Borehole Enlargement System Market Size & Share, by Application (Onshore, Offshore); Type (Fixed Diameter Reamers, Hydraulically Expandable Reamers) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5687
  • Published Date: Feb 20, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Borehole Enlargement System Market size is estimated to cross USD 8 Billion by the end of 2036, growing at a CAGR of 8% during the forecast period i.e., 2024-2036. In the year 2023, the industry size of USD 565 Million. The increase in oil and natural gas consumption is one of the key factors driving growth in the market for borehole enlargement systems. In the last few years, driven by a strong economy, global energy demand has been growing rapidly. Emerging markets and developing economies, such as India and China, where demand is projected to increase by 3.4% above the level of 2019, represent almost 70% of global energy demand growth projections. As oil and gas demand increases, new reservoirs need to be explored and exploited for the production of oil and gas as existing reservoirs are beginning to mature or become exhausted. Global natural gas consumption has also increased significantly over the last decade due to the increasing use of natural gas as a source of energy. In addition, the demand for gas is expected to increase as a result of increasing fuel consumption in emerging economies like India and China.

In hydraulically fractured wells that can be horizontal or inclined, borehole enlargement systems are increasingly used. The worldwide borehole enlargement system market will be driven by the rising number of horizontal and vertical wells, as well as the need to enlarge existing boreholes.


Borehole Enlargement System Market
Get more information on this report: Request Free Sample PDF

Borehole Enlargement System Market: Growth Drivers and Challenges

Growth Drivers

  • Emergence of Laser Drilling Technology - For many decades, the conventional method of drilling for oil and gas has been to use machinery. However, to press down on the drill you have to use a lot of weight to penetrate the hard rock. As a result, when it comes to oil and gas fields that are surrounded by hard rock, bits wear out quickly, which can make drilling uneconomic. A laser drill is capable of various advantages, such as a precise approach to the hole, an increase in penetration rate, a diameter borehole, good accuracy, and reduced time for boring through rocky formations. Mobility and time savings will be made possible by the compact design. For this reason, the potential of laser drilling systems to radically change the oil and gas sector is what will have a positive effect on the global borehole enlargement system market.
  • Advancement in Drilling Technology - The complexity of exploration operations has been enhanced by continuous developments in technologies such as horizontal steerable systems, hydrofracturing, and direct digging. In difficult formations, borehole enlargement systems with advanced tools and techniques allow for effective penetration.

Challenges

  • Technical Expertise Needed - Technical expertise and experience are needed for the operation and maintenance of borehole enlargement systems. In some regions, the lack of qualified personnel may make it difficult to implement such schemes.
  • High Initial Investment Required is Set to Hamper the Market Growth in the Forecast Period
  • The change in energy mix will also act as a challenge for the borehole enlargement system market growth in the upcoming period

Borehole Enlargement System Market: Key Insights

Base Year

2023

Forecast Year

2024- 2036

CAGR

~8%

Base Year Market Size (2023)

~USD 565 Million

Forecast Year Market Size (2036)

~USD 8 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
Get more information on this report: Request Free Sample PDF

Borehole Enlargement System Segmentation

Application (Onshore, Offshore)

Based on application, the onshore segment in the borehole enlargement system market is set to hold the highest share of 80% share during the period 2024-2036. Its lower cost of exploration and development compared to offshore oil and gas production is the key factor driving increased onshore oil and gas output. To increase the efficiency of survey activities, which are driving oil exploration around the world, offshore oil and gas equipment companies have developed technology for Seismic surveys as well as increased investment in R&D. The growth of the onshore segment during this forecast period will be driven by an increase in exploration activities on land and at very deep locations for geothermal energy and shale gas.

Type (Fixed Diameter Reamers, Hydraulically Expandable Reamers)

Based on type, the hydraulically expandable reamers segment in the borehole enlargement system market is poised to hold a significant share by the end of 2036. The hydraulically Expandable Reamers are intended for expansion and adjustment of its diameter in the course of operation using hydraulic pressure. To ensure the desired diameter and quality of boreholes, these tools shall be used for drilling and excavation. These factors are set to drive the growth of the segment in the studied period.

Our in-depth analysis of the global borehole enlargement system market includes the following segments:

          Application

  • Onshore
  • Offshore

          Type

  • Fixed Diameter Reamers
  • Hydraulically Expandable Reamers

Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.

Customize this Report

Borehole Enlargement System Industry - Regional Synopsis

North American Market Forecasts

The North American region is set to dominate the borehole enlargement system market growing at a CAGR of 35% during the forecast period. The market in North America is expected to expand as a result of the increased exploration efforts. The majority of the region's exploration efforts are focused on the onshore shale gas sites. Hydraulic fracturing is becoming more and more popular, with horizontal wells accounting for the majority of its application. Borehole enlargement systems will need to be expanded to accommodate the growing production of natural gas, crude oil, and refinery products for a variety of users. According to the EIA's short-term energy outlook, US crude oil production is expected to reach 13.21 million barrels a day this year. This year, it had previously projected that oil production would increase by 290,000 barrels per day.

European Market Statistics

The borehole enlargement system market in the European region is predicted to grow significantly during the period between 2024-2036. Europe’s growing energy demand is mendorong exploration and production activities in the oil and gas industry. Borehole enlargement systems are essential for creating wider wellbores, which can accommodate larger production pipes and increase oil and gas recovery rates. European Union regulations are becoming increasingly stringent regarding greenhouse gas emissions and environmental protection. This is leading to a growing focus on cleaner energy sources, such as geothermal energy. Geothermal drilling requires precise and reliable borehole enlargement to ensure efficient heat extraction. In more than 30 countries around the world, geothermal energy will provide around 16 gigawatts of installed capacity in 2021, according to the International Renewable Energy Agency. This year, the EU's gross electricity generation capacity was little more than 1 gigawatt.

Research Nester
Borehole Enlargement System Market size
Get more information on this report: Request Free Sample PDF

Companies Dominating the Borehole Enlargement System Landscape

top-features-companies
    • Weatherford International Plc
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Baker Hughes Inc
    • National Oilwell Varco
    • Halliburton
    • Daleel Petroleum LLC
    • Radius Energy Services, LLC
    • Rubicon Oilfield International
    • Paradigm
    • Orion Well Services
    • NewTech Services

In-the-news

In The News

  • The DEEPFRAC Deepwater multiple-stage fracturing service was introduced by Baker Hughes Inc. Using ball-activated, multi-position sleeves that may be put in open hole wellbores holding drilling mud, the service leverages patented flow back control technology in conjunction with multi-position sleeves to avoid the need for casing and cementing operations and streamline fluid logistics.
  • A more expensive model of the RipTide RFID drilling reamer with advanced cutter technology was released by Weatherford International plc. After working with US Synthetic, the primary provider of polycrystalline diamond cutters, the reamer is created.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 5687
  • Published Date: Feb 20, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growing demand in the oil & gas sector and growing technological advancement are some of the major factors anticipated to drive the growth of the borehole enlargement system market.

The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2024-2036.

The major players in the market are Daleel Petroleum LLC, Radius Energy Services, LLC, Rubicon Oilfield International, Paradigm, Orion Well Services, and others.

The onshore segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in North America is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Borehole Enlargement System Market Report Scope
  GET A FREE SAMPLE

FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.

 Request Free Sample Copy

Have questions before ordering this report?

Inquiry Before Buying