PUNE, India, November 6, 2015 /PRNewswire/ --
The report "Drill Pipe Market by Application (Onshore and Offshore), by Grade (American Petroleum Institute (API) Grade and Premium Grade), and by Region (North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa) - Global Trends & Forecast to 2020" published by MarketsandMarkets, The Global Drill Pipe Market is expected to cross USD 1.13 Billion by 2020 at a CAGR of 3.8%.
Browse 81 market data Tables and 43 Figures spread through 144 Pages and in-depth TOC on "Drill Pipe Market"
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The market report defines and segments the Drill Pipe Market with analysis and forecast of the global E&P revenue and applications. It also identifies driving and restraining factors for the drill pipe market, with an analysis of trends, opportunities, burning issues, and winning imperatives.
The Global Drill Pipe Market is expected to cross USD 1.13 Billion by 2020 at a CAGR of 3.8%. The growth of the energy demand coupled with the declining production in onshore fields will drive the demand for new drilling particularly in the offshore region. Apart from this, latest advances in the drilling technologies such as horizontal drilling and pad drilling has increased the drilling efficiency and reduced the drilling rig downtime which has facilitated faster drilling operations. This will create more demand for drilling equipment including drill pipe during the forecast period.
Although, the market size of API grade drill pipe is large, the growth in the premium grade drill pipe segment is higher. This is due to the increase in exploration activity in deepwater and ultra deepwater regions mainly in regions such as Europe and Africa where recent oil & gas discoveries have occurred in the offshore regions. Premium grade drill pipe is ideally suited for the purpose of deepwater exploration as it can withstand high pressure as well as high temperature conditions.
Onshore applications occupy the larger market size but the offshore regions show higher growth rate due to the increase in offshore drilling activity in regions such as Africa and the Middle East. Meanwhile, the development of unconventional reserves such as shale reserves, coal bed methane, and tar sands will drive the onshore drill pipe market.
Drill Pipe Market is driven by the increasing global petroleum consumption which grew from 91.28 Million barrels per day in 2013 to reach 92.45 Million barrels per day in 2014. Moreover, the declining production from onshore fields along with the discoveries of large petroleum reserves in offshore regions is expected to drive the future growth of drill pipe market.
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The report covers major market players such as National Oilwell Varco (U.S.), Hilong Group (China), Vallourec S.A. (France), Tenaris S.A. (Luxembourg) among others. These companies together occupy more than three fourths of the drill pipe market.
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