Global Positive Displacement Motor Market 2019-2023| Evolving Opportunities with Halliburton and MATRRIX Energy Technologies |Technavio
LONDON--(BUSINESS WIRE)--Jan 21, 2020--
The global positive displacement motor market is poised to grow by USD 2.28 billion during 2019-2023, progressing at a CAGR of over 7% during the forecast period. Request free sample pages
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Technavio has announced its latest market research report titled global positive displacement motor market 2019-2023. (Graphic: Business Wire)
Read the 109-page report with TOC on “Positive Displacement Motor Market Analysis Report by application (onshore and offshore), geography (the Americas, APAC, and EMEA), and the Segment Forecasts, 2019-2023”.
The growing use of liquid fuels and increasing applications of IoT in the O&G sector are anticipated to boost the growth of the positive displacement motor market.
The global liquid fuel consumption was 100.09 mbpd in September 2018 and is expected to grow substantially during the forecast period. This increase in fuel consumption can be attributed to the increase in industrialization and urbanization, particularly in developing countries. Thus, major oil and gas companies have increased their exploration & production activities to meet the increasing demand for liquid fuel. This will accelerate the positive displacement motor market growth as these motors are primarily used in directional and offshore drilling.
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Major Four Positive Displacement Motor Companies:
Halliburton provides production enhancement, cementing, completion tools, production solutions, pipeline and process services, multi-chem as well as artificial lift products and services. The company’s key offerings include SperryDrill and SperryDrill XL/XLS. In September 2018, the company released iCruise, an Intelligent Rotary Steerable System for faster drilling, accurate steering, and longer laterals.
MATRRIX Energy Technologies
MATRRIX Energy Technologies has business operations under two segments, such as land-based contract drilling rig and horizontal and directional drilling. The company offers power sections according to the needs of the customer. It provides quality control and high torque and ensures uptime and the reliability of the equipment.
Nabors Industries operates its business through various divisions, which include the US, Canada, International, Drilling solutions, and Rig technologies. The company offers customized positive displacement motors with a drill bit size of 4 ¾”-9 5/8”, which are designed for a wide variety of drilling applications. The company’s positive displacement motor supports high accuracy in wellbores and offers a higher rate of penetration (ROP).
Schlumberger operates its business through four segments, namely reservoir characterization, drilling, production, and Cameron. The company’s key offerings include PowerPak Steerable Motors, TorqForce Ruggedized Steerable Motor, and DynaForce High-Performance Drilling Motors.
Weatherford has business operations under two segments, namely Western Hemisphere and Eastern Hemisphere. The company’s key offerings include FrontLine, MacDrill, eCTD, and HyperLine.
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Positive Displacement Motor Application Outlook (Revenue, USD Billion, 2019 - 2023)
Positive Displacement Motor Regional Outlook (Revenue, USD Billion, 2019 - 2023)
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PUB: 01/21/2020 08:00 AM/DISC: 01/21/2020 08:01 AM