Horizontal Directional Drilling Market Size:
Size of the global horizontal directional drilling market size was valued at USD XX billion in 2018 & is expected to reach $ 14.65 billion by 2022, with a CAGR of more than 11.80 % till 2022.
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Horizontal Directional Drilling Market Drivers & Restraints:
The horizontal boring machines use a drilling fluid, which greases and steadies the bore, and also transports the mined material in suspension. Drill pipe and down whole tools are mostly exchangeable. The obvious factors that are playing major role advancing the growth of the horizontal directional drilling market are expanding demand from utilities such as electricity distribution and telecommunication industry natural gas distribution, and increased prominence of the environment-friendly trenchless technology and augmented demand from different sections.
On the other hand, the major restraining aspects of market growth are lack of skilled operators and contractors that lack the knowledge of selecting drill heads, reaming devices, and drill fluid well-suited with the conditions come across. However, the telecommunication segment is expected to grow at a lucrative rate over the forecast period. This is mainly due to the flow in optic fiber and telecommunication lines to address the growing demand for high-speed broadband.
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Geographic Segmentation of Horizontal Directional Drilling Market:
Based on geography, the global horizontal directional drilling market is segmented, into Asia Pacific, Latin America, North America, Europe, and the Middle East and Africa. North American region registered the highest market share of the Horizontal Directional Drilling Industry in terms of revenue, where the reason for growth is increasing macroeconomic outlook with increasing consumer spending is determined to encourage HDD industry partners to increase the number of equipment and service outlets in the US. However, the agents that are demanded to lift the sales in this region are increasing capital investment and non-residential construction expenditure.
Asia Pacific is projected to grow at significant CAGR over the forecast period, owing to low labor cost and high infrastructural development in the emerging regions such as India, China, and Singapore. Additionally, it is expected that Europe will also come up with huge growth. This is mainly due to the growing demand for new construction joined with spare of outdated creation.
key players in Horizontal Directional Drilling Market:
• Apache Corporation
• Chevron Corporation
• Royal Dutch Shell Plc
• Schlumberger Ltd
• Baker Hughes Inc
• China Oilfield Services
• Anadarko Petroleum Corporation
• BP PLC
• Exxon Mobil Corporation
• Halliburton Co
• Weatherford International
• Nabors Industries Ltd
Horizontal Directional Drilling Market Segmentation:
• Conventional rotating
• Rotating system
• Drilling Measurement (MWD) and Study
• Logging during Drilling (LWD)
• Rotating Rotary System (RSS)
• North America
• Middle East & Africa
• South America
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