Market Size of Drill Pipe Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.50 % |
| Fastest Growing Market | Middle-East and Africa |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Drill Pipe Market Analysis
The drill pipe market is expected to record a CAGR of over 4.5% during the forecast period (2022 - 2027). Due to the COVID-19 pandemic, the market was adversely affected as upstream activities were suspended or temporarily shut down due to lower crude oil prices, which created an unfavorable condition for several upstream players. For instance, Saudi Aramco suspended its drilling contract with Shelf drilling for 12 months due to the low Brent crude oil price in H1 2020. The increased exploration activity and a focus on developing new oil and gas fields are expected to help drive the market for drill pipes. However, the volatile nature of oil prices may impact the market negatively during the forecast period.
- The onshore is expected to have the maximum share in the market. Onshore drilling encompasses all the drilling sites on dry land and accounts for 70% of the global oil production.
- Though renewable energy sources are increasing, countries worldwide will likely depend on fossil fuels until 2040. Moreover, as per the International Energy Agency (IEA), the global oil and gas investment will likely be around USD 375 billion from 2021 to 2030. Hence, immense drilling operations may create opportunities for the market's growth in the coming years.
- North America is the biggest market for drill pipes due to the region's increased drilling activity in shale plays. The recent development of shale plays, horizontal drilling, and fracking increased the demand for drill pipes in the region.
