The Drill Pipe Market in the Middle East Will Boom Following the Technological Advances in Drilling from 2015-2019: Technavio

LONDON–(BUSINESS WIRE)–

Technavio has published a new report on the drill pipe market in the Middle East, which is expected to grow at a CAGR of over 12% from 2015-2019.

About the Report

According to the latest report by Technavio, the rise in population and income has simultaneously led to increased global demand for oil and gas. As a result, drilling and completion activities are increased to meet this demand, especially in the Middle East.

“The expansion of drilling and production activities in the Middle East is expected to positively affect the market for drilling tools such as drill pipes and it will also facilitate large investments in the drill pipe technology to improve the quality of these pipes,” says Faisal Ghaus, Vice President of Technavio.

The latest report by Technavio also emphasizes the advances in drilling technology and equipment, which will significantly increase the efficiency, control, and monitoring of the oil and gas wells.

“Market vendors are increasing their R&D investments that will improve the reliability and efficiency of drill pipes and other downhole drilling tools,” adds Ghaus.

Market Scope and Calculation of Market Size

The new Technavio report covers the present scenario and growth prospects of the drill pipe market in the Middle East from 2015-2019. The market size is calculated from revenues generated from the sales of drill pipes worldwide.

Key Information Covered in the Report:

Key Vendors:
- DP-Master Co. Ltd.
- Halliburton SA
- Hunting plc
- Schlumberger Ltd.
- Tenaris SA
- Vallourec SA
Market Growth Drivers:
- Increased Global Demand for Oil and Gas
- For a full detailed list, view our report.
Market Challenges:
- Rising Geopolitical Issues
- For a full detailed list, view our report.
Market Trends:
- Advances in Technology
- For a full detailed list, view our report.