Global Positive Displacement Motor Market - Introduction
- Positive displacement motors are primarily used for directional drilling
- These motors are utilized to convert the liquid fuel flow inside the equipment into rotational energy in order to power the drill bits at high rpm
Global Positive Displacement Motor Market - Dynamics
- Rising usage of liquid fuel is considered to be a key factor driving the positive displacement motor market.
- Rapid rise in urbanization and industrialization in developing countries boosts the consumption of liquid fuel. Major oil & gas companies have expanded their production through exploration & production (E&P) activities in new and existing oil & gas production sites in order to cater to the rising demand across different end-user sector in the market.
- Increase in deepwater and ultra-deepwater exploration activities drive the investments for offshore drilling and consequently, boost the positive displacement motor market
- Moreover, increasing demand for liquid fuel has augmented the demand for upstream oil & gas drilling activities. This is expected to drive the demand for positive displacement motor for offshore and directional drilling and thereby propel the positive displacement motor market.
- Furthermore, emergence of IoT (internet of things) applications in the oil & gas industry is another key trend that is estimated to boost the positive displacement motor market in the near future
- Automation technologies are increasingly being applied to several operations in the drilling process in order to enhance process efficiency. Real-time data acquisition, wireless communication, sensors, GPS, and innovations are being incorporated in drilling equipment.
- Integration of IoT enhances the recovery of hydrocarbons available in the reserve, by minimizing the chances of risks and uncertainties in the process
- This is expected to improve the accuracy of E&P activities for oil & gas companies by providing better data and decision-making abilities.
- Volatility in crude oil prices is hindering the positive displacement motor market
- Decline in crude oil import price is expected to adversely impact several upstream companies and thereby, restrain the positive displacement motor market in the next few years.
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Global Positive Displacement Motor Market: Segmentation Analysis
- In terms of application, the positive displacement motor market can be bifurcated into onshore and offshore
- The onshore segment accounted for a leading share of the positive displacement motor market, while the offshore application segment is projected to expand significantly in positive displacement motor market in the near future
North America to Lead Global Market for Positive Displacement Motor
- In terms of region, the global positive displacement motor market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is likely to dominate the global positive displacement motor market from 2019 to 2027, followed by Asia Pacific and Europe. Increasing usage of liquid fuel due to industrialization and urbanization in the U.S. drives the positive displacement motor market in North America.
- The market in Asia Pacific is anticipated to expand significantly in the near future. The liquid fuel industry in countries in Asia, such as China and India, is expanding significantly, which in turn is estimated to drive the demand for positive displacement motor, and consequently, boost the positive displacement motor market in the region.
Key Manufacturers Operating in Market
The global positive displacement motor market was highly fragmented in 2018, owing to the presence of several small- and large-scale established market players who hold a prominent market share. The market is in growth phase; however, the market competition is expected to become less intense by the end of the forecast period. Manufacturers of positive displacement motors are focused on product development and adoption of advanced technologies to produce innovative products in order to cater to the changing needs of end-users. Key manufacturers operating in the global market are:
- Halliburton Company
- Nabors Industries
- Schlumberger Limited
- MATRRIX Energy Technologies Inc.
- Weatherford International plc
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Global Positive Displacement Motor Market: Research Scope
Global Positive Displacement Motor Market, by Application
Global Positive Displacement Motor Market, by Region
- North America
- Rest of North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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