Hardbanding Services Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027
Segmented By Type (Tungsten Carbide, Chromium Carbide, Titanium Carbide and Niobium Boride), By Application (Open Hole, Cased Hole), By Component (Drill Pipe, Drill Collars, Tool Joints, Others), By Location (Onshore, Offshore), and By Region
The Global Hardbanding Services Market is anticipated to grow at rate of significant CAGR for the forecast period, 2023-2027. The growing complexity of the oil wells and the need for advanced technologies to make the oil drilling process affordable are the significant factors driving the market growth.
The Hardbanding process can be defined as depositing a layer of super-hard metals onto the drill joints, heavy-weight drill pipe, and collars to protect the drill string components and casing from wear during drill practices.Hardbanding process improves the life of the costly drill string, makes the drilling process more cost-effective, and ensures smooth drilling operation for a longer duration.
The Drilling industry is becoming more complex with the growing competition among the market players and the advent of advanced technologies in the drilling process.
Ongoing Research and Development Activities Fuels Market Growth
The growing energy requirements around the globe and the use of advanced technologies for the drilling process are accelerating the demand for the Hardbanding services worldwide.The need for advanced alloys to advance the Hardbanding services and find the alloys with higher durability, strength, low casing wear, ease of use, and compatibility with other Hardbanding services is expected to create lucrative opportunities for the global Hardbanding services market growth.
Novel Hardbanding products need to withstand extreme temperature and pressure experienced by the critical wells.The ability to protect the drilling and casing components is experiencing high demand across the globe.
Market players are investing heavily in research and development activities. They are partnering with the technology companies to find the superior alloy design methodology and advanced alloys to satisfy the industry’s growing needs of changing needs.
Increase In the Energy Requirements Drives the Market Growth
Rapid industrialization and urbanization in the developing economies to boost the economy and generate new income opportunities are creating the demand for more energy generation.The rise in the disposable income of the consumers is enabling them to buy consumer electronic devices such as smartphones, tablets, smart devices equipped with advanced features, and technologies such as the internet of things.
Artificial intelligence is propelling the need for energy generation as these devices run on electricity.Developing the automotive industry, the growing preference for vehicle ownership, and the introduction of new models in attractive designs with better mileages, fuel efficiency contribute to the surge in demand for petroleum, diesel, and natural gas worldwide.
Leading authorities are focusing on the electrification of the rural areas.The introduction of schemes and policies for the proliferation of electricity all over the region influences market demand.
Therefore, the increasing energy demand is accelerating the demand for oil and gas drilling operations. Exploration of new oil and gas reserves and the ongoing technological advancements are expected to boost the growth of the Global Hardbanding Services Market in the next five years.
The Global Hardbanding Services Market is segmented by type, application, component, location, regional distribution, and competition landscape.Based on the type, the market is divided into tungsten carbide, chromium carbide, titanium carbide and niobium boride.
Based on the application, the market is divided into open hole and cased hole.Based on the component, the market is divided into drill pipe, drill collars, tool joints, others.
Based on the location, the market is bifurcated into onshore and offshore. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among Asia-Pacific region, North American region, European region, South American region, and Middle East & African region.
National Oilwell Varco, Castolin Eutectic, Arnco Technology, Sharpe Engineering, Postle Industries, D/F Machine Specialties Inc., Weatherford International are among the major market players in the global platform that lead the market growth of the Global Hardbanding Services Market.
In this report, Global Hardbanding Services Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
• Hardbanding Services Market, By Type:
o Tungsten Carbide
o Chromium Carbide
o Titanium Carbide
o Niobium Boride
• Hardbanding Services Market, By Application:
o Open Hole
o Cased Hole
• Hardbanding Services Market, By Component:
o Drill Pipe
o Drill Collars
o Tool Joints
• Hardbanding Services Market, By Location:
• Hardbanding Services Market, By Region:
o North America
o South America
o Middle East & Africa
Company Profiles: Detailed analysis of the major companies present in Global Hardbanding Services Market.
With the given market data, we offers customizations according to a company’s specific needs. The following customization options are available for the report:
• Detailed analysis and profiling of additional market players (up to five).