What Factors Impacting Drill Pipe Market Growth?
The data analysts at Market Research Future Reports (MRFR) have revealed that the global drill pipe market is speculated to value approximately USD 1,019.6 million by the end of 2025. Further, the market is estimated to rise at a CAGR of 3.52% during the assessment period. The rising optimization of drilling operations due to technological advancement is the most significant factor driving the global drill pipe market 2020. Besides, the increasing urbanization, the expanding automotive sector, and the expanding industrialization are estimated to be another major factor leading to the expansion of the market. Moreover, urbanization, industrialization, and the expansion in the automotive sector is likely to place a higher demand for oil and gas. The demand for drill pipes is closely tied with the demand for oil and gas.
However, the instability of crude prices is likely to impede global drill pipe market growth. Besides, the rising demand for renewable energy sources is another factor which is likely to affect market growth. On the other hand, the spread of COVID-19 has resulted in a significant change in global market dynamics. Precise research is being conducted on the aftermath of coronavirus on the global voltage calibrator market. We will provide an impact analysis report on COVID-19.
An exhaustive analysis on North America, Europe, Asia-Pacific, and the Rest of the World (RoW) has been carried out. As per the analysis, the market is estimated to grow significantly during the review period. The study reveals that North America is estimated to dominate the global market. The region is technically advanced. Higher technologies like hydraulic fracturing and horizontal drilling are implemented in the drilling operations. Among all nations, the US is estimated to make the highest contribution in magnifying the market. In addition, North America is home to one of the largest crude oil basins of the world. Also, it holds the largest market share in the North American region with development in unconventional drilling technologies.
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The report reveals the second position is attained by Europe. It is likely to be the second-largest market for drill pipe during the review period. Russia is likely to be the dominating country in the European oil and gas industry.
As per the analysis, the APAC region is estimated to witness a significant rise in the market during the forecast period. The growing demand for oil and gas products is estimated to actuate the market size.
However, market dynamics are likely to change significantly during the review period. Several regions have been affected substantially due to the spread of COVID-19. We will provide the aftermath COVID-19 report on the impact analysis of the market.
The global drill pipe market is segmented on the basis of application, grade, and geography.
On the basis of drill pipe grade, the global market can be segmented into API grade and premium grade.
On the basis of application, the global drill pipe market can be segmented into onshore and offshore.
On the basis of geography, the global drill pipe market can be segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
Global drill pipe manufacturers are DRILL PIPE INTERNATIONAL, LLC (US), Hilong Group of Companies (China), DP-Master Manufacturing (S) Pte Ltd (China), National Oilwell Varco (US), Jiangyin Long Bright Drill Pipe Manufacture Co. Ltd (China), Oil Country Tubular Limited (India), Superior Drill pipe Manufacturing (US), RK Pipe & Supply, LLC (US), Tejas Tubular Products, Inc. (the US), Texas Steel Conversion, Inc. (US), Tenaris (Luxembourg), TMK Group (Russia), and VALLOUREC (France), and TPS-Technitube Röhrenwerke GmbH (Germany).
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