Global Borehole Enlargement Systems Market 2019-2023 | Emergence of Laser Drilling Technology in Oil and Gas Industry to Drive Growth | Technavio
The global borehole enlargement systems market is expected to post a
CAGR of over 4% during the period 2019-2023, according to the
latest market research report by Technavio.
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Technavio has released a new market research report on the global borehole enlargement systems market for the period 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the rise in oil and
natural gas demand. As per the EIA, in 2018, the global liquid fuel
consumption increased to 100.09 mbpd from 92.16 mbpd in 2013. The global
liquid fuel consumption grew at an annual rate of 1.66% during 2015-17,
owing to the increase in the global demand for oil and gas and is
expected to grow at a high rate during the forecast period.
This market research report on the global
borehole enlargement systems market 2019-2023 also provides an
analysis of the most important trends expected to impact the market
outlook during the forecast period. Technavio classifies an emerging
trend as a major factor that has the potential to significantly impact
the market and contribute to its growth or decline.
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only: View
market snapshot before purchasing
In this report, Technavio highlights the emergence of laser drilling
technology in the oil and gas industry as one of the key emerging trends
in the global borehole enlargement systems market:
Global borehole enlargement systems market:
Emergence of laser drilling technology in the oil and gas industry
The production of oil and natural gas needs to be high to meet the
rising demand. Oil production involves drilling activities in both
onshore and offshore locations. There have been several advances in
drilling technologies to optimize the drilling process. Laser drilling
technology is one such advancement.
“The traditional method of drilling in oil and gas production for
many decades has been mechanical drilling. However, penetrating the hard
rocks requires applying many tons of weight to press down on the drill.
This results in quick wear and tear, which makes drilling uneconomical
when it comes to the oil and gas fields capped by hard rocks. Laser
drilling offers several advantages such as precision drilling an
increased rate of penetration, a single-diameter borehole, high
accuracy, and a reduction in the drilling time when drilling through
hard formations,” says a senior analyst at Technavio for research on
oil and gas.
Global borehole enlargement systems market:
Segmentation analysis
This market research report segments the global borehole enlargement
systems market by application (onshore and offshore) and geographical
regions (the Americas, APAC, and EMEA).
The onshore segment held the largest market share in 2018, accounting
for nearly 94% of the market. This application segment is expected to
dominate the global market throughout the forecast period.
The Americas led the market in 2018 with a market share of nearly 51%.
This region is expected to dominate the market through 2023.
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Some of the key topics covered in the report include:
Market Landscape
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Market ecosystem
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Market characteristics
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Market segmentation analysis
Market Sizing
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Market definition
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Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Regional comparison
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Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
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Vendors covered
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Vendor classification
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Market positioning of vendors
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Competitive scenario
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