Horizontal Directional Drilling Market to Reach USD 16.77 Billion by 2030 Increasing Demand for Oil and Gas Exploration across Regions | Exclusive Research by SNS Insider
The increasing investments in infrastructure development by governments and private organizations are expected to drive the demand for horizontal directional drilling.
Pune, March 29, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider, the Horizontal Directional Drilling Market was assessed at USD 9.54 billion in 2022 and is projected to attain USD 16.77 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 7.3% during the estimated duration from 2023 to 2030.
Market Overview
Horizontal directional drilling is an important technique in the construction and installation of underground utilities. Its ability to minimize surface disruption, increase safety, and provide precise placement makes it a valuable tool in a variety of industries. HDD can also be used to install utilities in environmentally sensitive areas, such as wetlands or protected habitats, with minimal disturbance to the natural environment.
Market Analysis
The global horizontal directional drilling market is a thriving industry that is gaining momentum across various end-user sectors, such as telecommunications and oil & gas. With the increasing demand for modern infrastructure and improved connectivity, the market for horizontal directional drilling equipment is expected to grow significantly in the forecast period. With the rise of smart cities and the need for high-speed connectivity, the demand for horizontal directional drilling equipment is expected to increase significantly in the coming years.
Key Company Profiles Listed in this Report Are:
American Augers, Inc., Ditch Witch, Ellingson Companies, Vermeer Corporation, The Toro Company, Baker Hughes Incorporate, Halliburton Company, Schlumberger Limited, Weatherford International National Oilwell Varco, Inc., Nabors Industries, Ltd.
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Impact of Russia-Ukraine Conflict on Horizontal Directional Drilling Industry
The Russia-Ukraine conflict has had a significant impact on the horizontal directional drilling market, including disruptions to the supply chain, a reduction in demand for services, and uncertainty in the business environment. However, despite these challenges, the HDD industry remains an essential component of the infrastructure development of the region, and companies operating in the market will need to navigate these challenges to continue to provide essential services to their clients.
Horizontal Directional Drilling Market Report Scope:
Report Attributes | Details |
Market Size in 2022 | US$ 9.54 Billion |
Market Size by 2030 | US$ 16.77 Billion |
CAGR | CAGR of 7.3% From 2023 to 2030 |
Base Year | 2022 |
Forecast Period | 2023-2030 |
Historical Data | 2023-2030 |
Key Market Segmentation | • By Technique (Conventional, Rotary Steerable System) |
Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Key Regional Developments
With the rising demand for end-use industries such as oil and gas, utility construction, and infrastructure development projects, North America has accounted for the largest share in the horizontal directional drilling market. One of the primary factors contributing to the market's growth is the increasing demand for energy resources, which has led to a surge in exploration and production activities in the region. The utility construction industry has also been a significant contributor to the market's growth, with the increasing need for efficient and reliable power transmission and distribution systems.
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Key Takeaway from Horizontal Directional Drilling Market Study
In the past few years, the rigs segment has emerged as the dominant player in the market, accounting for a significant portion of the overall revenue. The increasing demand for efficient rigs in HDD projects, particularly for distant pipeline installations, has been a major driver of this trend.
Among the various techniques employed in HDD, the rotary steerable systems (RSS) segment has been the most popular in the past and is expected to continue its dominance in the market in the forecast period as well. The success of the RSS segment can be attributed to its easy installation and near-bit stabilizers that allow drilling wells more reliably, faster, and at a lower cost.
Recent Developments Related to the Horizontal Directional Drilling Market
Ditch Witch, the well-known American underground construction equipment manufacturer, has recently announced the launch of what they claim to be the "world's largest" all-terrain horizontal directional drill. The machine, known as the JT100, is the latest addition to Ditch Witch's range of drills and is designed to meet the growing demand for larger, more efficient drilling equipment.
HardRock Directional Drilling, a leading provider of drilling services for the infrastructure sector, has recently announced a strategic partnership with Raymond Construction, a well-known construction firm. As a result of this collaboration, the company has rebranded itself as HardRock Infrastructure Services to better reflect its expanded capabilities and services. By leveraging the expertise and resources of both companies, the new entity is well-positioned to meet the growing demand for infrastructure services across various industries.
Table of Content
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Horizontal Directional Drilling Market Segmentation, By Technique
9. Horizontal Directional Drilling Market Segmentation, By Parts
10. Horizontal Directional Drilling Market Segmentation, By Application
11. Horizontal Directional Drilling Market Segmentation, By End User
12. Regional Analysis
13. Company Profiles
14. Competitive Landscape
15. Conclusion
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