Global Horizontal Directional Drilling Market Analysis, Share, Size, Trends, Report and Forecast 2023-2028
The ‘Global Horizontal Directional Drilling Market Analysis, Share, Size, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global horizontal directional drilling market, assessing the market on the basis of its segments like technique types, components, applications, end uses, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Horizontal Directional Drilling Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): More Than USD 8.71 Billion
• Forecast CAGR (2023-2028): 6.78%
The increasing onshore oil and gas exploration activities and the growing emphasis on reducing disturbances during infrastructural development activities are driving the horizontal directional drilling market growth.
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In emerging economies in the Asia Pacific, the Middle East and Africa, and Latin America regions, the robust growth of the utility and oil and gas sectors is propelling the market for horizontal directional drilling. Governments in the region are also increasingly investing in oil and gas exploration activities amid the rising energy usage, which is likely to aid the demand for horizontal directional drilling in the forecast period.
With rising installations of cables, underground pipelines, and services, the utilisation of horizontal directional drilling is increasing. Besides, in open areas, including urban utility corridors and rural farmlands, horizontal directional drilling is deployed to efficiently drill pipes with precise angles, exits, and depths.
Horizontal Directional Drilling Industry Definition and Major Segments
Horizontal direction drilling, variously known as HDD, refers to a minimally invasive method that is aimed at installing underground utilities and paths. It uses tough and durable pipes to traverse harsh terrains and waterways. Moreover, horizontal direction drilling offers various benefits, including fast installation, cost-effectiveness, and less environmental disturbances, among others.
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The horizontal directional drilling market based on the technique type is bifurcated into:
• Rotary Steerable System
The market, on the basis of component, is divided into:
By application, the market is segmented into:
On the basis of end uses, the market is classified into:
The major regional markets of horizontal directional drilling include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Horizontal Directional Drilling Market Trends
The surging emphasis on sustainable drilling technologies is anticipated to support the horizontal directional drilling market. Besides, as horizontal directional drilling offers enhanced precision and lowered power consumption, its demand is likely to significantly increase.
The rising construction of highway bores, sewer lines, and tunnels, among others, is surging the demand for horizontal directional drilling to provide enhanced security and prevent environmental impact.
The increasing demand for fuel and energy in both developed and developing countries, expanding mining and utility infrastructure, and the surging rollout of 5G technology are expected to propel the horizontal directional drilling market development. Further, increasing research and development (R&D) activities in the telecommunications sector, coupled with growing utility installations, are likely to bolster the demand for horizontal directional drilling in the forecast period.
Key Market Players
The major players in the horizontal directional drilling market report are American Augers, Inc., Ellingson Companies, Herrenknecht AG, Ferguson Michiana Inc., and Creighton Rock Drill Ltd., among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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