Drill Pipe Market : Industry Analysis, Future Growth, Business Prospects and Global Forecast to 2023
Market Highlights Advancement in drilling technologies fuelling the growth of the market. New oil reserves discovery also upsurge the growth of the market. Many major and independent firms are taking up upstream operations in the region. The Nigerian National Petroleum Corporation (NNPC) announced that it had secured a USD1.2 billion multi-year drilling financing package to contribute to the running of 36 oil wells across the country. The project is expected to deliver 21,000 barrels of crude condensate per day along with 120 million cubic feet of gas. Moreover, in Liberia, Exxon Mobile Corporation is planning to start oil drilling in its recently found oil reserves by 2018. However, high capital cost for drilling may hamper the growth of the market. Hence, Global Drill Pipe Market is expected to reach a market size of USD 1,213.6 million by the end of the forecast period at CAGR of 3.47%. Market Research Analysis Based on grade, Drill Pipes has been segmented as API Grade and Premium Grade. API Grade accounted for the largest market share of 75.40% in 2016, with a market value of USD 725.6 million and is projected to grow at a CAGR of 3.15% during the forecast period. API grade drill pipes are the pipes that are manufactured to specifications developed and approved by American Petroleum Institute (API). The standard API grades drill pipe grades include E-75, X95, G-105 and S-135. Premium Grade is projected to grow at the highest CAGR of 4.40%. Premium grade drill pipes often exceed the specifications set forth by API. Several manufacturers produce these pipes for user-defined and specific requirements. Premium grade drill pipes are often used in exploration and drilling operations in harsh and unconventional environments such as deep water drilling and arctic region drilling. Based on application, onshore accounted for the largest market share of 59% in 2016, with a market value of USD 564.7 Million and is projected to grow at a CAGR of 2.12% during the forecast period. Onshore drilling activities are defined as the drilling of sites under earth surface that are not over water. Offshore was the second-largest application in 2016, valued at USD 397.6 Million in 2016. Offshore drilling usually takes place in ocean waters. Offshore segment is expected to be the fastest growing application in global drill pipe market mainly due to increasing deep water drilling activities in U.S Gulf of Mexico, shale and tight oil production in Canada and discovery of ultra deep water drilling reserves in North Sea, South China Sea and other regions of the globe. Request a Sample Copy @ https://www.marketresearchfuture.com/sample_request/3154