Market Size of Drill Collar Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| 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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Drill Collar Market Analysis
The drill collar market is expected to register a CAGR of over 1% during the forecast period of 2020-2025. Factors, such as increased exploration activity and focus on development of new oil and gas fields, are expected to help drive the market for drill collar. However, the volatile nature of oil prices in recent years led to decreased exploration activity causing a slowdown of the drill collar systems market.
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.
