This report was recently updated on April 18 2024 with the latest and most recent
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Global Wired Drill Pipe Market Size, Trends, & Analysis with COVID-19 Impact - Forecasts 2026 By Component (Pressure Sensors, Electrical Conductors, Electrical Transmitters, Telemetry, Others), By Application (Data Collection, Managed Pressure Drilling, Wellbore Integrity in Deep-Ultra Depleted Reservoirs), By Location (Onshore, Offshore), By Region (North America, Europe, Asia Pacific and Rest of the World), Company Market Share Analysis and Competitor Analysis
Wired Drill Pipe Market Insights
The global wired drill pipe market will propel at a high CAGR over the coming years from 2020 to 2026. Wired drill pipes are the advancement of conventional drill pipes as they transmit data about the drilling activities in real-time. Techniques such as horizontal drilling and vertical drilling have made new onshore oil discoveries possible and many new developments in these exploration efforts are being made on an ongoing basis. For the existing oil & gas rig operators, wired drill pipe serves as a multifunctional instrument that utilizes them to acquire real-time wellbore data that is transmitted in seismic or sonic waveforms at a bandwidth of 57,000 bits/second. The increasing demands for wired drill pipe across various industries including the mining, industrial, and automotive, among others are driving the market growth during the forecast period. However, fluctuation in prices of oil, high capital investment, and stringent government rules and regulations are some of the factors likely to restrain the market growth during the forecast period.
Wired Drill Pipe Market: By Component
Based on the study of components, the market is fragmented into three segments namely; pressure sensors, electrical conductors, electrical transmitters, and telemetry among others. The pressure sensors segment is expected to be the fastest-growing segment at a high CAGR during the forecast period due to its technological advancements and a wide range of applications across various end-use industries. Improved data for applications in real-time, including data processing, pressure management, and quality monitoring of well-bore operations.
Wired Drill Pipe Market: By Application
Based on the study of the application, the global wired drill pipe market is bifurcated into data collection, managed pressure drilling, and wellbore integrity in deep-ultra depleted reservoirs. The managed pressure drilling segment is the largest share contributor to this market. Managed pressure drilling operations is a big technology used worldwide. Managed pressure drilling is presented based on this phase shift in downhole pressure calculation availability. Using MPD will reduce many of the drilling issues as well. Moreover, the data collection is witnessing to be the fastest-growing region at a high CAGR during the forecast period. The technological advancements in the oil & gas industry are driving the market growth. It allows sensors to be placed along the drill line, allowing useful data to be gathered and transmitted not only from the bottom hole assembly (BHA) but also to the drill floor over the entire length of the wellbore.
Wired Drill Pipe Market: By Location
Based on the study of the location, the global wired drill pipe market is segregated into onshore, and offshore. The largest share contributed in this market segment is the onshore segment. This is due to the development in the technologies and drilling activities and has seen a massive increase in onshore exploration activity known as shale oil production. It also allows sensor reports and data recording for drilling operations. Moreover, companies are investing in R&D activities to develop better resources and improve oil displacement.
Wired Drill Pipe Market: By Region
Based on the region, the global wired drill pipe market is split into North America, Europe, and Asia-Pacific, among others. The largest revenue contributor in the market is the North American region during the forecast period. The growing infrastructure and increasing adoption of oil recovery techniques in the region are driving the market growth for the wired drill pipe. The U.S. is expected to be the largest construction market in North America and is expected to have the largest number of construction facilities. Furthermore, the Asia Pacific is expected to be the fastest-growing region at a high compound annual growth rate during the forecast period. This is due to the growing infrastructure and technologies for extracting oil from the reservoirs in emerging countries including China, India, Japan, South Korea, and Singapore among others is propelling the market growth in the region.
Wired Drill Pipe Market Share & Competitor Analysis
The key players operating in this market are Schlumberger Limited, The Halliburton Company, IntelliServ (NOV), Baker Hughes, Weatherford International PLC, TDE Group, and Reelwell AS, among others.
Please note: This is not an exhaustive list of companies profiled in the report.
In December 2018, Schlumberger Limited and NOV have been awarded wired drill pipe contracts by Equinor.
In October 2018, Reelwell AS completed the largest drilling project at Ullrigg for 20 years.
Check the Press Release on Global Wired Drill Pipe Market Report
Wired Drill Pipe Market: By Component
Wired Drill Pipe Market: By Location
Wired Drill Pipe Market: By Application
Wired Drill Pipe Market: By Region
The global Wired Drill Pipe Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Wired Drill Pipe Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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