Drill Collar Market Size
| Study Period | 2020 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| CAGR | 1.00% |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Drill Collar Market Analysis
The Drill Collar Market is expected to register a CAGR of greater than 1% during the forecast period.
The onshore segment is expected to have the maximum share in the market. Onshore drilling encompasses all the drilling sites located on dry land and accounts for 70% of the global oil production.
North America is the largest market for drill collar, owing to the increased drilling activity in shale plays in the region. The recent development of shale plays, horizontal drilling, and fracking resulted in an increase in the demand for drill collar in the region.
The demand for oil and gas production has always been on rise, which led to increased exploration activities. This, in turn, is expected to aid the market's growth over the forecast period. The total rig count increased by 18% from 933 in beginning of 2017 to 1,104 by the end of 2019. Furthermore, during the same time period, the offshore rig count increased by 24% from 206 to 257.
Drill Collar Market Trends
Onshore to Dominate the Market
Onshore drilling encompasses all the drilling sites located on dry land and accounts for 70% of the global oil production. Onshore drilling is similar to offshore drilling but without the difficulty of deep water between the platform and the oil.
The demand for oil and gas has always been increasing, and this resulted in an increase of drilling activities around the world in an effort to discover new fields. This, in turn, resulted in an increase in the demand for drill collars.
Currently, the wells are being drilled deeper, and they are more complex than before. This is expected to drive the drill collar market's growth.
In 2019, ONGC announced that it allotted INR 6,000 crore for drilling 200 wells over the next seven years in Assam, to increase the output from the state. The wells are expected to be drilled during the next seven years.
Hence, new investment in the onshore oil and gas industry, increasing exploration of unconventional resources, and the crude oil price stability are expected to increase the demand for drill collar across the world.
North America to Dominate the Market Growth
North America is a major market for drill collars, owing to the recent shale gas exploration in the region. Exploration in Gulf of Mexico is also on rise, and it is complimenting the drill collar market in the region.
According to the Canadian government's report published in 2018, oil production from Canada is anticipated to reach 4.5 mmbpd by 2020 and production is expected to increase from offshore well situated in the West Orphan Basin, offshore Newfoundland, and Labrador, which is estimated to hold 25.5 bbl of oil and 20.6 tcf of gas.
As a result of higher oil prices and declining drilling costs, the offshore rig count and offshore oil production in the United States increased significantly, indicating growing offshore drilling activities. This is expected to be the major driver for the drill collar market in the country.
Therefore, factors, such as rising oil and gas investments, along with development of shale plays, are expected to drive the growth of the global drill collar market over the forecast period.
Drill Collar Industry Overview
The global drill collar market is highly fragmented, with numerous accounting for the market share. Some of the key players include Hunting PLC, Vigor Drilling, National Oilwell Varco (NOV), Schlumberger Limited, American Oilfeild Tools, Workstrings International, and International Drilling Services Ltd (IDS), among others.
Drill Collar Market Leaders
-
Workstrings International
-
Hunting PLC
-
National Oilwell Varco
-
International Drilling Services Ltd. (IDS)
-
American Oilfield Tools, Inc.
- *Disclaimer: Major Players sorted in no particular order
Drill Collar Industry Segmentation
The drill collar market report includes:
| Type | Standard Steel Drill Collar |
| Non-magnetic Drill Collar | |
| Deployment | Onshore |
| Offshore | |
| Geography | North America |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle East & Africa |
| Standard Steel Drill Collar |
| Non-magnetic Drill Collar |
| Onshore |
| Offshore |
| North America |
| Europe |
| Asia-Pacific |
| South America |
| Middle East & Africa |
Drill Collar Market Research FAQs
What is the current Drill Collar Market size?
The Drill Collar Market is projected to register a CAGR of greater than 1% during the forecast period (2025-2030)
Who are the key players in Drill Collar Market?
Workstrings International, Hunting PLC, National Oilwell Varco, International Drilling Services Ltd. (IDS) and American Oilfield Tools, Inc. are the major companies operating in the Drill Collar Market.
Which is the fastest growing region in Drill Collar Market?
North America is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Drill Collar Market?
In 2025, the North America accounts for the largest market share in Drill Collar Market.
What years does this Drill Collar Market cover?
The report covers the Drill Collar Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Drill Collar Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
Page last updated on: June 9, 2023
Drill Collar Industry Report
Statistics for the 2025 Drill Collar market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Drill Collar analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
