USD 8.21 billion
Report ID: SQMIG20I2039 | Region: Global | Published Date: November, 2022 | Pages: 253 | Tables: 88 | Figures: 66
Global Drilling Stabilizers Market Size was valued at USD 8.21 billion in 2021, and it is expected to reach a value of USD 11.41 billion by 2028, at a CAGR of 5.95% over the forecast period (2022-2028).
The drilling stabilizer is a crucial component of a drill string's bottom hole assembly (BHA). In order to prevent accidental vibration, sidetracking, and trapped pipe, it stabilizes the BHA in the borehole. The stabilizing blades of the drilling stabilizers are made of high-strength steel, and the body is hollow and cylindrical. The drilling stabilizer market may be divided based on type, application, place, and geography.
The demand for better well drilling efficiency and lower well costs is the main factor driving the drilling stabilizer market. The main purpose of a drilling stabilizer is to keep the drill collar away from the borehole wall and to concentrate the drill collar's weight on the bit. It improves supply flexibility, decreases vibration, boosts lateral stability, and lowers well costs. Apart from this, as drilling activities both onshore and offshore increase globally, the drilling stabilizer market is anticipated to expand more quickly. As a result, it is projected that the sector would control the market over the forecast period. Market opportunities are being created for investors and drilling stabilizer producers by the exploration of new markets in the developing nations of South America and the Asia-Pacific.
Global Market Size
USD 8.21 billion
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The Global Drilling Stabilizers Market is segmented based on type, application, location and region. Based on Type, it is categorized into Integral Blade Stabilizer, Welded Stabilizer, and Replaceable Sleeve Stabilizer. Based on Application, it is categorized into Directional Well, and Vertical Well. Based on Location, it is categorized into Onshore and Offshore. Based on region, it is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
Analysis by Type
On the basis of type, the integral blade stabilizer segment is expected to dominate the market over the forecast period. This is because the Integral Blade Stabilizer segment is expected to hold the largest market share and see the highest CAGR of 8.68 % over the course of the forecast year. Integral blade stabilizers come in both string and near-bit versions and feature hard-faced spiral ribs in their design. These stabilizers have right-hand spirals in the typical configuration.
Analysis by Location
On the basis of location, the offshore segment is expected to dominate the market over the forecast period. The offshore applications are expected to experience the highest CAGR of 9.10 % of the projection period. In North America the offshore based drilling stabilizer showed the largest share with 36% of the market.
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Based on the region, the North American region currently dominates the global drilling stabilizers market. North America is home to developed nations with large reserves of oil and gas. One of the world's top producers of crude oil and natural gas, the United States contributed 18.6% and 23.7%, respectively, to worldwide output in 2021. The vigorous drilling of shale gas reservoirs in the Permian Basin was primarily responsible for the output increase. The most significant basin and market for drilling equipment in the US are the Permian Basin. The completion of 900 wells in the Permian Basin in 2021 will result in a significant increase in demand for drilling equipment in the US. Due to growing oil and gas development and production, which are directly tied to drilling tool demand, drilling tool demand has surged in the United States.
On the other hand, new investment in oil and gas projects decreased significantly in Canada. Upstream exploration and production (E&P) operations are expected to rise, notably in the oil sands and shale regions, as oil prices recover to a sustainable level. According to the EIA's statistical report for 2021, additional drilling is predicted to result in a 0.4 million b/d rise in crude oil output in 2022 as long as prices stay at or close to US$ 50 per barrel.
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In addition to recent regulatory approvals, there has been an increase in R&D for the treatment of Drilling Stabilizers, as shown by the increased inclusion of the condition in the clinical pipelines of the leading market participants. For the Morquio syndrome, for instance, Shire is conducting a Phase 3 Study, Ultragenyx Pharmaceutical Inc. is testing a medicine (AGT 181) in a clinical trial, and ArmaGen, Inc. is also testing a treatment for the syndrome in young patients. The market for treatments for Drilling Stabilizers is expanding as a result of this as well as increased disease awareness.
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According to the analysis, the global hydraulic dosing pump market is currently led by countries in the North American region, due to the large reserves of oil and gas in this region. Along with this, the integral blade stabilizers segment is projected to lead the market as it is expected to hold the largest market share over the forecast period.
|Market size value in 2021||USD 8.21 billion|
|Market size value in 2028||USD 11.41 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
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For the Global Drilling Stabilizers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Drilling Stabilizers Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQMIG20I2039