According to a recent report by Reports and Data, the global Directional Boring market size was USD 9.89 Billion in 2022 and is expected to achieve a revenue CAGR of 6.1% during the forecast period. The growth in the HDD market is due to various factors such as the rise in urbanization and industrialization in emerging countries like China, India, and Brazil, which require infrastructure development such as roads, bridges, and airports, and the increasing adoption of renewable energy sources such as wind and solar power in the power transmission sector. The need for pipelines and cables to transport water, gas, and oil is another factor driving the HDD market growth, particularly in the oil and gas sector, where exploration and production operations are increasing in the Middle East and North America. Additionally, the increasing need to minimize carbon emissions and enhance energy efficiency is propelling the expansion of the HDD industry across various end-user sectors.
Get a sample copy of the Horizontal Directional Drilling (HDD) market report: https://www.reportsanddata.com/download-free-sample/6007
The conventional segment is expected to generate the most significant revenue during the forecast period, primarily due to its cost-effectiveness and simplicity in operation, making it a preferred option among businesses. The oil and gas industry is expected to be the top revenue-generating industry during the forecast period, primarily due to the rising worldwide demand for oil and gas and the need to extract them from unconventional sources like shale rock formations.
The North American market is predicted to generate the highest revenue share during the forecast period, mainly due to the increased use of advanced drilling equipment and techniques, the shale boom, and growing demand for efficient and cost-effective drilling solutions. Some of the prominent players in the global HDD market include Baker Hughes Company, Schlumberger Limited, Halliburton Company, Weatherford International plc, and National Oilwell Varco, Inc.
Horizontal Directional Drilling (HDD) Market: Notable Innovation
The global Horizontal Directional Drilling (HDD) market has seen several notable innovations in recent years. Some of the most prominent innovations in the HDD market are as follows:
- PowerDrive Orbit Rotary Steerable System by Schlumberger Limited: In 2021, Schlumberger Limited launched the PowerDrive Orbit Rotary Steerable System, an advanced drilling technology that improves the efficiency of directional drilling in hard and abrasive rock formations. This new system helps reduce drilling costs while also increasing drilling efficiency.
- Acquisitions: Several companies in the HDD market have made strategic acquisitions to strengthen their position and expand their offerings. For instance, in 2021, Baker Hughes Corporation acquired ARMS Reliability, an Australian company that offers software and consulting services related to reliability engineering. This acquisition has helped Baker Hughes strengthen its digital capabilities in the HDD market.
- Horizontal Directional Drilling in the Telecom Industry: The increasing demand for high-speed internet access and cloud computing has led to a growing need for HDD in the telecom industry. HDD technology is used to install fiber optic cables, which are critical for providing high-speed internet access and enabling cloud computing services.
- Advancements in HDD Machinery: HDD machinery has undergone several advancements in recent years, including improvements in drilling fluid technology and the development of more advanced drilling rigs. These advancements have improved the efficiency and accuracy of HDD operations, making them more cost-effective and reducing the environmental impact of HDD.
Overall, the HDD market has seen several notable innovations in recent years, driven by the need to improve efficiency, reduce costs, and minimize environmental impact.
Explore Trending Reports:
http://www.ottawakiosk.com/ad.php?url=https://www.reportsanddata.com/
Request a customization of the report: https://www.reportsanddata.com/request-customization-form/6007
Thank you for reading our report. To know more about the customization or any query about the report contents, please connect with us and our team will ensure the report is tailored to meet your requirements.
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behaviour shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
Contact:
John W, Head of Business Development
Reports And Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: sales@reportsanddata.com
LinkedIn | Twitter | Blogs