The global market for drilling fluid equipment is a highly dynamic industry that caters to the vast applications associated with drilling fluids in areas such as oil and gas, water wells, and geothermal exploration. These areas of application have become increasingly expansive in the past few years owing to the vast rise in demand for oil and gas and other raw materials used in the power sector as oil and gas resources become increasingly scarce. The market has witnessed the entry of several companies in the past years and the introduction of new product varieties and services has made the market more established and more promising.
The demand for products such as a variety of pumps, valves, unions and air tubes, and drilling fluid manifolds continues to rise at an impressive pace across the globe. Owing to this, the global drilling fluid equipment market is likely to expand at an impressive pace in the next few years. Increased focus of oil and gas companies to bring down their operation costs has leveraged the focus on reprocessed and refurbished devices.
Offshore Drilling Industry to Present Promising Growth Opportunities
The use of crude oil and its derivatives in a vast set of applications translates to consumption volumes of more than 100 mn barrels every day globally according to several estimates. The figure, a rough estimate, is bound to run up or down depending on factors such as industrial growth, population expansion, and consumption of power/electricity. However, as consumption volumes rise up at a steady pace and as oil and gas companies are feeling the pressure of providing for an ever-rising consumer base, the lookout for new reserves has become an important part of the global oil and gas market. This situation has also led to vast developments in the field of offshore drilling in the past few years and is proving highly beneficial for auxiliary markets such as drilling fluid equipment.
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Increased Rise in Offshore Drilling Activities to Play Key Role in Market Growth
Offshore drilling presently accounts for nearly 30% of the world’s total production of oil and more than 27% of the world’s total production of gas. Globally, these numbers have remained steady ever since the beginning of this century and are expected to go up in the next few years. Furthermore, nearly 20% of the world’s total oil reserves and nearly 30% of the world’s total gas reserves are on offshore locations. These locations are all potential markets for drilling fluid equipment. The rising focus on increasing these activities to bridge the gap between shrinking conventional resources and the rising demand for power and fuel globally.