The global drilling jars market is expected to witness growth over the forecast period, driven by increasing drilling activity owing to hydrocarbon exploration & production initiatives. Drilling jars are bottom-hole assembly components and are used for freeing the drill string in a pipe sticking event. Hydraulic drilling jars, mechanical drilling jars, and hydraulic-mechanical drilling jars are a few drilling jar types that are largely used by E&P companies. Different drilling jars are deployed on the basis of the formation characteristics and the subsequent pipe sticking probability. Growing global energy demand has prompted companies to invest heavily in hydrocarbon exploration. Such a trend is slated to augment the global drilling jars market. Rising unconventional hydrocarbon exploration in recent years is slated to further compliment the global market. Governments around the world are taking strong measures to address their energy requirements by developing their hydrocarbon reserves. Such ardent steps are expected to bolster the drilling jars market. Government initiatives and policies favoring hydrocarbon exploration activities are presumed to aid the global market. Volatile crude oil prices are anticipated to hamper the market development. Geopolitics and other market forces play a critical role in influencing global crude prices. These factors are also estimated to influence the drilling jars market as well. R&D initiatives to improve the drilling jar characteristics promise abundant opportunities for market participants. Increasing unconventional hydrocarbon exploration activities for shale and coal bed methane offers vast opportunities for the industry participants. Hydrocarbon being the dominant source of energy, increasing hydrocarbon exploration activities promises a bright future for the global market.
North America and Middle East have dominated the drilling jars market over the years owing to massive hydrocarbon potential. The Shale gas boom in the U.S. also played a critical in the regional market. Countries all around the globe are trying desperately to emulate the U.S. shale gas experience and are taking massive strides in achieving their energy requirement. Such fervent drilling initiatives, especially in the emerging economies such as China, India, Brazil, and a few African countries are touted to lead their respective regional markets. Developed regions such as Europe are also slated to witness a surge in unconventional hydrocarbon exploration owing to their depleting conventional reserves. Such a trend is presumed to bolster the global drilling jars market.
Key industry participants are engaging in M&A to gain market share and improve their product portfolio. Recent mergers such as the one between Baker Hughes and Halliburton are anticipated to massively influence the market. The global drilling jars industry, a part of the petroleum service industry, is characterized by massive R&D spending to develop superior products. Key industry participants include Toro Downhole Tools, BICO Drilling Tools Inc., Odfjell Drilling Ltd., Cougar Drilling Solutions, VNIIBT - Drilling Tools, TTGM International (USA) Inc., National Oilwell Varco, Schlumberger, Tasman OMM, AOS Orwell and Knight Oil Tools.
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The ongoing pandemic has led to a decline in exploration activities in the oil & gas sector. A number of EPC projects have also witnessed an indefinite pause that has transpired into a slump in the requirement for drilling and excavation services. Economic repercussions of the trend are expected to be highly evident in the Middle East. The report will account for Covid19 as a key market contributor.