Strong and steady oil and gas refining and extraction activities coupled with the rapid rise in consumption in recent times by countries around the world are key to the growth of the oilfield drilling equipment market. Moreover, new technologies and techniques for improving on the efficiency of drilling operations are also projected to play a major role in the future of the market.
The recent reduction in oil prices, and the higher demand for crude oil products, particularly in North American countries, are pushing oil and gas companies to increase their investments and efforts towards the development of new technology to make their operations more economically feasible.
Rising energy needs across the world owing to urbanization and industrialization, are key factors that are driving the investments in the oil drilling industry, and the faster discoveries of new technological innovations that are boosting the amount of oil drilling activities around the globe. Stable oil prices are expected to have a significant influence on the costs for various drilling equipment components.
On the other hand, rapid technological advancements in the field have made it increasingly unfeasible for companies to buy new equipment that can become outmoded in a short while. As a result, rental for such equipment is gaining popularity in the rapidly expanding global oil drilling industry. Further technological developments in the field are only anticipated to increase the growth of rentals for the long term.
New Technological Innovations are Eco-Friendly and Digitized
Increased investments in research and development by the oil drilling industry has risen in recent times owing to reduced growth in the prices of crude oil products on a global scale. With the aim of meeting regulatory guidelines and financial feasibility at the same time, new equipment innovations work towards reducing environmental footprint, higher accuracy and efficiency, and boosting recovery from declining oil fields among others.
For example, high spec rigs are becoming increasingly popular, with state of the art top drives, pumps and hosting systems, with massive infrastructure to house around 3/4ths of a million pounds of piping and 1500 hp of power for drilling systems. These rigs drill oil wells in significantly shorter times, and at greater depths, along with providing high levels of stability over the wells. On the other hand, the massive infrastructure of these super rigs are restricted by the high human workforce required for operations.
US based Galuku has developed a new material named SpillFix, aimed towards cleaning up oil spills, without impacting the environment. The product comprises ground husks and coir of coconuts. Other similar products provide numerous growth opportunities for market players.
Amoco Canada Petroleum Ltd. have engineered new ways to enter aging oil fields such as re-entry well and infill drilling to access areas with crude oil, which allows better scope for product extraction from oil fields that have been previously declared to be used up.
In addition, software and programming has also gained importance in the field. For instance, Akita Drilling’s X-Driller software allows automated drilling control, with high sensitivity on the pressure being applied to the drill bit, and rotation speeds, to optimize drilling performance.
Reduced Operational Costs and Better Efficiency Increase Use of Mud Pumps
Mud pumps have been one of the major inclusions in modern oil drilling operations, and manufacturers often emphasize of accuracy of fluid volume and pressure delivery, to optimize off-shore and on-shore oil operations. The mud pump market is anticipated to witness steady growth in the years ahead.
Innovations such as quick release hydraulic systems are becoming increasingly common for increase speed and worker safety during operations, to stay ahead of the competition. In addition, improved product quality is encouraging a number of manufacturers to provide a extensions to lifetime warranties in comparison to other variants to boost the confidence of consumers, are consequently boost the number of sales for that particular product.
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