- Drill collars are tube-like pieces which are thick-walled. They are designed from solid steel bars. In general, these bars are plain carbon steel. At times, they are made of nonmagnetic alloys of nickel-copper or other premium alloys. They are destined to offer mass for drilling activities.
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The drill collar market is experiencing decent growth. It is projected to witness exponential growth in the future owing to the growing oil and gas industry and rising demand for energy. Increasing exploration and production activities and increasing prices of oil and gas are predicted to propel the market over the coming years. However, high material costs and requirement of huge capital investments are expected to restrain the drill collar market.
The drill collar market is bifurcated into types and geographies. The market, on the basis of types, can be fragmented into spiral drill collar, square drill collar and standard drill collar. Spiral drill collars are used to avoid differential sticking and also allow circulation of drilling fluids. Square drill collars are made use of, in vertical drilling and facilitate the utilization of minimum authorization in bottom hole assembly.
Geographically, the drill collar market can be divided into four major regions, including North America, Asia Pacific, Europe and rest of the world (ROW). North America leads the market. This is as a result of shale gas boom in the region. West Africa and Latin America have shown decent growth owing to huge spendings on deep and ultra deep water reserves.
Asia Pacific is likely to observe steady growth for the drill collar market during the coming years. This is due to increasing shale gas exploration operations in China.
Information Source: Grand View Research
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