Annual deployment of Drill Pipe Market will hit 35 million feet by 2024

Offshore drill pipe market share is projected to achieve 8% CAGR from 2018 to 2024 owing to technological advancements to efficiently explore deep-water and ultra-deep-water reserves in different terrain at an optimum cost.

The U.S. drill pipe market is set to surpass annual deployment of 13 million feet by 2024. Increasing exploration of unconventional wells coupled with ongoing capital expenditure from independent players will stimulate the industry growth in the country. According to the U.S. Energy Information Administration, 44 onshore oil companies have augmented their capex by 72% from 2015 to 2016 in the country. Furthermore, availability of proven technically recoverable shale oil and gas reserves will further enhance the product adoption.

Global Drill Pipe Market size will surpass USD 1 Billion by 2024, as reported in the latest study by Global Market Insights, Inc. Ongoing government ventures to augment crude production coupled with rising investments across upstream sector will propel the industry growth. Stabilizing crude oil prices coupled with escalating primary energy consumption will further stimulate the business growth. For instance, as per the International Energy Agency, global oil demand is projected to reach 104.7 mb/d by 2023.

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Premium drill pipe market will witness robust growth on account of the product's aptness for the exploration of deep & ultra-deep-water reservoirs coupled with the ability of these products to function efficiently across difficult geographical regions. API grade drill pipes are favored when compared to premium grade across onshore owing to their cost effectiveness.

Offshore drill pipe market is predicted to expand over 8% by 2024. Technological enhancements to effectively explore deep-water & ultra-deep-water reserves across different geographical terrains at optimum cost will stimulate the business growth. Favorable regulative policies to improve domestic production from untapped reserves will further drive the product deployment.

Increasing number of E&P projects in the Amazon region will drive the Latin America drill pipe market growth. In 2016, Petroamazonas signed a treaty worth approx. USD 1 billion to extract 84.6 MMbbl of oil from incremental reserves and increase its output by around 30,000 bbl./day in 2018.

Saudi Arabian market size is anticipated to expand over 10% by 2024. Increasing onshore rig count coupled with crude oil production target set by the government will drive the product adoption. For instance, in 2018, Saudi Aramco, the state-owned oil company signed a deal with the U.S. based National Oilwell Varco Inc. (NOV) for the manufacture of onshore rigs and drilling equipment.

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Key industry participants across the drill pipe market include Tenaris, Tejas Tubular Products, Vallourec, Premier Drill Products, DP-Master Manufacturing (S), E&M Supply Group, Ferrostaal Piping Supply, TMK Group, Oil Country Tubular Limited, Drill Pipe International, Texas Steel Conversion, Hilong Group, Holly Pipe Corporation and RK Pipe & Supply.

Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/pressrelease/drill-pipe-market

Release ID: 462565