July 25, 2019 - 10:00 AM EDT
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Global Oilfield Air Drilling Market 2019-2023 | 6% CAG Projection Over the Next five Years | Technavio

LONDON

The global oilfield air drilling market is expected to post a CAGR of close to 6% during the period 2019-2023, according to the latest market research report by Technavio.

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Technavio has announced its latest market research report titled global oilfield air drilling market 2019-2023. (Graphic: Business Wire)

Technavio has announced its latest market research report titled global oilfield air drilling market 2019-2023. (Graphic: Business Wire)

A key factor driving the growth of the global oilfield air drilling market size is the increasing active rig count. The recovery of crude oil prices has led to a significant increase in the oil and gas E&P activities across the world. The increase in drilling activities is fueling the demand for oil and gas drilling rigs. This is driving the demand for air drilling techniques to enhance oil and gas production and to reduce the operating cost of oil and gas drilling operations. Thus, the increasing active rig counts will fuel the growth of the oilfield air drilling market during the forecast period.

As per Technavio, the automation of drilling rigs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global oilfield air drilling market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

Global Oilfield Air Drilling Market: Automation of Drilling Rigs

The manual handling of rig equipment has been a major reason for most of the incidents and fatal accidents that happen on the rig floor. Thus, the high level of hazards associated with oil and gas E&P operations have increased the importance of automation in the oil and gas industry. Automation in rigs changes the interaction between a worker on the rig floor and the equipment. Automated rigs can enhance the efficiency of oil and gas drilling operations by providing analytical data, which can be used to improve oil and gas well performance. Thus, the growing popularity of automated rigs will fuel the growth of the market during the forecast period.

“Apart from the automation of drilling rigs, other factors such as innovations in air drilling technology, and the rising benefits of air drilling over conventional drilling will have a significant impact on the growth of the oilfield air drilling market value during the forecast period,” says a senior analyst at Technavio.

Global Oilfield Air Drilling Market: Segmentation Analysis

This market research report segments the global oilfield air drilling market worth by type (dust, aerated fluid, foam, mist, and nitrogen membrane) and geographic regions (Europe, North America, APAC, South America, and MEA).

The North American region led the oilfield air drilling market in 2018, followed by APAC, Europe, MEA, and South America respectively. The oilfield air drilling market analysis report identifies rising initiatives by governments, and the increase in oil and gas drilling activities as factors that will fuel the growth of the oilfield air drilling market share in North America during the forecast period.

Looking for more information on this market? Request a free sample report

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at [email protected].

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com


Source: Business Wire (July 25, 2019 - 10:00 AM EDT)

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