The rise in demand for energy and infrastructure development initiatives, particularly in developing countries, is a key factor driving market revenue growth.
The global 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.
Get a sample of the report: https://www.reportsanddata.com/sample-enquiry-form/6007
Top Lading Players:
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.
Segments covered in the report:
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
Ask for Customize Research Report: https://www.reportsanddata.com/request-customization-form/6007
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
Browse More Related Research Reports:
Automotive Plastic Market https://www.reportsanddata.com/report-detail/automotive-plastic-market
Microbial and Bacterial Cellulose Market https://www.reportsanddata.com/report-detail/microbial-and-bacterial-cellulose-market
ETFE Market https://www.reportsanddata.com/report-detail/etfe-ethylene-tetrafluoroethylene-market
Poly-Vinylidene Dichloride (PVDC) Coated Films Market https://www.reportsanddata.com/report-detail/poly-vinylidene-dichloride-pvdc-coated-films-market
Protective Packaging Market https://www.reportsanddata.com/report-detail/protective-packaging-market
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 analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
Contact Us:
John W
Head of Business Development
Reports And Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: [email protected]
LinkedIn | Twitter | Blogs | Insights
Read the innovative blog at https://www.reportsanddata.com/blogs
Check out our upcoming research report at https://www.reportsanddata.com/upcoming-reports
