Borehole Enlargement System Market Share

North American Market Forecasts

The North America industry is expected to dominate majority revenue share of 35% by 2037. The market in North America is expected to expand as a result of the increased exploration efforts. The majority of the region's exploration efforts are focused on the onshore shale gas sites. Hydraulic fracturing is becoming more and more popular, with horizontal wells accounting for the majority of its application. Borehole enlargement systems will need to be expanded to accommodate the growing production of natural gas, crude oil, and refinery products for a variety of users. According to the EIA's short-term energy outlook, US crude oil production is expected to reach 13.21 million barrels a day this year. This year, it had previously projected that oil production would increase by 290,000 barrels per day.

European Market Statistics

The borehole enlargement system market in the European region is predicted to grow significantly during the period between 2024-2037. Europe’s growing energy demand is mendorong exploration and production activities in the oil and gas industry. Borehole enlargement systems are essential for creating wider wellbores, which can accommodate larger production pipes and increase oil and gas recovery rates. European Union regulations are becoming increasingly stringent regarding greenhouse gas emissions and environmental protection. This is leading to a growing focus on cleaner energy sources, such as geothermal energy. Geothermal drilling requires precise and reliable borehole enlargement to ensure efficient heat extraction. In more than 30 countries around the world, geothermal energy will provide around 16 gigawatts of installed capacity in 2021, according to the International Renewable Energy Agency. This year, the EU's gross electricity generation capacity was little more than 1 gigawatt.