Pune, India, June 2020, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Cutting Pipe and Perforating Pipe Drilling Tools Market.
Increasing drilling activities and developing unconventional hydrocarbon resources are the factors driving the growth of the global cutting pipe and perforating pipe drilling instruments market. The rising demand for oil and gas exploration & development (E&P) due to the growing demand for resources is contributing to an increase in the number of drilling operations worldwide.
The growth in oil and gas demand can be attributed to the strengthening of the global economic conditions. In addition, according to the aforementioned report, the world's use of natural gas for electricity generation grew by 3.86 percent in 2018 compared to 2017. An rise in oil and gas supply due to the increasing demand has led to a rise in exploration activities worldwide. This rise in oil and gas E&P has led to a worldwide surge in drilling activities.
The increasing global demand for electricity contributes to the decline of traditional oil and gas supplies, leading to the expanded E&P of shale gas and other unconventional resources. In addition, the technological advances in drilling activities lead to an increase in oil and gas emissions from unconventional hydrocarbon resources worldwide.
Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Cutting Pipe Perforating Pipe Drilling Tools Market Research Report
The demand for global cutting pipe and perforating pipe drilling tools is segmented according to model, application , and region. The global market is segmented by product into milling cutters, torches, abrasives, water jets, and others. The use of abrasives improves the efficiency and effectiveness of the tools used in oil and gas extraction. Abrasives are used in many applications in the oil & gas industry, for example in grinding, cutting and finishing. The global market for cutting pipe and perforating pipe drilling tools was split into onshore and offshore based on application. Onshore exploration activities are increasing globally at a steady pace and include cutter milling, torch, water jets, and other components during drilling operations. This is a factor expected to drive the onshore segment over the period of forecast. Seeing that onshore oil and gas output is rising substantially, the onshore segment is projected to see substantial growth over the forecast period.
Geographically , the global market for pipe cutting and pipe perforation drilling tools is segmented as Europe , North America, Middle East & Africa, Asia-Pacific and South America. Due to rising energy consumption and oil and gas E&P, North America is poised to hold a majority of the market share through the forecast period. According to the evidence presented in the 2019 BP Statistical Analysis of the World Energy Survey, North America's primary energy consumption per capita rose by 1.9 per cent in 2018 relative to the previous year. However, according to data from Baker Hughes International Rig Count, 2019, North America's rig count rose from 1,082 in 2017 to 1,223 rig counts in 2018. The increase in oil and gas E&P increases demand for cutting pipes and perforating pipe drilling tools that are used in oil and gas extraction for various applications such as well drilling , cutting pipes, and production of oil and gas. These factors are projected to fuel development in the North American market for pipe cutting and perforation drilling equipment during the forecast period.
The Prominent Players operating in The Global Cutting Pipe and Perforating Pipe Drilling Tools Market are Schlumberger Limited (US), ABS Group (India), Halliburton (US), Hunting Plc (UK), General Electric (US), Rubicon Oilfield Products Limited (US), CR Tools Sheffield (UK), MCR Oil Tools, LLC (US), DWT GmbH (Germany), and LBT Enterprises Ltd. (US).