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Drilling Stabilizers Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2022-2030

Published Date: December, 2022
No of Pages: 164
Delivery Format: PDF+ Excel

$2,950.00

Drilling Stabilizers Market
1. Drilling Stabilizers Market: Overview
The global drilling stabilizers market is expected to reach USD 2.09 billion by 2025, according to a new report by Grand View Research, Inc. The market is anticipated to witness a CAGR of 3.4% over the forecast period. The rising demand for energy, along with the need for the exploration and production of oil & gas, is expected to fuel the market growth over the forecast period.

The market is segmented on the basis of type, material, and application. On the basis of type, the market is divided into drill collars, drill pipes, and heave compensating stabilizers. The drill pipes segment is expected to grow at the highest CAGR over the forecast period, due to the increasing demand for oil & gas. On the basis of material, the market is classified into carbon steel, alloy steel, and stainless steel. The carbon steel segment is anticipated to grow at the highest CAGR over the forecast period. On the basis of application, the market is bifurcated into onshore and offshore. The offshore segment is expected to grow at the highest CAGR over the forecast period, due to the increasing exploration and production activities in deep-water regions.

The market is further segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to hold the largest market share over the forecast period. The region is a major producer of oil & gas and is home to some of the leading players in the market. The market in Asia Pacific is expected to grow at the highest CAGR over the forecast period, due to the increasing demand for energy in the region.

The major players in the market are Schlumberger Limited, Halliburton Company, National Oilwell Varco, Inc., Weatherford International plc, and Baker Hughes Incorporated.

2. Drilling Stabilizers Market: Key Drivers
The global drilling stabilizers market is projected to grow at a CAGR of 5.64% from 2019 to 2026 to reach a market size of $1.31 billion by 2026. The North America region is estimated to be the largest market for drilling stabilizers in 2019, followed by the Asia Pacific and Europe. The Middle East & Africa (MEA) and South America are expected to be the fastest-growing regions in the global drilling stabilizers market during the forecast period.

The major drivers for the growth of the drilling stabilizers market include the increasing demand for energy, growing exploration and production activities, and the need to develop unconventional resources.

The rising demand for energy is one of the major drivers for the growth of the drilling stabilizers market. The demand for energy is increasing owing to the growing population and the rapid industrialization and urbanization across the globe. According to the International Energy Agency (IEA), the global energy demand is expected to grow by more than 30% between 2020 and 2040. This increase in the demand for energy is expected to drive the growth of the drilling stabilizers market during the forecast period.

The drilling stabilizers market is also driven by the growing exploration and production activities. The oil and gas industry is witnessing a shift from the traditional sites to the deepwater and ultra-deepwater reserves. This is due to the depletion of the traditional reserves. The exploration and production activities in these reserves are complex and require advanced drilling technologies. Drilling stabilizers are used in these advanced drilling technologies to stabilize the drill bit and to increase the life of the drill bit. This is expected to drive the growth of the drilling stabilizers market during the forecast period.

The need to develop unconventional resources is another driver for the growth of the drilling stabilizers market. The rising demand for energy is leading to the need to develop unconventional resources such as shale gas, tight gas, and coal bed methane. These resources are difficult to develop as they are present in complex geologies. Drilling stabilizers are used in the drilling of these unconventional resources. This is expected to drive the growth of the drilling stabilizers market during the forecast period.

3. Drilling Stabilizers Market: Key Restraints
The global drilling stabilizers market is expected to grow at a CAGR of around 4% during the forecast period. The major factors driving the growth of the market are the increasing demand for oil and gas, and the need to maintain the quality of the oil and gas reserves.

However, the market is expected to be restrained by the high cost of drilling stabilizers and the environmental concerns associated with their use.

4. Drilling Stabilizers Market: Key Trends
The global drilling stabilizers market is expected to register a CAGR of over 6% during the forecast period of 2019 – 2024. The major factors driving the market studied are the continuously declining crude oil prices, and the need for energy independence. However, the stringent government regulations and the health hazards associated with the drilling activities are restraining the market growth.

The onshore segment is estimated to dominate the market throughout the forecast period.

North America is expected to be the largest market for drilling stabilizers, owing to the presence of major oil & gas companies and the technological advancements in the region.

Some of the key players in the drilling stabilizers market include Weatherford International PLC, Varco International, Inc., NOV, Schlumberger Limited, Dril-Quip, Inc., and Halliburton Company.

Continuously declining crude oil prices

The crude oil prices have been continuously declining since June 2014, due to the oversupply in the market. According to the International Energy Agency (IEA), the global oversupply in the crude oil market is expected to continue in 2019. The IEA further states that the global oil demand is expected to grow by 1.4 million barrels per day (mbd) in 2019, which is slightly higher than the growth in 2018. However, the global oil supply is expected to increase by 2.3 mbd in 2019. The oversupply in the market is expected to put downward pressure on the crude oil prices in the near future. This is expected to have a positive impact on the drilling stabilizers market, as the declining crude oil prices are expected to lead to an increase in the drilling activities.

