Global Wired Drill Pipe Market Synopsis:
According to Market Research Future (MRFR)’s assessment, the global wired drill pipe market
has been projected to strike a CAGR of 3.2% during the forecast period. The Global Wired
Drill Pipe Market has been prognosticated to reach a valuation of USD 1.1 Bn towards the
end of 2023. The towering demand for real-time data from the wellbore is the primary factor
responsible for driving the growth of the wired drill pipe market over the next couple of years.
The increasing exploration of gas is likely to augment the market in the years to come. With
the emergence of technological advancements, the demand for precise data for enhancing
operational efficiency has been skyrocketing. Also, the need for replacing the conventional
systems is expected to boost the growth pattern of the wired drill pipe market across the review
period.
Wired drill pipes not only escalate transmission of data but also speeds up the assessment of
the transmitted data. It facilitates decision-making process while reducing operational costs.
This, in turn, is anticipated to catalyze the growth of the wired drill pipe market in the years to
come.
The rising activities in the exploration of shale gas are forecasted to accelerate revenue creation
for market participants. According to a published statistical observation, the U.S. is projected
to produce 33.35 trillion cubic feet of shale gas in the year 2050. The opportunities unleashed
by the exploration is likely to proliferate the wired drilled pipe market through the projection
period. On the flip side, the high initial cost of setting up or replacement of existing drill pipe
is expected to check the expansion of the market across the assessment period.
Market Segmentation:
By location, the global wired drill pipe market has been segmented into onshore, and offshore.
By component type, the wired drill pipe market has been segmented into telemetry, electrical
conductors, electrical transmitters, pressure sensors, and others.
By Application, the global wired drill pipe market has been segmented into data collection,
managed pressure drilling, and wellbore integrity in deep ultra-depleted reservoirs.
Regional Analysis:
The global wired drill pipe market, by region, has been segmented into North America, Europe,
Asia Pacific, and the Rest of the World (RoW). North America is the largest market for wired
drill pipes, majorly owing to the accelerated shale gas exploration activities. The U.S. is
presumed to lead the expansion of the regional market in the years to come. The region is
presumed to account for around 40% of the world’s drilling activity at present. The report
suggests that the wired drill pipe market in North America is set to remain highly lucrative in
the foreseeable future. The region resonates an intensified need for the replacement of
conventional technology which is poised to drive the expansion of the wired drill pipe market
over the assessment period.
Competitive Dashboard: