Wired drill pipes send continuous real-time subsurface data during drilling operations in line with automated processes being undertaken by oil & gas exploration companies. Understanding of reservoirs and identification of obstructions during and after drilling operations are likely to drive the demand for these pipes. Modernization of oil rigs and wells and digitization of processes can play a pivotal role in the market. The global wired drill pipe market report by Market Research Future (MRFR) covers drivers, challenges, opportunities, and trends for the period of 2017 to 2023 (forecast period). The COVID-19 impact on the industry has been included in the report.
Market ScopeThe global wired drill pipe market is expected to reach a value of USD 1.1 billion by 2023 and is expected to grow at a CAGR of 3.2% during the forecast period.
Huge demand for accurate data from wellbores is driving market demand. Wired drill pipes are capable of reducing drill times by 3 days per well and fuel bottom line margins of companies. The advantages of digitalization of drilling, improvements in well construction, and efforts to increase operational safety can bode well for the market. Reduction of telemetry for sending measurements to the surface and adoption of digital tools for assessing ground levels can lead to its implementation in operations. High rate of penetration, real-time visualization of density, and string and pressure measurements can drive the demand for wired drill pipes.
The COVID-19 pandemic has a negative impact on the market with close to 50% of the rigs being non-operational following the shutdown of industries for curbing the spread of the disease. High initial costs for installation of modification of existing drill pipes can hamper the market growth.
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North America’s Oil & Gas Drilling Activity holds about 40% of the world’s current drilling activity. The exploration of new shale oil & gas in this region is expected to drive the demand for wired drilling pipes. Many aging oil rigs in North America utilize conventional drilling methods and data processing units which consume substantial time to generate the data and transmit it to the operators. This can result into lower productivity and high operational time. The need for obtaining precise data from the oil & gas rigs and exploration of oil & gas fields at low capital costs can favor the market till 2023.
Europe can capture a significant market share owing to commercial tests in Norway keeping in mind reliability and cost issues. Deployment of electric powered drill systems and bi-directional telemetry for visible downholes for attaining accurate measurements can bode well for the market.
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Players are supplying digital tools to oil & gas exploration companies for attaining accurate drilling measurements and increased rate of penetration.
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