Global Drilling Jars Market: Overview
The success of cable tool drilling is determined by the performance of a drilling jar, as it is a crucial component of a drilling string. With the recent advancements, drilling jars have become more advanced and provide better results and reliability. With the increasing offshore exploration and drilling activities worldwide, the demand for drilling jars is expected to increase at a rapid pace in the near future, finds Transparency Market Research (TMR) in a new study.
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The report provides a holistic overview of the global drilling jars market covering the various factors influencing its growth. To study its trajectory over the years, the report also sources data from its historical roadmap. To present an in-depth overview, the effect of Porter’s five forces on the global drilling jars market is analyzed as well.
Global Drilling Jars Market: Trends and Opportunities
The global drilling jars market is forecast to gain from the increasing drilling activities and investment in oil and gas explorations worldwide. Based on recent findings, TMR forecasts strong growth for the market as oil industries make huge investments to explore offshore resources and deep-water reserves. It is due to this, that the gradual shift from onshore to deep offshore reserves is foretold to create lucrative market opportunities. This shift however is steered by the depleting onshore reserves and the potentially attractive rate of returns from investment in the unexplored deep water reserves.
It is due to the increasing demand for energy that companies are compelled to invest heavily in hydrocarbon exploration. With the trend less likely to subside anytime soon, the future of the global drilling market seems much promising. Besides this the market in the recent years is gaining from the rising efforts towards unconventional hydrocarbon resources explorations. Perhaps with government support and strong regulations to cater to the rising energy demands, the developing markets will emerge as more lucrative pockets in the forthcoming years.
However, the market’s trajectory will not remain uninhibited as it still faces restraints from the volatile crude oil prices. In addition, geopolitics and other market forces will continue having significant influence on the global drilling jars market.
Global Drilling Jars Market: Regional and Other Key Segments
Regionally, the market is expected to strong growth in North America. As the region boasts abundant shale gas reserves and ultra-deep water oil, it provides immense opportunities for players domiciled therein to capitalize from. While Europe and Asia Pacific will continue being lucrative markets for drilling jars, the accelerated efforts in North America to produce unconventional energy will seal the region’s dominance in the global map. In the Rest of the World however the market will continue raking high profits from the Middle East and Africa.
Besides regional segmentation, the report also classifies the global drilling jars market based on type into hydraulic drilling jars, hydraulic mechanical jars, and mechanical drilling jars. Of these, hydraulic as well as mechanical jars are available in single or two unit jars, which offer a combination of hydraulic and mechanical actions. Following the recent advancements, drilling jars also provide a two way action, which enables operators to drill through in both downward and upward actions.
The report presents a detailed assessment of the factors affecting the market’s trajectory across the aforementioned segments. Information thus obtained is intended to help market participants identify sectors in the market that will prove to be the most lucrative.
Global Drilling Jars Market: Vendor Landscape
In order to provide insight into the prevailing vendor landscape, the report profiles companies such as Schlumberger Limited, Toro Downhole Tools, Odfjell Drilling Ltd., Wenzel Downhole Tools Ltd., BICO Drilling Tools, Inc., Tasman OMM, Cougar Drilling Solutions Inc., TTGM International (USA), Inc., VNIIBT-Drilling Tools Ltd., Knight Oil Tools, AOS ORWELL, and National Oilwell Varco.
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In order to study their strengths and weaknesses the report conducts SWOT analysis on the leading market players. The analysis also provides insights into the threats and opportunities that could affect their operations over the course of the forecast period.
Geographies analyzed under this research report include
-Rest of the World
This report gives you access to decisive data such as:
-Market growth drivers
-Factors limiting market growth
-Current market trends
-Market projections for the coming years