Global Horizontal Directional Drilling Market to Grow at 9.22% CAGR by 2030

Market Overview:

MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Horizontal Directional Drilling Market, The Global Horizontal Directional Drilling Market size was valued at around USD 8.22 billion in 2023 and is estimated to grow at a CAGR of about 9.22% during the forecast period, i.e., 2024-30. Along with this, the market is estimated to grow at a CAGR of around 9.22% during the forecast period. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight sustainable materials, rising demand for luxury customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Horizontal Directional Drilling Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.

Industry Outlook Forecasts:

Forecast Period: 2024-2030
Market Size in 2023: USD 8.22 billion
CAGR (2024-2030): 9.22%

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Global Horizontal Directional Drilling Market Segmentation Breakdown:

The Horizontal Directional Drilling Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:

By Type
- Conventional-Market Size Forecast 2019-2030F, USD Million
- Rotary Steerable System- Market Size Forecast 2019-2030F, USD Million
By Application
- Onshore- Market Size Forecast 2019-2030F, USD Million
- Offshore- Market Size Forecast 2019-2030F, USD Million

The Offshore sector stands out as a leading contributor to the Horizontal Directional Drilling Market and is projected to hold a considerable share throughout the forecast duration.

By Services
- Rotary Steerable System (RSS)- Market Size Forecast 2019-2030F, USD Million
- Logging-While-Drilling - Market Size Forecast 2019-2030F, USD Million
- Measurement- While- Drilling (MWD) Survey- Market Size Forecast 2019-2030F, USD Million
- Motors (MUD)Motors- Market Size Forecast 2019-2030F, USD Million
- Others- Market Size Forecast 2019-2030F, USD Million
By End User
- Oil Gas- Market Size Forecast 2019-2030F, USD Million
- Utility- Market Size Forecast 2019-2030F, USD Million
- Telecommunication- Market Size Forecast 2019-2030F, USD Million
- Others- Market Size Forecast 2019-2030F, USD Million

The Oil Gas Excavation sector continues to maintain its dominant position in the Horizontal Directional Drilling Market and is expected to sustain this trend in the forecast period.

Geographical Growth Insights:

By Region
- North America
- South America
- Europe
- The Middle East Africa
- Asia Pacific

North America emerged as the global market leader in 2022, holding a significant volume share of the Horizontal Directional Drilling Market.

MarkNtel Advisors Highlights Key Market Drivers for Horizontal Directional Drilling Market:

Market Expansion to be Driven by Telecommunication and Oil Gas Sectors – Horizontal directional drilling is used in the utility, oil gas, and telecommunications industries. High-speed broadband and cable service providers are actively expanding their networks to meet the increasing demand for these services. Furthermore, the deployment of fiber-optic and telecom lines to support 3G, 4G, and 5G networks has had a significant impact on the Horizontal Directional Drilling Market.

Moreover, conventional drilling methods are being phased out in favor of techniques that provide greater control precision, resulting in increased oil production. Organic-rich shales are being converted into highly productive gas wells using horizontal directional drilling hydraulic fracturing techniques. Also, HDD allows access to oil gas reserves in areas that vertical drilling methods cannot reach. As a result, the expansion of the telecom, oil gas industries is expected to be a driving force behind the expansion of the HDD market.

A Comprehensive Analysis of Leading Companies in Global Horizontal Directional Drilling Market

Ossia Inc.
Energous Corporation
Wi-Charge Ltd.
Texas Instruments
Qualcomm Inc.
Semtech Corporation
Humavox Ltd.
Toshiba Corporation
Fulton Innovation LLC
Convenient Power HK
Energizer Holdings, Inc.
Plugless Power
Murata Manufacturing Co., Ltd.
Powermat Technologies Ltd.
WiTricity
Others

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Horizontal Directional Drilling Market Recent Development:

2023: Nabors Industries Ltd. has announced a partnership withHalliburton Company to lead the market in construction automation solutions. This collaboration leverages Halliburton's LOGIX® autonomous drilling platform subsurface drilling technologies, along with Nabors Industries' SmartROS® automation platform and RigCLOUD® digital platform.

What are the growth Opportunity driving the Global Horizontal Directional Drilling Market?

Minimized Environmental Damage to Create New Avenues for the Market – Horizontal directional drilling provides ecological benefits compared to traditional vertical wells by navigating pipes through obstacles without removal, reducing disturbances to underground formations. It enables the installation of multiple pipes in a confined area, minimizing fractures in rock formations and requiring fewer wells, thus using less land.

Contrary to traditional drilling's risk of groundwater contamination, advanced horizontal drilling technologies prevent below-surface water reservoir pollution. Studies comparing open-cut and horizontal drilling methods indicate a 65% lower environmental impact for horizontal drilling, making it eco-friendlier. Furthermore, this drilling technique minimally disrupts both surface subsurface environments, contributing to its low environmental impact and paving the way for the Horizontal Directional Drilling Market opportunities in the forecast period.

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