Press Release

Horizontal Directional Drilling Market was valued at USD 8.22 billion and is projected to grow at a CAGR of 9.22% through 2030

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, cites MarkNtel Advisors in the recent research report. The market expansion is supported by various factors, including increased investments in shale gas projects &the development of telecom infrastructure aimed at achieving improved high-speed connectivity across global regional countries. Within this landscape, the US market stands to experience significant growth, driven by the widespread adoption of HDD technology, favored for its trenchless drilling capabilities.

However, the sustained growth trajectory hinges upon substantial government investments, considering the higher costs associated with trenchless boring equipment compared to conventional open-cut methods. Moreover, opting to rent complete HDD setups from contractors remains a preferred choice for cost-conscious customers, particularly smaller businesses engaged in comprehensive projects, contributing to the robust market positions held by HDD machine manufacturers and service providers.

Furthermore, the shift from conventional drilling methods to precision-focused techniques has led to increased oil production. Horizontal directional drilling and hydraulic fracturing are transforming organic-rich shales into highly productive gas wells, expanding access to oil & gas reserves beyond the reach of vertical drilling. The growth of telecom, oil & gas industries is anticipated to be a driving force behind the HDD market's expansion.

Additionally, the rising demand for natural gas and electricity distribution, particularly through middle and upper pipeline networks, is expected to drive market growth. Besides, the advantages offered by HDD fasteners in the utility, communications, and oil & gas sectors, such as improved stability and device management, are projected to contribute to the increased market share in the coming years, further states the research report, “Global Horizontal Directional Drilling Market Analysis, 2024.”

Global Horizontal Directional Drilling Market Segmentation Analysis

Offshore to Capture Highest Share of the Global Market

Based on application, the market is further fragmented into Offshore and Onshore. The Offshore sector emerges as a primary contributor to the Horizontal Directional Drilling Market and is expected to maintain a significant share in the projected period. There is a rising demand for nanoActiv products in the oil & gas industry. nanoActiv HRT (Hydrocarbon Recovery Technology) acts as an additive treatment, utilizing highly surface-modified nanoparticles to deeply penetrate networks, thereby enhancing and prolonging oil and gas production. This surge in the demand for nanoActiv chemicals in the oil & gas sector is set to drive the need for HDD services within the offshore services sub-segment, consequently bolstering the market's overall size.

North America to Overpower Other Regions Globally

In 2022, North America emerged as the dominant force in the Horizontal Directional Drilling Market, securing a substantial volume share. Recorded data from the US Energy Information Administration indicated a consumption of nearly 8.8 billion barrels of liquid fuel per day in the region during the same year. The region's heightened focus on infrastructure and utility projects is a pivotal driver in the escalated demand for horizontal directional drilling equipment and services.

Furthermore, the projected surge in infrastructure developments and expanded oil & gas utility initiatives is anticipated to fuel the North America Horizontal Directional Drilling Market in the forecast period.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Vermeer Corporation, American Augers, Barbco Inc., Creighton Rock Drill Ltd., Laney Drilling, Mclaughlin Boring Systems, Horizontal Technology Inc., Ferguson Michiana Inc., Herrenknecht Ag, Vector Magnetic LLC, Jindal Drilling and Industries Ltd., Scientific Drilling International, Cathedral Energy Services, and others are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the Horizontal Directional Drilling Market?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various countries?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?