Rise oil and gas production and growing use of advanced technologies in drilling operations are driving the growth of Global Hardbanding Services Market in the forecast period, 2023-2027.
According to TechSci Research report, “Hardbanding Services Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027”, the Global Hardbanding Services Market is anticipated to grow at a robust CAGR during the forecast period, 2023-2027. Hardbanding process in the one in which wear-resistant alloy is applied to the tool joints of the drill pipe or the drill collars to enhance the life of the oilfield tubular. The drilling and tripping process involves rotational and axial friction, which creates excessive abrasive wear between the drill string and the casing or between the rock and the drill string, thereby requiring the process of Hardbanding. Advanced welding techniques are employed on the points of greatest contact to apply the hard alloy over the required surfaces. The typical alloy used in the Hardbanding process comprises tungsten carbide, chromium carbide, titanium carbide, and niobium boride. The complexity of the wells is fueling the directional, extended-reach drilling methods to extract the oil for various uses. Wellbore trajectories with their difficult paths and the increased torque and drags adversely impact the condition of the pipes used for the drilling purpose. The cost of the pipe is witnessing exponential growth from the past few years that is one of the major reasons for measures like Hardbanding to increase the life of the oil pipes. In the absence of Hardbanding, the tear joints wear at an accelerated rate and therefore lose the torsional capacity. Market players are investing in technologies resulting in minimal environmental damage and causing insignificant collateral damage to subsurface ecosystems are fueling the adoption of sustainable oil and gas drilling technologies. The use of handbanding technology increases the life of the pipes and makes the oil drilling operations cost-effective.
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The Global Hardbanding Services Market is segmented on the basis of type, application, component, location, regional distribution, and company.
On the basis of type, the Global Hardbanding Services Market is divided into tungsten carbide, chromium carbide, titanium carbide, and niobium boride. Tungsten carbides showcase metallic luster and hardness similar to diamond. It can be used as the super-hard tool material, and wear-resistant material and therefore is used in the Hardbanding process.
Chromium carbide is recommended for drilling applications subjected to severe abrasion and moderate heat and impact. These are usually limited to two layers and are frequently sued for applications comprising of extreme metal-to-earth abrasion. Chromium carbide can be used for hot wear applications up to temperature 900°F.
Titanium carbides are much harder than the tungsten carbide and exhibit crack resistance and a slippery smooth microstructure, thereby preventing the metal pick up in metal-to-metal applications. Titanium carbides are uniformly distributed over a chrome-martensitic alloy matrix and therefore showcase excellent properties like high-stress abrasion resistance, casing wear potential, crack resistance, and weldability.
On the basis of application, the Global Hardbanding Services Market is divided into the open hole and cased hole. Open hole operations are performed on the well before the wellbore has been cemented and cased. Cased hole operation involves taking the logging measurements through the well casing or the metal piping inserted into the well during completion operations.
On the basis of location, the Global Hardbanding Services Market is bifurcated into onshore and offshore. The offshore segment is expected to witness the fastest incremental growth in the next five years. Rising offshore oil & gas activities and growing investments to discover untapped hydrocarbon reserves are the key factors fueling the offshore location demand worldwide.
Major operating companies operating in Global Hardbanding Services market are:
- National Oilwell Varco
- Castolin Eutectic
- Arnco Technology
- Sharpe Engineering
- Postle Industries
- D/F Machine Specialties Inc.
- Weatherford International
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“Increasing crude oil prices and the adoption of practices by the oil & gas companies to reduce their capital expenditure and the growing energy projects around the world are expected to influence the demand of the Global Hardbanding Services market. Intense competition among the market players and the use of advanced products and technologies to procure oil and gas from the reserves, and the efforts to increase the oil and gas production by providing incentives by the leading authorities of developing countries is expected to propel the Global Hardbanding Services Market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Hardbanding Services Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027”, has evaluated the future growth potential of global Hardbanding Services and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Hardbanding Services Market.
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