Horizontal directional drilling market to reach $17.6 billion value by 2033, new report states
A new report published by Allied Market Research projects that the horizontal directional drilling (HDD) market value will reach $17.6 billion by 2033, up from an estimated value of $8.1 billion in 2023, and growing at a CAGR of 8.1% from 2024 to 2033.
Prime determinants of growth
The global horizontal directional drilling market is expected to witness notable growth owing to the increasing demand for urban infrastructure projects, the rise in underground utility installations, and the growing preference for environmentally friendly and minimally invasive drilling techniques. Moreover, the growing need for high-speed internet, fiber optic networks, and the expansion of power grids is expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, high cost limits the growth of the global horizontal directional drillings market.
According to the report research, the rigs segment held the highest market share in 2023, accounting for more than one-third of the global horizontal directional drillings market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the increasing demand for efficient and high-performance drilling rigs in infrastructure and utility projects. Rigs are essential for a wide range of applications, including pipeline installations, cable laying, and utility development, providing greater flexibility, accuracy, and cost-effectiveness. In addition, the bits segment is projected to manifest the highest CAGR of 9.90% from 2024 to 2033.
Key players in HDD
The report provides a detailed analysis of key players in the global horizontal directional drillings market. These players have adopted different strategies such as product launch, product development, partnership, investment, acquisition, and others to increase their market share and maintain dominant shares in different regions. For instance, in November 2024, Vermeer Corporation launched the D24 horizontal directional drill, a compact yet powerful machine designed to enhance efficiency in utility installation projects. Featuring advanced controls, increased power, and improved operator comfort, the D24 is engineered to deliver precision and reliability in challenging environments. This new drill underscores Vermeer's commitment to innovation in utility installation, offering contractors a versatile and efficient solution for a wide range of applications.
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