Drill Pipe Market Trends, Detailed Analysis, Competitive landscape, and Forecast to 2025 “The drill pipe industry is subject to witness a substantial growth due to the robust growth of oil& gas industry, especially in the North American and the Middle Eastern region. In addition, the development of advanced drilling techniques coupled with highend productivity are expected to foster market growth in the upcoming years.�
The global Drill Pipe Market size is expected to value at USD 1.31 billion by 2025. The drill pipe industry is subject to witness a substantial growth due to the robust growth of oil& gas industry, especially in the North American and the Middle Eastern region. In addition, the development of advanced drilling techniques coupled with high-end productivity are expected to foster market growth in the upcoming years. However, lowered cost of crude oil and massive slump in the drilling activities are some of the key challenges for market expansion, in the last few years. These factors are also expected to hamper overall productivity and operating profitability of upstream or exploration and production companies across the globe, largely affecting market growth, since last couple of years. Globally, the drill pipe market is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest in research and development of the market. Presence of a large number of independent contractors and local manufacture, particularly in the U.S. and Canada has led to the market expansion in forecast period. In addition, increasing amount of onshore activities and growing demand from upstream or exploration & production companies are estimated to stimulate market growth in the near future. The technological advancements in the oil & gas sector coupled with development of novel techniques to meet the current energy demand are steering the growth of drill pipes industry as well. However, higher production & installation cost and lack of skilled workforce are expected to negatively affect market progress. Additionally, shifting trend towards adoption of renewable energy sources coupled with numerous laws & regulation by local and international authorities such as Fund for Wild Nature (FWN) to regulate petroleum production is limiting the market growth.
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