Growing oil & gas industry on account of surging energy demand is expected to be the major factor driving the global drill collar market over the forecast period. Rising oil & gas prices coupled with increasing E&P activities are expected to drive the global market over the next six years. Increasing spending in oil & gas exploration in Africa & Latin America is expected to augment the market growth in these regions. Major companies are investing heavily to increase oil production to meet the energy demand. This trend is expected to create an immense opportunity for market players over the foreseeable period. Market is segmented by its type as standard, spiral, and square drill collar. High material costs and heavy capital investment required for manufacturing drill collar equipment are the major factors expected to hinder the market growth over the next six years. However, boom in the oil & gas industry owing to growing demand is likely to offset this problem. Increasing number of wells to be drilled is estimated to have a positive impact on the drill collar market in the future.
North America is a major drill collar market. Increasing shale gas exploration in the U.S. is expected to drive the market in North America. Oil exploration across Gulf of Mexico is expected to further complement North American market growth. Increasing drilling activities owing to growing energy demand in Latin America is expected to augment the market growth in this region. High crude oil exploration in Saudi Arabia, Qatar, and UAE is projected to have positive impact on drill collar market in the Middle East. Growing economies of Asia Pacific is also expected to create an opportunity or the market players in this region. Increasing shale gas exploration in China is anticipated to be a major factor driving the market in Asia Pacific.
With small players present in drill collar market, major companies are involved in M&A with small scale companies to consolidate and increase their market share. Some of the major players operating in the market include Weatherford International, Aliron Tool Research, Command Energy Service Ltd., Goldenman Petroleum Equipment Co. Ltd., Drilling Service Ltd., Deep Drill Supply Ltd., and Tianhe Oil Group.
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