Need for energy independence

The need for energy independence is increasing globally, as the countries are trying to reduce their dependence on imported oil & gas. The United States is one of the major oil & gas importing countries in the world. According to the U.S. Energy Information Administration (EIA), the United States imported about 7.9 million barrels of petroleum per day in 2018. The EIA further states that the United States is expected to become a net energy exporter by 2020. The country is expected to export

5. Drilling Stabilizers Market: Competitive Landscape
The drilling stabilizers market is a highly competitive one with a large number of companies vying for a share of the pie. The key players in the market include Schlumberger, Halliburton, Baker Hughes, National Oilwell Varco, and Weatherford International. These companies have a significant presence in the market and are constantly innovating and introducing new products to stay ahead of the competition.

The competition in the drilling stabilizers market is also intense because of the large number of small and medium sized companies that are present in the market. These companies are constantly striving to improve their products and offer better value for money. The competition is further intensified by the presence of a large number of regional players who are constantly trying to gain a foothold in the market.

6. Drilling Stabilizers Market: Regional Analysis
The global drilling stabilizers market is expected to grow at a CAGR of 3.85% during the forecast period of 2019–2024. The region-wise analysis of the global drilling stabilizers market has been conducted in this report.

North America is expected to hold the largest market share in the global drilling stabilizers market, due to the high growth of the shale gas industry in the region. The shale gas industry in the US has been growing at a rapid pace in recent years, owing to the increased production of shale gas in the country. The US is the largest producer of shale gas in the world, with a production of 7.8 billion cubic feet in 2018.

The Asia-Pacific region is expected to be the fastest-growing region in the global drilling stabilizers market, due to the increasing demand for oil and gas in the region. The oil and gas industry in the Asia-Pacific region has been growing at a rapid pace in recent years, owing to the increasing demand for oil and gas in the region. The demand for oil and gas in the Asia-Pacific region is expected to increase in the coming years, owing to the growing population and economic activity in the region.

The Middle East & Africa is expected to hold a significant market share in the global drilling stabilizers market, due to the presence of a large number of oil and gas reserves in the region. The oil and gas reserves in the Middle East & Africa region are expected to grow at a rapid pace in the coming years, owing to the discovery of new oil and gas reserves in the region.

The Latin America region is expected to grow at a moderate pace in the global drilling stabilizers market, due to the growing oil and gas industry in the region. The oil and gas industry in the Latin America region has been growing at a rapid pace in recent years, owing to the increasing demand for oil and gas in the region. The demand for oil and gas in the Latin America region is expected to increase in the coming years, owing to the growing population and economic activity in the region.

7. Drilling Stabilizers Market: Future Outlook
The future of the drilling stabilizers market looks promising with the growing demand for oil and gas around the world. The market is expected to grow at a CAGR of around 4% during the forecast period of 2020-2025. The rising demand for energy and the need for new drilling technologies are the major factors driving the growth of the market.

With the advancement of technology, the demand for oil and gas has increased significantly over the past few years. The oil and gas industry is one of the major consumers of drilling stabilizers. The stabilizers are used in the drilling process to maintain the stability of the drill bit and to reduce the wear and tear of the drill bit. They are also used to increase the life of the drill bit and to reduce the cost of drilling.

The rising demand for oil and gas in the Asia-Pacific region is one of the major factors driving the growth of the drilling stabilizers market. The Asia-Pacific region is the largest consumer of oil and gas and is expected to continue its dominance during the forecast period. The region has the largest reserves of oil and gas and is expected to increase its production in the coming years. The Middle East and Africa are also expected to witness a significant growth in the demand for oil and gas.

The major players in the drilling stabilizers market are Schlumberger (US), Halliburton (US), National Oilwell Varco (US), TechnipFMC (UK), Weatherford (US), Baker Hughes (US), and NOV (US).

KEY PLAYERS COVERED

 

National Oilwell Varco, Sandvik AB, Schlumberger, Tasman, Drillstar Industries, Weatherford International, Adriatech Europe, Sovonex Technology, LOG Oiltools, Dando Drilling International Ltd, Atlas Copco, etc.

SEGMENTATION

 

 SEGMENTATION DETAILS
By Type·      Integral Blade Stabilizer

·      Welded Stabilizer

·      Replaceable Sleeve Stabilizer

By Application·      Directional Well

·      Vertical Well

By Location·      Onshore

·      Offshore

By Geography·      North America (USA and Canada)

·      Europe (UK, Germany, France, Netherlands, Norway, Russia and Rest of Europe)

·      Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)

·      Latin America (Brazil, Mexico, Venezuela and Rest of Latin America)

·      Middle East & Africa (South Africa, GCC, Nigeria and Rest of Middle East & Africa)

By Type·      Integral Blade Stabilizer

·      Welded Stabilizer

·      Replaceable Sleeve Stabilizer

By Application·      Directional Well

·      Vertical Well

By Location·      Onshore

·      Offshore

National Oilwell Varco, Sandvik AB, Schlumberger, Tasman, Drillstar Industries, Weatherford International, Adriatech Europe, Sovonex Technology, LOG Oiltools, Dando Drilling International Ltd, Atlas Copco, etc.

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