Middle East drill pipe market to boom from 2015-2019

Source：Ringier Metalworking Release Date：2015-07-28 109

Metalworking

According to the latest report by Technavio, the rise in population and income has simultaneously led to increased global demand for oil and gas. As a result, drilling and completion activities are increased to meet this demand, especially in the Middle East.

TECHNAVIO has published a new report on the drill pipe market in the Middle East, which is expected to grow at a CAGR of over 12% from 2015-2019.

“The expansion of drilling and production activities in the Middle East is expected to positively affect the market for drilling tools such as drill pipes and it will also facilitate large investments in the drill pipe technology to improve the quality of these pipes,” says Faisal Ghaus, Vice President of Technavio.

The latest report by Technavio also emphasizes the advances in drilling technology and equipment, which will significantly increase the efficiency, control, and monitoring of the oil and gas wells.

“Market vendors are increasing their R&D investments that will improve the reliability and efficiency of drill pipes and other downhole drilling tools,” adds Ghaus.

Nike Air Max 720