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The borehole enlargement systems market share is expected to increase to USD 310.26 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 3.73%.
This borehole enlargement systems market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers borehole enlargement systems market segmentation by application (onshore and offshore) and geography (North America, Europe, South America, APAC, and Middle East and Africa). The borehole enlargement systems market report also offers information on several market vendors, including Atlas Copco AB, Baker Hughes Co., DRILLING TOOLS INTERNATIONAL, DRILLSTAR INDUSTRIES, EasyDrill LLC, Halliburton Co., Hole Opener Corp., NOV Inc., Oilfields Supply Center Ltd., Paradigm Group BV, Radius Service LLC, Redback Drilling Tools, Reservoir Group, Sandvik AB, Schlumberger Ltd., Schoeller Bleckmann Oilfield Equipment AG, The Industrialization and Energy Services Co.KSA, Weatherford International Plc, Wenzel Downhole Tools, and Western Drilling Tools Inc. among others.
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The rise in oil and natural gas demand is notably driving the borehole enlargement systems market growth, although factors such as the change in energy mix may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the borehole enlargement systems industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Borehole Enlargement Systems Market Driver
One of the key factors driving growth in the borehole enlargement systems market is the rise in oil and natural gas demand. There has been rapid growth in global energy demand in recent years due to robust economic growth. Almost 70% of the projected increase in global energy demand is in emerging markets and developing economies, such as India and China, where demand is set to rise to 3.4% above 2019 levels. As the demand for oil and gas is increasing, there is a need to explore and produce oil and gas from new reservoirs as the existing reservoirs have started to mature or deplete. In the last decade, global natural gas consumption has also seen a significant rise because of the increasing adoption of natural gas as a fuel. Furthermore, with the increased consumption of fuel from developing economies such as India and China, the demand for natural gas is likely to rise. Therefore, the rise in oil and gas E and P activities will increase the requirement for borehole enlargement systems.
Key Borehole Enlargement Systems Market Trend
The emergence of laser drilling technology in the oil and gas industry is a borehole enlargement systems market trend that is expected to have a positive impact in the coming years. Mechanical drilling has been the traditional method of drilling in oil and gas production for many decades. However, penetrating the hard rocks requires applying many tons of weight to press down on the drill. As a result of this, the bits wear out quickly, which can make drilling uneconomical when it comes to the oil and gas fields capped by hard rocks. Laser drilling offers various advantages such as precision drilling, an increased rate of penetration, a single-diameter borehole, high accuracy, and a reduction in the drilling time when drilling through hard formations. The compact design will assist in mobility and save time. Therefore, laser drilling systems have the potential to revolutionize the oil and gas industry, which will positively impact the global borehole enlargement systems market.
Key Borehole Enlargement Systems Market Challenge
The change in the energy mix will be a major challenge for the borehole enlargement systems market during the forecast period. The growing economic development and global population, especially in Asian countries, have led to a rise in the demand for power. Fossil fuels have a leading position in the energy mix, but burning fossil fuels for power generation increases the volume of greenhouse gas (GHG) emissions into the atmosphere. As a result of the increase in the emissions of GHG, governments across the world have started focusing on sustainable and renewable energy resources such as wind, solar, and biomass, which will reduce GHG emissions. The result is the diversification of energy supply resources, with renewables occupying a significant share of the world energy mix. The increasing mandates on the use of renewable energy resources by governments across the world have also led to an increase in the share of renewables in the global energy mix. This will adversely affect oil and gas E and P activities, which, in turn, will limit the adoption of borehole enlargement systems.
This borehole enlargement systems market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global borehole enlargement systems market as a part of the global oilfield equipment and services within the global oil and gas market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the borehole enlargement systems market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the borehole enlargement systems market encompasses successful business strategies deployed by the key vendors. The borehole enlargement systems market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
atlascopco.com - The company offers a drill air drilling solution that has been designed with high pressure, dynamic flow boost, stage four compliance, and extended pressure range to enhance productivity, thus contributing to higher profitability during drilling operations.
atlascopco.com - Under the compressor technique segment, the company offers compressed air solutions, industrial compressors, gas and process compressors and expanders, air and gas treatment equipment, air management systems, and service through a global network.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The borehole enlargement systems market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the borehole enlargement systems market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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28% of the market's growth will originate from South America during the forecast period. Argentina is the key market for borehole enlargement systems in South America. Market growth in this region will be faster than the growth of the market in other regions.
The increasing production of refinery products, crude oil, and natural gas will require additions to the borehole enlargement systems for various consumers. This will facilitate the borehole enlargement systems market growth in South America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the COVID-19 pandemic negatively impacted the growth of the market in the region. Several oil and gas projects were delayed or canceled in the region due to the pandemic. The delays in oil and gas projects negatively impacted the demand for borehole enlargement systems in 2020. Moreover, the initiation of large-scale vaccination drives led to the lifting of lockdown measures in 2021. This has resulted in the resumption of production activities, which has increased the demand for borehole enlargement systems in the region. Thus, the regional borehole enlargement systems market is expected to grow during the forecast period.
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The borehole enlargement systems market share growth by the onshore segment will be significant during the forecast period. The key factor that drives the growth of onshore oil and gas production is its lower cost of E&P activities compared with offshore oil and gas production. Upstream oil and gas equipment companies are developing seismic survey technologies and increasing investments in R&D to improve the efficiency of surveys, which is increasing the number of oil exploration activities across the world.
This report provides an accurate prediction of the contribution of all the segments to the growth of the borehole enlargement systems market size and actionable market insights on post COVID-19 impact on each segment.
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Borehole Enlargement Systems Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.73% |
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Market growth 2022-2026 |
$ 310.26 million |
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Market structure |
Fragmented |
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YoY growth (%) |
2.89 |
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Regional analysis |
North America, Europe, South America, APAC, and Middle East and Africa |
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Performing market contribution |
South America at 28% |
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Key consumer countries |
US, Canada, China, Russia, and Argentina |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Atlas Copco AB, Baker Hughes Co., DRILLING TOOLS INTERNATIONAL, DRILLSTAR INDUSTRIES, EasyDrill LLC, Halliburton Co., Hole Opener Corp., NOV Inc., Oilfields Supply Center Ltd., Paradigm Group BV, Radius Service LLC, Redback Drilling Tools, Reservoir Group, Sandvik AB, Schlumberger Ltd., Schoeller Bleckmann Oilfield Equipment AG, The Industrialization and Energy Services Co.KSA, Weatherford International Plc, Wenzel Downhole Tools, and Western Drilling Tools Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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