$21.95 Billion Global HDD Market Forecast by 2026
A new report by ResearchAndMarkets.com estimates the global horizontal directional drilling (HDD) market will grow at a compound annual growth rate of 14.6 percent to $21.95 billion in 2026 from $6.43 billion in 2017.
Some of the factors such as increasing growth of telecommunication and oil & gas industries, high underground water extraction and growing awareness about minimally invasive techniques are boosting the market growth. The report warns, however, factors such as lack of skilled workers and damage occurred through cross bore technique are hampering the market growth.
The Rigs segment accounted for significant market share among Machines Parts during the forecast period, according to the ResearchAndMarkets.com report.
“Rising demand for well-organized rigs in HDD projects for distant pipeline installations is propelling the growth of this segment,” according to the report, while “midi HDD rigs are mostly used for laying of power and telecommunication lines and in installing heavy pipes for gas distribution.”
By geography, North America region has dominated the market during the forecast period due to factors, such as the increasing number of oil & gas industries and infrastructure development projects in this region, according to the report.
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