SAN FRANCISCO, Aug. 17, 2021 /PRNewswire/ -- The global horizontal directional drilling market size is estimated to reach USD 14.86 billion by 2028, expanding at an estimated CAGR of 6.7% from 2021 to 2028, according to a new report by Grand View Research, Inc. The rising emphasis on minimizing the environmental impact of drilling and boring activities, rapid urbanization, and the inconvenience caused to the public due to the increased open-cut utility installations are some of the key factors driving the Horizontal Directional Drilling (HDD) market growth.
Key Insights & Findings:
- In terms of HDD machine type, the rotary steerable system segment is projected to register a CAGR of close to 5.0% from 2021 to 2028. The rising demand for mud rotary drilling that is capable to create smooth boreholes in unconsolidated rock formations is expected to create opportunities for the rotary steerable system machine type over the forecast period
- In terms of end use, the oil and gas extraction segment dominated in 2020 with a revenue share of above 35.0% of the overall horizontal directional drilling services market. The prevalence of clean energy in an attempt to reduce the Green House Gas (GHG) emissions from fossil fuel consumption is likely to help in retaining the dominance of this segment over the forecast timeframe
- Owing to the longer lifespan of most offshore projects, the offshore segment accounted for a higher revenue share of over 55.0% of the overall market in 2020
Read 250 page market research report, "Horizontal Directional Drilling Market Size, Share & Trends Analysis Report By Machine Type, By Parts (Rigs, Pipes, Bits, Reamers), By Application, By End-use, By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research
Rising environmental concerns have contemplated regulatory bodies worldwide to create regulations that require organizations to minimize ecosystem exploitation. For instance, the U.S. Environmental Protection Agency (EPA) and Occupational Safety and Health Administration (OSHA) require that unconventional oil and gas exploration companies abide by the specified safety standards to minimize environmental damages, avoid occupational hazards, and ensure the management of wastewater and other wastes. Furthermore, increasing government investments in underground installations in utility and telecommunication sectors have increased the deployment of horizontal directional boring services. Subsequently, the complex data requirements, combined with the need for collaborative work operations at offshore and onshore sites, necessitate the high reliance of operators on robust telecommunications services. The rising need to offer better broadband connectivity and the demand for cloud-based services is compelling telecom operators to up their investments in modernized infrastructure, thereby contributing to the market growth.
The COVID-19 pandemic severely impacted the horizontal directional drilling machines industry due to workforce shortages and practical difficulties in implementing social distancing at equipment production sites. The consumption of diesel and petroleum products also reduced significantly in 2020 due to stringent movement restrictions, reducing the demand for upstream oil & gas activities. However, government bailouts are expected to help revive the oil and gas industry, which is one of the leading contributors to the global economy. This is expected to create a sluggish recovery trajectory of the pandemic-fed depression on the market over the years to come.
Grand View Research has segmented the global horizontal directional drilling market based on machine type, parts, application, end-use, and region:
- HDD Machine Type Outlook (Revenue, USD Billion, 2018 - 2028)
- Conventional
- Rotary Steerable System
- HDD Machine Parts Outlook (Revenue, USD Billion, 2018 - 2028)
- Rigs
- Type
- Mini
- Midi
- Maxi
- Sales
- New sales
- Aftermarket
- Pipes
- Bits
- Reamers
- Others
- HDD Services Application Outlook (Revenue, USD Billion, 2018 - 2028)
- Onshore
- Offshore
- HDD Services End-use Outlook (Revenue, USD Billion, 2018 - 2028)
- Oil & Gas Extraction
- Utility
- Telecommunication
- Others
- HDD Machines and Services Regional Outlook (Revenue, USD Billion, 2018 - 2028)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia-Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- Middle East & Africa (MEA
- KSA
- UAE
- Kuwait
List of Key Players of the Horizontal Directional Drilling Market
- Nabors Industries Ltd.
- The Toro Company
- The Charles Machine Works, Inc.
- Vermeer Corporation
- Herrenknecht AG
- XCMG
Browse through Grand View Research's coverage of the Global HVAC & Construction Industry:
- Oil & Gas Drill Bit Market-Global drill bits for oil and gas market size was estimated to be 2,835.0 hundred units in 2014. High rate of fossil fuel extraction to meet the surging global energy demand has been a major factor driving the market growth over the past few years.
- Coiled Tubing Market-The global coiled tubing market size was valued at USD 3.25 billion in 2019 and is predicted to expand at a significant CAGR of 4.8% from 2020 to 2027.
- Rotary Hammer Drill Market-The global rotary hammer drill market size was estimated at USD 1.41 billion in 2018 and is anticipated to register a CAGR of 3.7% during the forecast period.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
Follow Us: LinkedIn | Twitter
Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg
