Horizontal Directional Drilling Market Size, Share & Trends Analysis Report By Machine Type, By Parts (Rigs, Pipes, Bits, Reamers), By Application, By End-use, By Region, And Segment Forecasts, 2021 - 2028
New York, Aug. 18, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Horizontal Directional Drilling Market Size, Share & Trends Analysis Report By Machine Type, By Parts, By Application, By End-use, By Region And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06129572/?utm_source=GNW
Horizontal Directional Drilling Market Growth & Trends
The global horizontal directional drilling market size is estimated to reach USD 14.86 billion by 2028, expanding at an estimated CAGR of 6.7% from 2021 to 2028. The rising emphasis on minimizing the environmental impact of drilling and boring activities, rapid urbanization, and the inconvenience caused to the public due to the increased open-cut utility installations are some of the key factors driving the Horizontal Directional Drilling (HDD) market growth.
Rising environmental concerns have contemplated regulatory bodies worldwide to create regulations that require organizations to minimize ecosystem exploitation. For instance, the U.S. Environmental Protection Agency (EPA) and Occupational Safety and Health Administration (OSHA) require that unconventional oil and gas exploration companies abide by the specified safety standards to minimize environmental damages, avoid occupational hazards, and ensure the management of wastewater and other wastes. Furthermore, increasing government investments in underground installations in utility and telecommunication sectors have increased the deployment of horizontal directional boring services. Subsequently, the complex data requirements, combined with the need for collaborative work operations at offshore and onshore sites, necessitate the high reliance of operators on robust telecommunications services. The rising need to offer better broadband connectivity and the demand for cloud-based services is compelling telecom operators to up their investments in modernized infrastructure, thereby contributing to the market growth.
The COVID-19 pandemic severely impacted the horizontal directional drilling machines industry due to workforce shortages and practical difficulties in implementing social distancing at equipment production sites.The consumption of diesel and petroleum products also reduced significantly in 2020 due to stringent movement restrictions, reducing the demand for upstream oil & gas activities.
However, government bailouts are expected to help revive the oil and gas industry, which is one of the leading contributors to the global economy. This is expected to create a sluggish recovery trajectory of the pandemic-fed depression on the market over the years to come.
Horizontal Directional Drilling Market Report Highlights
• In terms of HDD machine type, the rotary steerable system segment is projected to register a CAGR of close to 5.0% from 2021 to 2028. The rising demand for mud rotary drilling that is capable to create smooth boreholes in unconsolidated rock formations is expected to create opportunities for the rotary steerable system machine type over the forecast period
• In terms of end use, the oil and gas extraction segment dominated in 2020 with a revenue share of above 35.0% of the overall horizontal directional drilling services market. The prevalence of clean energy in an attempt to reduce the Green House Gas (GHG) emissions from fossil fuel consumption is likely to help in retaining the dominance of this segment over the forecast timeframe
• Owing to the longer lifespan of most offshore projects, the offshore segment accounted for a higher revenue share of over 55.0% of the overall market in 2020
Read the full report: https://www.reportlinker.com/p06129572/?utm_source=GNW
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