Albany, NY -- (SBWIRE) -- 10/05/2015 -- For effective exploration and production of oil and gas, each step of the oil supply chain involves the requirement of complex machinery. Drill subs are an integral part of drilling activity which is primarily used to screw together the different parts of drilling string. A drill string is an essential part of drilling process that transmits drilling fluid to the drill bit. Drill strings come in different sizes and have a varying thread size and design. Drill subs are used to join together the parts of drilling string that cannot be screwed due to the difference in sizes. The drilling subs are used as an adapter between two different connection types in the same drill string. Technological advancements in drilling equipments have enabled the development of non-conventional resources such as shale gas and tight oil. The market for drill subs is expected to rise at a substantial pace owing to increased drilling activities, especially in offshore locations.

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Rapid economic development is increasing energy demand in the emerging markets and thus prices of oil have now slowly stabilized after a recent uncertain environment. The major driver leading the growth of the oilfield services market is increasing investment in exploration and production activities. The exploration of non-conventional resources and increased drilling activities in offshore areas has led to increased investment in drilling activities which in turn drives the market for drill subs. Rising regulatory and political pressures in the exploration and production segment could hinder investment in the drilling subs market. However with increased drilling activities in offshore areas and development of oil fields in developing regions of Latin America and Africa, will encourage investment in drill subs in the coming future.

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The market for drill subs can be segmented based upon the type of drill sub used in the drilling activity. Rotary, crossover, rotary reduced section, hoisting, top drive, lifting, kelly saver are some the primary types of drill subs used in drilling activities. Apart from joining parts of the drill string, subs can also be utilized to perform many special functions. Top drive subs can be used between the drill string and the top drive to reducing the overall repair and maintenance costs. The drill subs are carefully chosen according to the requirements of the exploration companies which depend on the activities to be performed during drilling and production.

North America due to its rising energy demand and increased drilling activities of unconventional reserves, provide the major market for drill subs. The Middle East region is also one of the major markets investing in drilling activities which results in increasing requirement of drill subs. Latin America and African regions will provide opportunities for the growth of the industry, due to its booming oil and gas industry. Many large offshore projects are planned in these regions and the major players have started to invest in these developing regions. However Europe has not yet recovered from the economic crisis and growth in this region is likely to increase at a slower rate. However the increasing exploration activities in offshore locations will provide a potential market for the growth of drill subs in this region.

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Some of the major players investing in this business are Sub Drill Supply Ltd., Precision Drilling Corporation, Weatherford International Ltd, Schlumberger Ltd. and Hughes Tool Company.

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