Cutting Pipe Perforating Pipe Drilling Tools Market is expected to rise at a CAGR of 4%, with a value of USD 8.02 billion over the projected 2022-2030.
The global Cutting Pipe and Perforating Pipe Drilling Tools Market has been expected to rise at a CAGR of 4%, with a value of USD 8.02 billion over the projected 2022-2030.
The development of unconventional hydrocarbon resources is estimated to create the outlook for expansion of the cutting pipe and perforating pipe drilling tools market in the coming period. The leading factor of technical advancements in drilling activities is estimated to create opportunities that are likely to be highly viable in the forecast period. However, reducing dependence on standard fuels is predicted to bolster the cutting pipe and perforating pipe drilling tools market in the upcoming period. Cutting pipes and perforating pipe drilling tools are used in the oil & gas industry for cutting, cleaning, drilling, hole punching, and removing materials during the drilling activities involved in the exploration and production of oil and gas. Such equipment have applications in both onshore and offshore wells. They are essential to increase the reservoir capacity of oil wells.
The emphasis on innovation is estimated to rise in the coming years, as consumer needs have to be addressed better to ensure the resurgence of the global market. Also, the need to encourage businesses to include the environmental impact of their decisions is estimated to shape the development of the market in future. The need to mitigate losses sustained by the current public health crisis is estimated to be the sole focus of the market contenders in the upcoming years. The capability of contenders to influence change in the market is increasing at a stable rate in the impending period. The support from government bodies worldwide is rising because the market needs an extra stimulus to achieve normalcy in such a scenario.
The rising global demand for power is leading to the conventional oil and gas reserve depletion, resulting in the increased E&P of shale gas and other unconventional resources. Moreover, the technological advancements in the drilling activities lead to a rise in the E&P of oil and gas from unconventional hydrocarbon resources across the world. According to the US Energy Information Administration (EIA), the global production of natural gas from shale resources is expected to reach 168 billion cubic feet per day (Bcf/d) by 2040.Additionally, shale gas production is projected to account for 30% of the global natural gas production by the end of 2040. As the authorities in various countries across the world, such as the US, India, and Saudi Arabia, are planning to reduce dependence on conventional fuels, the production of shale gas. For instance, as per US EIA, the US, Mexico, Canada, Argentina, China, and Algeria are expected to have a share of 70% of the total shale production by 2040, globally. Moreover, in the US, the companies in the oil & gas industry aim to increase shale production to 79 Bcf/d by 2040 from 37 Bcf/d recorded in 2015, contributing to nearly 70% of the total production of natural gas in the US. As the conventional oil and gas resources are depleting, stakeholders in the oil & gas industry are seeking opportunities to explore unconventional hydrocarbon resources, which is expected to increase the demand for cutting pipe and perforating pipe drilling tools.
The global Cutting Pipe and Perforating Pipe Drilling Tools Market is both fragmented & also competitive for the presence of numerous international and also domestic industry players. Such key players have incorporated various innovative strategies for remaining at the vanguard and catering to the esteemed clients' burgeoning needs, including partnerships, contracts, collaborations, new product launches, geographic expansions, joint ventures, etc.
The Global Cutting Pipe and Perforating Pipe Drilling Tools Market Top Manufacturers are Halliburton, Schlumberger Limited, General Electric, ABS Group, Hunting Plc, and Rubicon Oilfield Products Limited, MCR Oil Tools, LLC, CR Tools Sheffield, DWT GmbH, and LBT Enterprises Ltd.
The Global Cutting Pipe and Perforating Pipe Drilling Tools Market is segmented based on product, application, and region. By product, the global market is segmented into milling cutters, torch, abrasives, water jets, and others. Based on application, the global cutting pipe and perforating pipe drilling tools market has been divided into onshore and offshore.
Geographically, the global cutting pipe and perforating pipe drilling tools market is segmented as Europe, North America, the Middle East & Africa, Asia-Pacific, and South America. North America is poised to hold a majority of the share of the market during the forecast period, owing to the rising energy consumption and E&P of oil and gas. As per the data furnished in the BP Statistical Review of World Energy Report, 2019, the primary energy consumption per capita of North America in 2018 has increased by 1.9% as compared to the previous year. In addition to this, according to the data of Baker Hughes International Rig Count, 2019, the rig count in North America increased to 1,223 rig counts in 2018 from 1,082 in 2017. The increase in the E&P of oil and gas surges the demand for cutting pipes and perforating pipe drilling tools that are used in the extraction of oil and gas for various applications such as drilling the well, cutting pipes, and oil and gas production. Such factors are expected to drive the growth of cutting pipe and perforating pipe drilling tools market in North America during the review period.
The report for the global cutting pipe and perforating pipe drilling tools market of Market Research Future research covers extensive primary research. This is accompanied by a detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historic and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
|CAGR||4% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Halliburton (US), Schlumberger Limited (US), General Electric (US), ABS Group (India), Hunting Plc (UK), Rubicon Oilfield Products Limited (US), MCR Oil Tools, LLC (US), CR Tools Sheffield (UK), DWT GmbH (Germany), and LBT Enterprises Ltd. (US).|
|Key Market Opportunities||Growth in drilling activities|
|Key Market Drivers||
An optimistic 4% CAGR level is forecasted for the global market in the approaching period.
C.R. Tools Sheffield (U.K.), MCR Oil Tools, LLC (U.S.), DWT GmbH (Germany) are the substantial players in the market.
Growth in drilling activities is likely to induce further opportunities in the market.
An intensifying momentum in the revenue potential is foreseen in the upcoming period.
The majority market stake is under the control of the North American region in the forecast period.