The North America Horizontal Directional Drilling Market would witness market growth of 4.3% CAGR during the forecast period (2021-2027).
The horizontal directional drilling technique has evolved as the most prevalent trenchless drilling technologies in recent years. The horizontal boring technology necessitates the drilling and maintenance of fewer boreholes. Trenchless boring equipment is substantially more expensive than conventional open-cut techniques, hence the industry's growth prospects are dependent on large expenditures.
Customers prefer to hire the whole setup from contractors since the setups are expensive. Furthermore, many mid-sized businesses use service providers for full-service projects. As a consequence, both manufacturers of Machines and service providers have a strong market position.
The United States possesses one of the world's largest technically viable shale gas deposits and the world's second-largest tight oil reserves. The region's oil and gas directional drilling activity has been boosted by technological advancements in hydraulic fracturing and lower breakeven pricing. As a result, there has been a significant development in drilling operations and an increase in the number of horizontal wells in the area.
The US market dominated the North America Horizontal Directional Drilling Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $2,820.3 million by 2027. The Canada market is expected to witness a CAGR of 6.7% during (2021 - 2027). Additionally, The Mexico market would showcase a CAGR of 5.7% during (2021 - 2027).
Based on Component, the market is segmented into Machines and Services. Based on Machine Type, the market is segmented into Rotary Steerable System and Conventional. Based on Machines Parts, the market is segmented into Rigs, Pipes, Bits, Reamers and Others. Based on Rig Type, the market is segmented into Midi, Mini, and Maxi. Based on Rig Type, the market is segmented into Midi, Mini, and Maxi. Based on Rigs Sales Type, the market is segmented into New sales and Aftermarket. Based on Application, the market is segmented into Onshore and Offshore. Based on End-use, the market is segmented into Oil & Gas Extraction, Utility, Telecommunication and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Horizontal Directional Drilling Market is Estimated to reach $11.6 Billion by 2027, at a CAGR of 5.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Nabors Industries Ltd., NOV, Inc., Herrenknecht AG, Vermeer Corporation, Xuzhou Construction Machinery Group Co., Ltd., The Toro Company, Halliburton Company, Schlumberger N.V., Weatherford International PLC, and Baker Hughes Company.
By Component
By Machine Type
By Machine Parts
By Rig Type
By Rigs Sales Type
By Application
By End Use
By Country
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