Pune, India -- (SBWIRE) -- 01/29/2018 -- Prominent Players
Schlumberger Limited (U.S.), The Halliburton Company (U.S.), IntelliServ (NOV) (U.S.), Baker Hughes (U.S.) and Weatherford International PLC (U.S.) among other are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Wired Drill Pipe Market.

Global Wired Drill Pipe Market - Overview
Wired Drill Pipe acts as a multifunctional tool for the current oil & gas rig operators, who utilizes them as to obtain real-time wellbore data which is transmitted at a bandwidth of 57,000 bits/second in a seismic or sonic waveforms. The overall fast assessment of transmitted data results into lower downtime of rig and enables drilling time reduction by almost 3 days/well, which ultimately reduces the operational cost and increase the overall capital generated from the rig. All these factors majorly contributes to the overall operational efficiency of the rig system and thus, maximizing the capital generated from the exploration & production operation.

According to a recent study report published by the Market Research Future, The global market of wired drill pipe is booming and expected to gain prominence over the forecast period. The global Wired Drill Pipe market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, 3.2% CAGR during the estimated period (2017 – 2023).

Global increasing demand for energy has resulted in rapid increase in the offshore drilling activities to meet the increasing demand, which ultimately has provided significant boost to the Wired Drill Pipe Market. Moreover, new oil reserve discoveries increase the drilling and exploration activities in coming years with the continuous need of meticulous real time data from the wellbore which upsurge the demand for the market. However, environmental risks and strict government regulations for drilling as well as increasing focus on renewable energy may hinder the market growth of the market.

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Global Wired Drill Pipe Market - Competitive Analysis
Global Wired Drill Pipe Market appears to be highly fragmented and competitive owning to the presence of numerous large and medium players active in regional market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
Manufacturers operating in the market strive to deliver innovative solutions that improve the design and manufacturing processes of business around the world. Focusing upon the competitive edge, Wired Drill Pipe manufacturers strive to develop products that can deliver optimal efficient, convenience and reliability. Utilizing their international and regional presence, these manufacturers assure their customers with the consistency in product & service quality. Manufacturers strive to develop their product portfolio with a wide range of Wired Drill Pipe for every application.

Industry News
In July 2017, Maersk Drilling and National Oilwell Varco (NOV) recently collaborated on a project in the Norwegian North Sea in which wired drill pipe technology was installed and deployed on a jackup to improve the drilling process.
National Oilwell Varco and Schlumberger announced that they have signed a definitive agreement to create a joint venture that combines their respective and complementary expertise in the manufacturing and technology development of wired drill string telemetry systems. The agreement will enable the companies to accelerate delivery of intelligent drilling solutions to customers through the expanded use of the IntelliServ Network, while opening a range of new technological opportunities for customers.
Wired Drill Pipe Market - Segmentation
Global Wired Drill Pipe Market is segmented in to three key dynamics for an easy grasp and enhanced understanding.

Segmentation:
Based on Component Type, the market has been segmented into Telemetry, Electrical Conductors, Electrical Transmitters, Pressure sensors and Others.
Based on Application, the market has been segmented into Data Collection, Managed Pressure Drilling, Wellbore integrity in Deep Ultra-Depleted Reservoirs.
Based on Location, the market has been segmented Onshore and offshore.
Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia Pacific, Middle East & Africa and South America.

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Global Wired Drill Pipe Market - Regional Analysis
North America dominates the Wired Drill Pipe market. The U.S. accounts for the largest market share in the North American region. The advancements in unconventional drilling technologies, which have attracted capital for oil and gas drilling projects. Additionally, vast hydrocarbon resources in the U.S. Shale basins and continuous offshore drilling in the Gulf of Mexico region, are driving the demand of the market.
Asia Pacific and Europe are the other major market for the Wired Drill Pipe. Increasing demand for energy due to urbanization & industrialization from the countries such as India, China, and Indonesia among others driving the demand of the market in Asia Pacific region. The Europe drill bit market is expected to be dominated by countries such as U.K, Norway and Russia. The development of unconventional oil and gas exploration activities such as shale, is driving the market in the region. It is expected to contribute significantly during the forecast period.

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