A key factor driving the growth of the global oilfield air drilling market size is the increasing active rig count. The recovery of crude oil prices has led to a significant increase in the oil and gas E&P activities across the world. The increase in drilling activities is fueling the demand for oil and gas drilling rigs. This is driving the demand for air drilling techniques to enhance oil and gas production and to reduce the operating cost of oil and gas drilling operations. Thus, the increasing active rig counts will fuel the growth of the oilfield air drilling market during the forecast period.
As per Technavio, the automation of drilling rigs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global oilfield air drilling market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Oilfield Air Drilling Market: Automation of Drilling Rigs
The manual handling of rig equipment has been a major reason for most of the incidents and fatal accidents that happen on the rig floor. Thus, the high level of hazards associated with oil and gas E&P operations have increased the importance of automation in the oil and gas industry. Automation in rigs changes the interaction between a worker on the rig floor and the equipment. Automated rigs can enhance the efficiency of oil and gas drilling operations by providing analytical data, which can be used to improve oil and gas well performance. Thus, the growing popularity of automated rigs will fuel the growth of the market during the forecast period.
“Apart from the automation of drilling rigs, other factors such as innovations in air drilling technology, and the rising benefits of air drilling over conventional drilling will have a significant impact on the growth of the oilfield air drilling market value during the forecast period,” says a senior analyst at Technavio.
Global Oilfield Air Drilling Market: Segmentation Analysis
This market research report segments the global oilfield air drilling market worth by type (dust, aerated fluid, foam, mist, and nitrogen membrane) and geographic regions (Europe, North America, APAC, South America, and MEA).
The North American region led the oilfield air drilling market in 2018, followed by APAC, Europe, MEA, and South America respectively. The oilfield air drilling market analysis report identifies rising initiatives by governments, and the increase in oil and gas drilling activities as factors that will fuel the growth of the oilfield air drilling market share in North America during the forecast period.
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