The global borehole enlargement systems market is expected to post a CAGR of over 4% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the rise in oil and natural gas demand. As per the EIA, in 2018, the global liquid fuel consumption increased to 100.09 mbpd from 92.16 mbpd in 2013. The global liquid fuel consumption grew at an annual rate of 1.66% during 2015-17, owing to the increase in the global demand for oil and gas and is expected to grow at a high rate during the forecast period.
This market research report on the global borehole enlargement systems market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the emergence of laser drilling technology in the oil and gas industry as one of the key emerging trends in the global borehole enlargement systems market:
Global borehole enlargement systems market: Emergence of laser drilling technology in the oil and gas industry
The production of oil and natural gas needs to be high to meet the rising demand. Oil production involves drilling activities in both onshore and offshore locations. There have been several advances in drilling technologies to optimize the drilling process. Laser drilling technology is one such advancement.
The traditional method of drilling in oil and gas production for many decades has been mechanical drilling. However, penetrating the hard rocks requires applying many tons of weight to press down on the drill. This results in quick wear and tear, which makes drilling uneconomical when it comes to the oil and gas fields capped by hard rocks. Laser drilling offers several advantages such as precision drilling an increased rate of penetration, a single-diameter borehole, high accuracy, and a reduction in the drilling time when drilling through hard formations, says a senior analyst at Technavio for research on oil and gas.
Global borehole enlargement systems market: Segmentation analysis
This market research report segments the global borehole enlargement systems market by application (onshore and offshore) and geographical regions (the Americas, APAC, and EMEA).
The onshore segment held the largest market share in 2018, accounting for nearly 94% of the market. This application segment is expected to dominate the global market throughout the forecast period.
The Americas led the market in 2018 with a market share of nearly 51%. This region is expected to dominate the market through 2023.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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