telecommunications industry is another factor that is expected to promote the global horizontal directional drilling market’s growth. Conducting 5G trials and deployments in various regions is another major end-use sector that chooses horizontal directional drilling services, thereby driving the target market’s growth.

Compared with other conventional drilling methods, the cost of horizontal directional drilling machines is higher, which may hinder the market’s growth.

The introduction of mobile sensors, combined with advances in measurement technology, computer technology, and global positioning system (GPS), and other advancements, helping horizontal directional drilling rigs overcome some challenges and provide end-users with convenient drilling operations, providing market participants with abundant opportunities.

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Global Horizontal Directional Drilling Market: Market Forecast

The comprehensive research report comprises a complete forecast of the global horizontal directional drilling market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global horizontal directional drilling market is estimated to expand at a moderate CAGR of 7.4% during the forecast period.

Global Horizontal Directional Drilling Market: Segmental Snapshot

The market report has been segmented based on product type, end-use, and region. The product type segment includes mini-HDD, midi-HDD & maxi-HDD. The end-use segment includes oil & gas, telecommunication, drain pipe, electricity cable & others. The region analysis covered countries such as the US, Europe, Japan, China, India, Southeast Asia, South America, South Africa & the Rest of the World.

By product type: The baking maxi-HDD segment is expected to register a CAGR of over 7.1%, thereby accounting for the highest revenue share among the type segments.

By end-use: The oil & gas segment is expected to register a CAGR of over 7.6% over the forecast period, thereby accounting for the highest revenue share among the application segments.

By region: The US market accounted for highest revenue share in the global horizontal directional drilling market in 2020 and is estimated to register a CAGR of over 9.3% between 2020 and 2028.

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Global Horizontal Directional Drilling Market: Competitive Analysis

The research report on the global horizontal directional drilling market includes profiles of prominent companies such as Vermeer Corporation, The Charles Machine Works, Inc, Herrenknecht AG, The Toro Company, XCMG Construction Machinery Co., Ltd, Goodeng Machine, Jiangsu Dilong Heavy Machinery Co. Ltd, DRILLTO TRENCHLESS CO., LTD, DW/TXS Construction Equipment (Beijing) Co., Ltd, Prime Drilling GmbH, Langfang Huayuan Mechanical, and Electrical Engineering Co., Ltd, & Tracto-Technik Gmbh & Co. Kg.

The Global Horizontal Directional Drilling Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2020–2028 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the global Horizontal Directional Drilling Market for 2020–2028.