PUBLISHER: The Insight Partners | PRODUCT CODE: 1463848
PUBLISHER: The Insight Partners | PRODUCT CODE: 1463848
The horizontal directional drilling market was valued at US$ 2,802.69 million in 2022 and is anticipated to reach US$ 6,420.45 million by 2030; the market is expected to register a CAGR of 10.9% during 2022-2030.
Installing sewage pipelines, expansion of broadband services in remote or rural areas, and installing electricity transmission lines involve drilling activities, which require horizontal directional drilling equipment. Adequate water supply, proper sanitation, including waste management, assured electricity supply, and efficient urban mobility are a few of the necessities of the smart city. Developing new infrastructures such as universities, schools, housing, and IT data centers requires a high level of drilling activities for the installation of underground pipelines and cables, which is anticipated to boost the application of horizontal directional drilling equipment in the coming years. For instance, in 2023, Kerala Water Authority and the city corporation initiated a project on utilizing Japanese decentralized wastewater treatment plants known as "Johkasou" in the city. In 2023, governments of Canada and British Columbia invested US$ 24.3 million in the construction of a water treatment plant. The construction of metro facilities, new airports, or expansion of the railway network is also anticipated to fuel the demand for horizontal directional drilling equipment. In March 2023, the Canadian Kelowna City Council announced approval for the funding of US$ 90 million for the Kelowna Airport terminal expansion project. As of 2023, in the US, six new airports are currently under construction. Also, in 2022, the Government of India announced its plans to build 220 airports by the end of 2025. In 2023, the government also approved US$ 3.93 billion for seven transformative railway projects to boost connectivity. Thus, the development of smart cities is anticipated to bring new trends in the horizontal directional drilling market.
The expanding demand for natural gas and crude oil in different end-use applications bolsters the growth of the oil & gas pipeline infrastructure in Middle East & Africa, which is increasing the scope of drilling activities and having a positive impact on the horizontal directional drilling market. Rising offshore oil drilling activities are also boosting the demand for horizontal directional drilling equipment in the region. In January 2023, Masirah Oil, a subsidiary of Singapore-headquartered independent Rex International, announced that it had completed an offshore drilling campaign in Oman's Block 50. Thus, growing development of the oil & gas sector is projected to drive the horizontal directional drilling market growth in the Middle East & Africa during the forecast period.
The expanding energy demand in South & Central America is attributed to population growth and industrialization, which fuels the need for increased gas production. As a result, the gas industry in South & Central America attracts significant investments from domestic and foreign companies. Partnerships between national oil companies and international collaborators drive the oil & gas industry's growth. In August 2023, Exxon announced its plans to develop its sixth offshore oil project worth US$ 12,93 billion in Guyana. Such developments have been catalyzing the horizontal directional drilling market growth in South & Central America.
The horizontal directional drilling market forecast is estimated on the basis of various secondary and primary research findings such as key company publications, association data, and databases. The horizontal directional drilling market report emphasizes the key factors driving the market and depicts the developments of prominent players. American Augers, Inc.; Prime Drilling GmbH; Epiroc AB; Vermeer Corporation; The Charles Machine Works Inc.; Laney Directional Drilling; Nabors Industries Ltd; Herrenknecht AG; Tracto-Technik; and Drillto Trenchless Co., Ltd are among the key players covered in the horizontal directional drilling market report. The report includes growth prospects in light of current horizontal directional drilling market trends and driving factors influencing the market.