Global
Wired Drill Pipe Market Synopsis:
According to Market Research Future (MRFR)’s
assessment, the Global
Wired Drill Pipe Market has been projected to strike a CAGR of 3.2%
during the forecast period. The market has been prognosticated to reach a
valuation of USD 1.1 Bn towards the end of 2023. The towering demand for
real-time data from the wellbore is the
primary factor responsible for driving the growth of the wired drill pipe
market over the next couple of years.
The increasing exploration of gas is likely to augment
the market in the years to come. With the emergence of technological
advancements, the demand for precise data for enhancing operational efficiency
has been skyrocketing. Also, the need for replacing the conventional systems is
expected to boost the growth pattern of the wired drill pipe market across the
review period.
Wired drill pipes not only escalate transmission of data but also speeds up the assessment of the
transmitted data. It facilitates decision-making
process while reducing operational costs. This,
in turn, is anticipated to catalyze the growth of the wired drill pipe
market in the years to come.
The rising
activities in the exploration of shale gas are
forecasted to accelerate revenue creation for market participants. According to
a published statistical observation, the U.S. is projected to produce 33.35
trillion cubic feet of shale gas in the year 2050. The opportunities unleashed
by the exploration is likely to proliferate
the wired drilled pipe market through the projection
period. On the flip side, the high initial cost of setting up or
replacement of existing drill pipe is expected to check the expansion of the
market across the assessment period.
Global
Wired Drill Pipe Market Segmentation:
By location, the global wired drill pipe market has
been segmented into onshore, and offshore.
By component type, the wired drill pipe market has been segmented into telemetry, electrical
conductors, electrical transmitters, pressure sensors, and others.
By Application, the global wired drill pipe market has
been segmented into data collection,
managed pressure drilling, and wellbore integrity in deep ultra-depleted
reservoirs.
Regional
Analysis:
The global wired drill pipe market, by region, has
been segmented into North America, Europe, Asia
Pacific, and the Rest of the World (RoW).
North America is
the largest market for wired drill pipes, majorly owing to the accelerated
shale gas exploration activities. The U.S. is presumed
to lead the expansion of the regional market in the years to come. The
region is presumed to account for around
40% of the world’s drilling activity at present. The report suggests that the
wired drill pipe market in North America is set to remain highly lucrative in
the foreseeable future. The region resonates an intensified need for the
replacement of conventional technology which is poised to drive the expansion
of the wired drill pipe market over the assessment period.
Competitive
Dashboard:
The important
players of the global wired drill pipe market profiled in this MRFR report are
Baker Hughes (U.S.), The Halliburton Company (U.S.), Schlumberger Limited
(U.S.), IntelliServ (NOV) (U.S.), and Weatherford International PLC (U.S.).
Industry
News:
In December 2018, Equinor,
a Norwegian multinational energy company, has awarded a contract to National
Oilwell Varco (NOV), an American multinational corporation, and Schlumberger, the
world's largest oilfield services company, for the delivery of wired drill
pipes to the global fleet of offshore drilling rigs.
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