LONDON, April 24, 2017 /PRNewswire/ -- Rising investment in E&P activities across various unconventional energy sources to meet growing energy demand is expected to drive the market over the next nine years.
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Air core drilling is widely used in soft rock and soil formations that do not need heavy machinery to drill to the desired depth. Air core drilling takes longer time than other conventional techniques as the process is more accurate. In addition, the technique functions at water devoid, mature geographical areas and hydrogen sulfide zones which is anticipated to limit its usability.
The techniques primarily used by mining companies which are looking for minerals that are well below the surface as it can reach depths up to 300 meters. Additional benefits of this method include instant switch between complimentary drill bits, continuous sample returns, and reduced times in moving between boreholes which maintain the ore grade of the mineral samples.
Further key findings from the report suggest:
· The global air core drilling demand exceeded USD 900 million in 2015 and is estimated to grow at a CAGR of 5.0% from 2016 to 2025.
· Nitrogen membrane drilling is anticipated to grow at the highest CAGR of 5.7% from 2016 to 2025 owing to the ability to reduce chances of down hole fires and operating costs.
· Dust drilling demand in the U.S. is estimated to exceed USD56.3 million by 2025. High demand for this technique may be attributed to a large number of mature sedimentary basins in the country.
· The Asia Pacific air core drilling industry is expected to grow at the highest CAGR of 5.9% from 2016 to 2024 owing to a large number of upcoming E&P projects and the presence of huge untapped hydrocarbon reserves.
Key players include Schlumberger, Atlas Copco, Baker Hughes, Weatherford, Allis Chalmers and Halliburton.
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