Market Size of North America Drill Pipe Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 2.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Drill Pipe Market Analysis
The North American drill pipe market is expected to register a CAGR of more than 2% over the period.
The market was negatively impacted by COVID-19 in 2020. Presently, the market has reached pre-pandemic levels.
- Over the long term, factors such as increased exploration activity and a focus on the development of new oil and gas fields are expected to help drive the market for drill pipe.
- On the other hand, the volatile nature of oil prices in recent years has led to decreased exploration activity, causing a slowdown in the drill pipe market.
- Nevertheless, the rise in offshore exploration and production projects is expected to create an excellent opportunity for the market players, as all the easy oil is already found and wells are moving towards deeper and more extreme offshore environments.
- The United States is the biggest market for drill pipe, owing to the region's increased drilling activity in shale plays. The recent development of shale plays, horizontal drilling, and fracking has resulted in an increase in demand for drill pipe in the region.
