There have been an exponential rise in the crude oil price in the recent years. This has motivated oil and gas companies to invest in drilling projected in order to gain profit. This is expected to offer a significant boost to the oil and gas conductor pipe market. Apart from this there are several other factors which are expected to offer a significant boost to the global oil and gas conductor pipe market. Some of them are mentioned below have a look-
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• Increase in onshore and offshore oil and gas drilling projects due to high global crude oil prices has motivated oil and gas companies to invest in projects due to potential profits.
• Growth in active rigs is a significant factor fueling the growth of the oil and gas conductor pipe market. This is because they are used in drilling both onshore and offshore well sites.
• A surge directional drilling activities has increased demand of the oil and gas conductor pipe. This is because of the ease these equipment offer while drilling both onshore and offshore sites.
• However, rising investment in the development of novel techniques to use renewable resources for the clean energy generation is expected to hamper growth of the global oil and gas conductor pipe market.
• Apart from this, the gradual recovery in prices of crude oil has resulted in a global increase in the number of active rigs. This increase in active rigs is another factor offering a significant push to the global oil and gas conductor pipe market.
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• Nevertheless, increase in offshore deepwater and ultra-deepwater drilling is expected to boost the demand of oil and gas conductor pipe due to the challenges involve in drilling. These equipment are convenient to use as compared to the other drilling equipment.