IMARC Group, a leading market research company, has recently releases report titled “Horizontal Directional Drilling Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global horizontal directional drilling market share, size, growth, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Horizontal Directional Drilling
Horizontal directional drilling (HDD) refers to the method that is designed to precisely carry out drilling operations and reverse ream the appropriate pipe. It comprises rigs, bits, reamers, and pipes for installing underground cycles with minimal environmental damage. It assists in avoiding various obstructions on the path while causing minimal collateral harm to subterranean ecosystems. It also aids in increasing stability, enhancing device management, and improving treatment and monitoring outcomes. As a result, HDD is widely employed in the oil and gas, utility, and telecommunication industries across the globe.
How Big Is the Horizontal Directional Drilling Market?
The global horizontal directional drilling market size reached US$ 9.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 12.7 Billion by 2028, exhibiting a growth rate (CAGR) of 5.4% during 2023-2028.
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What are the growth prospects and trends in the horizontal directional drilling industry?
Presently, the rising utilization of HDD for hydraulic fracturing to increase the production of oil and natural gas from thin oil zones around the world represents one of the primary factors strengthening the market growth. Besides this, the growing adoption of HDD, as it requires less space and suitable projects in crowded areas worldwide, is offering a positive market outlook.
Apart from this, the rising demand for natural gas and electricity for distribution purposes from middle and upper pipeline lines are propelling the growth of the market. Moreover, the increasing utilization of HDD for surveying, designing, and constructing underground cables for the installation of underground electrical telecommunication systems is impelling the growth of the market.
Furthermore, the rising demand for HDD due to increasing environmental concerns among the masses is contributing to the growth of the market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Technique:
- Conventional
- Rotary Steerable System
Breakup by Parts:
- Rigs
- Pipes
- Bits
- Reamers
Breakup by Application:
- On-shore
- Off-shore
Breakup by End User:
- Oil and Gas Excavation
- Utility
- Telecommunication
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Baker Hughes Company, Barbco Inc., China Oilfield Services Limited (China National Offshore Oil Corporation), Ellingson Companies, Halliburton Company, Helmerich & Payne Inc., Herrenknecht AG, Nabors Industries Ltd., NOV Inc., Schlumberger Limited, The Toro Company, Vermeer Corporation and Weatherford International plc.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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