Global Drill Subs Market: Overview
To effectively undertake the vast number of activities and operations associated with the production and exploration of oil and has, complex machineries are employed. Drill subs refer to one of these varieties of machineries considered to be an integral part of oil and gas drilling activities, used chiefly to screw the different parts of drilling string together. A drilling string is the part of the drilling setup used to transmit drilling fluid to the drill bit.
Drill strings are marketed in different sizes and have a variety of designs and thread sizes. Extensively used in drilling equipment employed across non-conventional oil and gas resources such as tight oil and shale gas, the increasing global demand for these energy sources is expected to lead to an increased demand for drill subs as well. Increased drilling activities in offshore locations also present vast growth opportunities for the global drill subs market.
This report on the global drill subs market presents a thorough account of the growth dynamics of the market in the present times and includes vast projections pertaining to the growth trajectory of the market and its segments over the period between 2016 and 2024. The report also includes a detailed analysis of factors such as growth drivers, restraints, trends, opportunities, regulatory scenario, and competitive landscape of the market. Business profiles of some of the key vendors operating in the market are also included in the report.
Global Drill Subs Market: Drivers and Restraints
The vast rise in demand for energy/electricity and vehicle fuels across emerging markets has led to a significant rise in oil and gas exploration and production activities in the past. The same factors have helped the global oil and gas industry recover from a recent phase of uncertain growth and substantial price reductions and the situation is expected to further improve in the near future. The improved financials of the oil and gas industry will again lead to an increase in investments aimed at exploration across new oilfields, thus driving the demand for drill subs.
The exploration of non-conventional resources and the significant rise in offshore drilling activities is expected to present vast growth opportunities for the global drill subs market in the next few years. However, strict regulations and rising political pressures in the exploration and production segment could hinder the growth of the drilling subs market to a certain extent. Nevertheless, development of oilfields and drilling activities in offshore areas in developing economies of Latin America and Africa will lead to lucrative growth opportunities for the drill subs market in the near future.
Global Drill Subs Market: Geographical and Competitive Dynamics
Owing to its rising appetite for energy and a vast rise in drilling of unconventional reserves, North America represents one of the world’s most lucrative markets for drill subs. Countries in the Middle East are also key destinations for drill subs owing to the availability of vast conventional oil and gas reserves and the continuous rise in investment aimed at the improvement of the offshore drilling industry. Countries in Africa and Latin America are also expected to provide growth opportunities for the market, chiefly owing to the booming oil and gas industries. Many large offshore projects are planned in these regions and several large vendors are planning to invest in these regions.
Some of the key vendors operating in the global drill subs market are Weatherford International Ltd, Sub Drill Supply Ltd., Schlumberger Ltd., Precision Drilling Corporation, and Hughes Tool Company.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.