The latest report by IMARC Group, titled “Horizontal Directional Drilling Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global horizontal directional drilling market reached a value of US$
9.0 Billion in 2022. Horizontal directional drilling refers to a trenchless drilling process that utilizes steerable motor assemblies for digging horizontal bores. It involves the use of rigs, bites, beamers, and pipes to accurately drill along the chosen bore path and install underground cables, service conduits, and pipelines. It allows professionals to replace the water supply and drainage system of the place without causing soil contamination, landscape damage, and additional restoration costs. Owing to these properties, HDD finds extensive applications across telecommunication, oil and gas, and power and utility industries.
Global Horizontal Directional Drilling Market Trends:
The market is primarily driven by the increasing onshore, and offshore oil and gas exploration activities as HDD is widely utilized in hydraulic fracturing to increase the production of oil and natural gas from thin oil zones. Besides this, the rising environmental concern among the masses is also accelerating the product adoption rate as HDD causes minimal disturbance to the surrounding environment and maintains the condition of the drilled area. In addition, professionals are widely adopting HDD for surveying, designing, and installing underground electrical telecommunication systems. This, coupled with the development of automated HDD solutions that utilize computer software to manage and guide drilling tools, is positively influencing the market growth. Moreover, the escalating demand for energy, especially in developing economies, and the implementation of various government initiatives to promote sustainable oil and gas exploration are also creating a favorable market outlook across the globe. Looking forward, IMARC Group expects the market value to reach US$
12.7 Billion by 2028, exhibiting a CAGR of
5.4% during the forecast period (2023-2028).
- Based on the technique, the market has been bifurcated into conventional and rotary steerable systems.
- On the basis of the parts, the market has been segregated into rigs, pipes, bits, and beamers.
- Based on the application, the market has been segmented into onshore and offshore activities.
- On the basis of the end user, the market has been classified into oil and gas excavation, utility, and telecommunication.
- Region-wise, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some of the key players being Baker Hughes Company, Barbco Inc., China Oilfield Services Limited (China National Offshore Oil Corporation), Ellingson Companies, Halliburton Company, Helmerich & Payne Inc., Herrenknecht AG, Nabors Industries Ltd., NOV Inc., Schlumberger Limited, The Toro Company, Vermeer Corporation and Weatherford International plc.
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