The global Horizontal Directional Drilling (HDD) market size was USD 9.89 Billion in 2022 and is expected to register a revenue CAGR of 6.1% over the forecast period, according to the latest report by Reports and Data.
The horizontal directional drilling market is experiencing revenue growth due to factors such as the rise in urbanization and industrialization in emerging countries like China, India, and Brazil. The need for infrastructure development such as roads, bridges, and airports in these countries is driving the demand for HDD equipment. Furthermore, the increasing consumption of electricity and the adoption of renewable energy sources such as wind and solar power are also driving the HDD market's growth in the power transmission sector.
Another factor driving the growth of the horizontal directional drilling market is the increasing need for pipelines and cables to transport water, gas, and oil. The key driver of HDD demand in the oil and gas sector is a growth in exploration and production operations, primarily in the Middle East and North America. The increased need for high-speed internet access and the growing usage of cloud computing are also driving demand for HDD in the telecom industry.
Additionally, the growing importance of minimizing carbon emissions and enhancing energy efficiency is a significant factor propelling the expansion of the horizontal directional drilling (HDD) industry. Various end-user sectors are adopting HDD machinery due to its advantages, including reduced environmental impact, cost efficiency, and minimal disruption to the surrounding ecosystem.
Get a sample of the report @ https://www.reportsanddata.com/download-free-sample/6007
Some of the prominent players profiled in the global Horizontal Directional Drilling (HDD) market include Baker Hughes Company, Schlumberger Limited, Halliburton Company, Weatherford International plc, China National Petroleum Corporation, National Oilwell Varco, Inc., Nabors Industries Ltd., General Electric Company, Transocean Ltd., and TechnipFMC plc.
Some Key Highlights from the Report
- The most significant revenue is expected to come from the conventional segment, which is widely used in the oil and gas industry, particularly for drilling lengthy horizontal wells. These methods are cost-effective and straightforward to operate, making them a preferred option among businesses. Moreover, they are widely accessible and require less maintenance, reducing operational costs. These factors are driving the growth of this segment's revenue.
- During the forecast period, the oil and gas segment is expected to be the top revenue-generating industry, primarily due to the rising worldwide demand for oil and gas, coupled with the need to extract them from unconventional sources like shale rock formations. To recover oil and gas from such sources, the industry employs a drilling technique called horizontal directional drilling, which enables the drilling of long horizontal wells in hard-to-reach areas, thereby reducing the environmental impact of the drilling process. This technique also enhances the drilling operation's efficiency and reduces overall production costs.
- During the forecast period, the North American market is predicted to generate the highest revenue share. This can be attributed to the increased use of cutting-edge drilling equipment and techniques, as well as the rising demand for efficient and cost-effective drilling solutions. The horizontal directional drilling sector in the United States is expanding as a result of the shale boom and growing demand for oil and natural gas. North America has emerged as a significant global producer of oil and gas, and this trend is expected to continue in the foreseeable future. As infrastructure development initiatives such as highways and railways expand, so too is the demand for horizontal directional drilling, which is a crucial trenchless pipeline installation method. The Canadian oil and gas sector is also booming, making a significant contribution to the country's economy and driving market growth in the region. Furthermore, the government's efforts to support the energy industry's expansion and growth are expected to increase demand for advanced drilling technologies, such as horizontal directional drilling, in this area.
- In 2021, Schlumberger Limited launched a new technology called the PowerDrive Orbit rotary steerable system, aimed at improving the efficiency of directional drilling in challenging rock formations that are hard and abrasive. This advanced drilling method is designed to increase the efficiency of well drilling while also reducing associated costs.
- In 2021, Baker Hughes Corporation acquired ARMS Reliability, an Australian company that focuses on offering software and consulting services related to reliability engineering. This acquisition has strengthened Baker Hughes' digital capabilities in the oil and gas industry, particularly in the HDD market.
To know more about the report, visit @ https://www.reportsanddata.com/report-detail/horizontal-directional-drilling-hdd-market
For the purpose of this report, Reports and Data has segmented the global Horizontal Directional Drilling (HDD) market on the basis of Type Outlook, Application Outlook, and Regional Outlook:
Product Type Outlook (Revenue, USD Billion; 2022 - 2032)
- Conventional
- Rotatory Steerable System
Application Outlook (Revenue, USD Billion; 2022 - 2032)
- Oil Gas
- Telecom Fiber Optic
- Water Management
- Electricity
- Others
Regional Outlook (Revenue, USD Billion; 2022-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
Request a customization on the report @ https://www.reportsanddata.com/request-customization-form/6007
Thank you for reading our report. For more inquiry or query on customization, kindly get in touch with us. Our team will ensure you get the best report suited to your needs.
Read Our Related Reports:
https://bihouse.ru/bitrix/redirect.php?goto=https://www.reportsanddata.com/
http://old.roofnet.org/external.php?link=https://www.reportsanddata.com/
http://www.assnavi.com/link/out.cgi?URL=https://www.reportsanddata.com/
http://fuckundies.com/cgi-bin/out.cgi?id=105l=top_topreq=1t=100tu=https://www.reportsanddata.com/
About Us:
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyse consumer behaviour shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Power and Energy, and Chemicals. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market.
Contact Us:
John W
Head of Business Development
Reports and Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: sales@reportsanddata.com
Read Our Innovative Blogs @ https://www.reportsanddata.com/blogs
