Borehole Enlargement Systems Market - Segmented by Type, Application, and Geography - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

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Borehole enlargement is a drilling process, in which a tool called under-reamer enlarges a wellbore. The global energy consumption is expected to increase by 28% between 2015-2040, with oil & gas accounting for approximately half the demand. The increasing investments in exploration, production, and drilling activities and number of upstream projects, across the world, by the oil producers like US and OPEC, is expected to drive the borehole enlargement systems market. Decrease in the number of vertical rigs by 62% in 2014 and increase in the horizontal rigs by approximately 280%, since January 2007, shows that the demand for borehole enlargement systems is expected to increase at a high rate, during the forecast period.

Demand for Long Lateral Services Driving the Market

The shift from vertical drilling to horizontal/lateral drilling methods, in the recent years, has resulted in an increase in the total drilled footage per well, due to which, the demand for borehole enlargement systems has increased. Hydraulic fractured wells have accounted for most of all the new wells drilled and completed, since late 2014. As of 2016, about 670,000 of the 977,000 producing wells were hydraulically fractured and horizontally drilled. Additionally, in 2016, the total drilled footage reached nearly 13 million feet, approximately 10.7 million of which were hydraulically fractured and horizontally drilled, which in turn, is expected to increase the demand for borehole enlargement systems market in the forecast period. Over the past decade, the lateral lengths of the unconventional wells, drilled in the United States, have increased from 2,500 feet to nearly 7,000 feet. As China and Argentina have also started to invest in their unconventional fields, following the United States, the demand for borehole enlargement systems is expected to increase, during the forecast period.


North America is one of the Largest Market

The evolution of abundant tight oil and unconventional natural gas resources has created an opportunity to enhance economic growth, throughout North America, and improve its competitiveness in the global oil & gas industry. The market for unconventional fuels and drilling is expanding in this region, owing to the consumption growth in oil and oil products. The average active rig count in North America, as of May 2018, has almost doubled its number from 2016, resulting in the requirement of borehole enlargement systems. The increase in the number of horizontal rigs, due to the discovery of unconventional oil and gas formations, has led to the development and production of large amounts of oil and natural gas in this region. This trend for the borehole enlargement systems market is expected to continue in this region, over the forecast period, as the United States is planning to become an oil exporter, by 2022.

United States – A Huge Market Potential

The global oil production’s growth, over the forecast period, is expected to come from the United States. As per the EIA, the US average crude oil production in 2017 is expected to increase by 25% in 2019. The US tight oil production increased in 2017, accounting for approximately 54% of total US crude oil production, in part, because of the increasing productivity of new wells. Effective drilling techniques, including the growing use of hydraulic fracturing and horizontal drilling, have helped in increasing these initial production rates. The US horizontal rig count has reached 932 in June 15, 2018, from 780 in 2017. Tight oil production in West Texas and New Mexico is the primary driver of the rising US market. The oil and gas production is expected to continue its growth, along with renewables, which, in turn, increases the drilling activities and borehole enlargement market in the United States. The above factors are expected to drive the borehole enlargement systems market, during the forecast period.

Major Players: Schlumberger Limited, Halliburton, Weatherford Inc., Baker Hughes Incorporated, National Oilwell Varco, Radius-Service LLC, RUBICON OILFIELD PRODUCTS LIMITED, Paradigm Group BV, NMES Services, and Fonzo Energy, among others.

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  • Current and future borehole enlargement systems market outlook in the developed and emerging markets
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1. Executive Summary                                                  

2. Research Methodology                                                           

                2.1 Scope of the Report                               

                2.2 Market Definition                                    

                2.3 Study Assumptions                                 

                2.4 Study Deliverables                                  

                2.5 Research Phases                                      

3. Market Overview                                                       

                3.1 Introduction                                               

                3.2 Market Size and Demand Forecast until 2023                                              

                3.3 Import-Export Analysis                                          

                3.4 Recent Trends and Developments                                   

                3.5 Government Policies & Regulations                                 

                3.6 Investment Opportunities                                   

                3.7 Cost Analysis                                              

4. Market Dynamics                                                       

                4.1 Drivers                                          

                4.2 Restraints                                    

                4.3 Opportunities                                            

5. Supply Chain Analysis                                                               

6. Industry Attractiveness - Porter's Five Force Analysis                                                

                6.1 Bargaining Power of Suppliers                                            

                6.2 Bargaining Power of Consumers                                       

                6.3 Threat of New Entrants                                         

                6.4 Threat of Substitute Product and Services                                    

                6.5 Intensity of Competitive Rivalry                                        

7. Market Segmentation and Analysis (Overview, Market Size, and Demand Forecast until 2023)                                                              

                7.1 By Location of Deployment                                 

                                7.1.1 Offshore                  

                                7.1.2 Onshore                   

                7.2 By Reamer Type                                       

                                7.2.1 Fixed Diameter Reamer                    

                                7.2.2 Expandable Reamer                            

8. Regional Market Analysis (Overview, Market Size, and Demand Forecast until 2023)                                                  

                8.1 North America                                          

                                8.1.1 United States                         

                                8.1.2 Canada                     

                                8.1.3 Mexico                     

                                8.1.4 Rest of North America                       

                8.2 Europe                                         

                                8.2.1 Germany                 

                                8.2.2 United Kingdom                   

                                8.2.3 France                       

                                8.2.4 Spain                         

                                8.2.5 Denmark                  

                                8.2.6 Italy                            

                                8.2.7 Rest of Europe                      

                8.3 South America                                          

                                8.3.1 Brazil                          

                                8.3.2 Argentina                

                                8.3.3 Rest of South America                       

                8.4 Asia-Pacific                                 

                                8.4.1 China                         

                                8.4.2 India                          

                                8.4.3 Japan                         

                                8.4.4 Australia & New Zealand                   

                                8.4.5 Rest of Asia-Pacific                              

                8.5 Middle East & Africa                               

                                8.5.1 Saudi Arabia                           

                                8.5.2 South Africa                            

                                8.5.3 Rest of Middle East & Africa                            

9. Key Company Analysis (Overview, Products & Services, Financials**, Recent Developments, and Analyst View)                                                               

                9.1 Schlumberger Limited                                            

                9.2 Halliburton                                  

                9.3 Weatherford                                             

                9.4 Baker Hughes Incorporated                                

                9.5 National Oilwell Varco                                            

                9.6 Radius Services LLC                                 

                9.7 RUBICON OILFIELD PRODUCTS LIMITED                                         

                9.8 Paradigm Group BV                                

                9.9 NMES Services                                          

                9.10 Fonzo Energy                                          

                *List not Exhaustive                                       

10. Competitive Landscape                                                         

                10.1 Mergers and Acquisitions                                  

                10.2 Joint Ventures, Collaborations, and Agreements                                    

                10.3 Market Share Analysis                                         

                10.4 Strategies Adopted by Leading Players                                        

11. Future of the Market                                                             

12. Appendix                                                    

                12.1 Contact Us                                

                12.2 Disclaimer                                 

                **Subject to availability on public domain                                                           

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