Drill Collars Market

Growth opportunities in the drill collars market look promising over the next six years. This is mainly due to the increasing demand in exploration of oil and gas activities and development of new fields for the increasing transportation needs.

Drill Collars Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)

Key Drivers

The rapid globalization and industrialization coupled with the augmenting manufacturing potential in various industries are the major drivers responsible for the growth of the drill collars market. For example, they are widely implemented by putable steel producers to outshine all requirements of an industry. Also, these collars are immensely heavy-duty industrial tubular applied in drilling the ground and simultaneously with drill pipes. Moreover, their surging demand for the exploration activities of oil and gas along with the increasing expansion and production of new fields led by the accelerating transportation requirements. In accordance with the report published by the OPEC Organization, the total production of crude oil escalated by approximately 1.213 million barrels/day in 2018 from 1.6% in 2017 to reach 75.78 m b/d production, marking the highest annual growth. This boost in the production of oil resulted in huge market demand for the exploration of oil fields.

Additionally, the market demand is higher in leading countries involved in oil and gas production, which includes UAE, Russia, Saudi Arabia, and the United States. The increasing initiatives by the government to fuel the inspection activities to fulfil the growing demand. For instance, Oil and Natural Gas Corp (ONGC), India's topmost oil and gas producer with reserves of 459.84 million tonnes, in 2019 established more than 230 million tonnes of oil reserves over the past three years. However, the fluctuation in the price of oil and the supply-demand gap owing to the decreasing demand for crude oil in recent years will restrain the market size.

Application Segment Drivers

Based on the application, onshore is expected to dominate the market over the forecast period. This is primarily attributed to the growing demand and production of onshore oil. As per the Our Energy Policy Organization, production is anticipated to reach 22 million barrels per day by 2035, fueling the market growth. The Oil and Natural Gas Corp (ONGC), in July 2019, discovered almost 230 Million tonnes of oil reservoirs over the past three years.

Drill Collars Market’s leading Manufacturers:

· Challenger International Inc.

· Zhong Yuan Special Steel Co. Ltd

· Schoeller-Bleckmann Oilfield Equipment AG

· National Oilwell Varco

· American Oilfield Tools, Inc.

· China Vigor Drilling Oil Tools and Equipment Co. Ltd

· Texas Steel Conversion Inc. (TSC)

· Schlumberger Limited

· Hunting PLC

· Workstrings International

· International Drilling Services Ltd. (IDS)

Drill Collars Market Segmentation:

Segmentation by Type

· Non-magnetic Drill Collar

· Standard Steel Drill Collar

Segmentation by Application

· Offshore

· Onshore

Segmentation by Region:

· North America

o United States of America

o Canada

· Asia Pacific

o China

o Japan

o India

o Rest of APAC

· Europe

o United Kingdom

o Germany

o France

o Spain

o Rest of Europe

· RoW

o Brazil

o South Africa

o Saudi Arabia

o UAE

o Rest of the world (remaining countries of the LAMEA region)

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