(http://www.researchandmarkets.com/research/vxjsm2/drill_pipe_market) has announced the addition of the “Drill Pipe Market by Grade (API, Premium), Application (Onshore, Offshore), & Geography – Global Trends & Forecasts to 2019” report to their offering.
The global drill pipe market is estimated to reach $1.71 billion by 2019, with a projected CAGR of 7.9%, signifying steady increase in demand.
Drill pipes are critical for any drilling and exploration activity carried onshore or offshore. They are used extensively worldwide at drilling sites for drilling through the rock formations. The high world energy demand and rise in population are forcing to companies drill as deep as possible and in challenging geological conditions. The shale boom in North America and other regions have again fueled the growth of drill pipes. The largest application area for drill pipe is onshore as most of the drilling activities are carried onshore. The major countries for the drill pipe market are U.S., China, and Russia where most of the drilling activities are taking place.
Global drill pipe market is witnessing a high growth due to increase in the exploration and production activities in complex geological formations and harsh environments such as the Arctic. The report categorizes the drill pipe market, by grade- API and premium grade, by application- onshore and offshore, & by geography.
The global drill pipe market is witnessing a decent growth based on the rising world energy demand, shale boom, and deep water drilling activities. The biggest markets for drill pipes are North America, Asia-Pacific, and Europe. Shale gas is widely expected to bridge the energy gap between the supply and demand. China started the production of the shale gas in 2012 and is showing promising results in terms of shale gas production. Moreover, European countries such as the U.K., Lithuania, and Poland have shown keen interest in promoting shale gas.
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