Global Drill Pipe Market is valued USD 960 million in 2016 is anticipated to grow USD 1342 million with the compounded annual growth of 3.80% over the forecast period 2018-2025.
New York 18 Aug 2018, As per the new research study conducted by Bizwit Research & Consulting, Global Drill Pipe Market industry is poised to raise USD 1342 billion by 2025. The recent downturn in the crude oil prices has resulted in the decline of the exploration & production (E&P) activities all over the world. The dramatic decline is being largely attributed to the over production of petroleum which has increased the oil & gas supply as compared to its demand. The largest oil and gas producing countries included Saudi Arabia, Russia, and the U.S. The low-price environment has reduced the operating profits of almost all the oil & gas companies which resulted in reduced capital expenditures in 2016. This budget cut has largely affected the exploratory drilling activities mainly the offshore activities. The oil & gas industry is cyclical in nature and is currently experiencing a downturn. The low crude oil prices have created a demand for optimizing production from existing oilfields and to operate at an economical rate
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The industry is seeming to be fairly competitive. Some of the leading market players Hilong Group, National Oilwell Varco, Tenaris SA, Vallourec S.A, TMK Group, Oil Country Tubular Limited, Tejas Tubular Products Inc., Texas Steel Conversion Inc., DP Master, Drill Pipe International Llc and so on. The fierce competitiveness has made these players spend in product developments to improve the customer’s requirements.
Key findings of the study:
- North America is expected to continue to be the largest market by 2025.
- Asia-Pacific is the second largest market owing partly due to the shale related exploration activity in China and the offshore developments in the South China Sea region.
. Bizwit Research & Consulting LLP has considered following segments for the study:
- On shore
- Off Shore
- North America
- Asia Pacific
- Latin America
- Rest of the World