Westford, USA, Feb. 17, 2023 (GLOBE NEWSWIRE) -- North America has emerged as a leading revenue contributor in the drilling stabilizers market. The region's dominance can be attributed to several factors, including an increase in oil exploration and production activities, growing concern about energy security, and advancements in drilling technologies that enable greater efficiency and condensed drilling time. As drilling activities increase onshore and offshore globally, the market is anticipated to expand more quickly. Exploiting new markets in developing nations creates new opportunities for investors and drilling stabilizer producers. As the market continues to grow, opportunities are created for investors and drilling stabilizer producers to expand their operations and increase their market share.
SkyQuest has reported that the United States is one of the world's largest producers of crude oil and natural gas, accounting for approximately 18.9% and 24.4% of global production in 2021, respectively. This surge in production can be attributed to the robust drilling of shale gas reserves that are from the Permian Basin, which has resulted in a significant boost for the drilling stabilizers market.
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The drilling stabilizer is a key component of a drill string's bottom hole assembly (BHA). It plays a critical role in stabilizing the BHA in the borehole, preventing accidental vibration, sidetracking, and trapped pipe during drilling operations. The size and type of drilling stabilizer used depend on the specific drilling requirements, such as the diameter and depth of the borehole, the type of formation being drilled, and the type of drill bit being used.
Prominent Players in Drilling Stabilizers Market
- National Oilwell Varco
- Schlumberger
- Sandvik AB
- BICO Drilling Products
- Drillstar Industries
- Redback Drilling Tools
- Tasman
- Adriatic Europe
- Texas Steel Conversion Inc.
- Weatherford International
- LOG Oiltools
- Dynomax Drilling Tools
- Sovonex Technology
- Dando Drilling International Ltd
- Cougar Drilling Solutions
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Offshore Segment Witnesses Higher Traction Thanks to Major Technological Innovations in Offshore Drilling and Production Techniques
According to market research, the offshore segment is predicted to dominate the drilling stabilizers market with the highest CAGR of 9.10% from 2023 to 2028. This trend is expected to continue, with offshore-based drilling stabilizers showing the largest market share in North America at 36%. The offshore segment is expected to experience significant growth due to discovery of new oil and gas fields in offshore locations. In 2020, approximately 37 new oil and gas discoveries were made, estimated to have around eight billion barrels of oil equivalent (boe). These discoveries are likely to fuel the demand for drilling stabilizers in the offshore sector.
The North American region dominates the global drilling stabilizers market due to its abundant natural resources and well-established oil and gas industry. In addition, North America is a hub for several developed nations, including the United States and Canada, which have large oil and gas reserves. The United States, in particular, is one of the world's top producers of crude oil and natural gas. In 2021, it contributed 18.6% and 23.7%, respectively, to the worldwide output of these resources. This dominance can be attributed to the country's vast shale formations and technological advancements in drilling techniques.
Integral Blade Stabilizer Segment to Drive Significant Sales as a Result of High Demand for High-Quality Drilling Tools
The drilling stabilizers market is segmented into various types, and among them, the integral blade stabilizer segment held a significant share in 2022. According to SkyQuest's forecast, this segment is expected to dominate the market from 2023 to 2028 due to its significant market share and high compound annual growth rate (CAGR) of 8.68%. The increased demand for integral blade stabilizers can be attributed to their effectiveness in preventing deviation in drilling operations. Therefore, they are widely used in various offshore and directional drilling applications, including onshore and offshore.
With the increasing demand for oil and gas, the Asia Pacific market is set to become a significant player in the drilling stabilizers industry. The Asia Pacific region has seen exponential growth in oil and gas exploration and increased production operations in recent years, which is expected to continue until 2028. China, India, and Indonesia are among the top countries in the region with large oil and gas reserves and have been actively exploring and producing these resources. As a result, the market for drilling stabilizers in the Asia Pacific is projected to expand significantly in the coming years.
SkyQuest's analysis of the drilling stabilizers market using Porter's Five Forces model provides valuable insights into the industry's competitive landscape. The intense competitive rivalry in the market is high, as numerous suppliers compete for business. It alerts companies to differentiate themselves through product innovation, pricing, and other factors. Therefore, industry analysis is particularly useful for companies aiming to improve their market position and grow their businesses.
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Key Developments in Drilling Stabilizers Market
- Seadrill Limited has recently confirmed that it has signed a Share Purchase Agreement (SPA) with ADES Arabia Holding Ltd. subsidiaries to sell off its legal entities that operate seven jack-up rigs in the Kingdom of Saudi Arabia. This move marks a significant development for both companies, as Seadrill is one of the world's leading offshore drilling contractors. At the same time, ADES Arabia is a prominent oil and gas drilling company based in Saudi Arabia. Therefore, the sale of these legal entities will allow ADES Arabia to expand its operations and increase its presence in the Kingdom's rapidly growing energy market.
- Enteq, a leading provider of oil and gas drilling technology, has announced the launch of its groundbreaking new tool for directional drilling - the SABER Tool. This innovative alternative to the traditional rotary steerable system (RSS) utilizes internally directed pressure differentials to achieve true "at-bit" geosteering, enabling greater precision and control during the drilling process. This innovative technology allows for more precise steering, resulting in more accurate wellbore placement and improved drilling efficiency.
- Schlumberger and Aramco, two of the largest players in the energy industry, have recently announced their plans to collaborate on a digital platform that aims to provide sustainability solutions for hard-to-abate industrial sectors. The proposed platform will offer companies in various industries, such as oil and gas, utilities, and steel, the ability to collect, measure, report, and verify their emissions.
Key Questions Answered in Drilling Stabilizers Market Report
- What are the most impactful drivers positively or negatively influencing the market's overall growth in different regions?
- How have recent innovations and key events affected the target market, and what implications does this have for market growth in the future?
- What companies or organizations are leading the charge in developing and implementing new technologies in the target market, and what competitive advantages do they have over others?
- How are different regions responding to changing regulatory landscapes in the target market, and what strategies have been effective in navigating these changes?
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