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The increasing demand for energy has impacted the rise in a number of exploration activities. The need to satisfy the increased demand has seen the exploration activities being carried out at difficult locations and an increased depth as compared to the exploration as it was done earlier. The borehole enlargement systems are deployed to increase the cross-section of the boreholes using the equipment called under reamer, which has expandable cutter arms which are controlled hydraulically.
The need for the borehole enlargement comes in during the exploration activities mainly to perform extended reach drilling, high pressure, and deep oil and gas wells, and the geothermal explorations involving hard rocks. The borehole enlargement systems are also used to maintain the profitability of the oil and gas well which is hampered by the sand and gravel movement, insufficient stimulation due to shale movement and built of cutting beds.
The borehole enlargement systems are increasingly used in the hydraulically fractured wells which may be horizontal or directional. The Increasing number of horizontal wells and directional wells and need for borehole enlargement will drive the growth of the global borehole enlargement systems market.
Key Market Driver -
Key Market Driver – Increasing exploration activities at onshore and offshore locations.
Key Market Restraint -
Key Market Restraint – Increasing rate of adoption of renewables due to environmental considerations.
Based on its application global borehole enlargement systems market can be segmented into onshore and offshore. The growth in the exploration activities being carried out and onshore locations and at great depth for the geothermal energy and shale gases will drive the growth of the onshore segment over the given forecast period.
The major market driver for the global borehole enlargement systems market is the increased demand for energy which has seen a rise in the number of the exploration activities being carried out at onshore and offshore locations. Also, the revitalizing oil prices which have upsurged the upstream investment is the other factor driving the growth of global borehole enlargement systems market.
Key market restraint for the global borehole enlargement systems market is the increasing rate of adoption of renewable sources of energy which will certainly decrease the demand of fossil fuels and therefore can hamper the growth of the global borehole enlargement systems market. Also, the regulations put on by governments against the exploration activities can hinder the growth of the global borehole enlargement systems market.
Some of the notable companies in the global borehole enlargement system market are Schlumberger, Weatherford, Baker Hughes, a GE company, National Oilwell Varco, Halliburton, Daleel Petroleum LLC, Radius Energy Services, LLC, Rubicon Oilfield International, Paradigm, Orion Well Services, NewTech Services, and Drillstar Industries.
The global borehole enlargement systems market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America stands as the dominating region the global borehole enlargement systems market owing to the increased exploration activities being carried out. The exploration activities in the region are mainly being carried out at the onshore locations for the shale gas. The hydraulic fracturing technique is being increasingly used, and the horizontal wells form the major part of the adoption of hydraulic fracturing.
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The USA has been the dominating country in the region and around the globe in the global borehole enlargement systems market. Apart from North Americ, Europe has also seen a rise in the adoption of the borehole enlargement systems which is mainly due to the increased geothermal energy capturing being carried out an increased depths. The Asia Pacific and Latin America region also hold an excellent opportunity for the growth of the borehole enlargement systems market owing to the increased energy demand due to the growing population. The major countries in the region are China and Argentina respectively. The Middle East region is also a major region for the borehole enlargement systems market with exploration activities being carried out in high number and at a growing rate.
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