LONDON--(BUSINESS WIRE)--The oilfield air drilling market size is expected to post a CAGR of close to 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The increasing active rig count is one of the major reasons for the oilfield air drilling market growth. The recovery of crude oil prices has led to a significant increase in 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 also reduce the operating cost of oil and gas drilling operations.
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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 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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.
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Oilfield Air Drilling Market: Segmentation Analysis
This market research report segments the oilfield air drilling market 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 some of the factors that will fuel the growth of the oilfield air drilling market share in North America during the forecast period.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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