Market Overview:
The global drilling choke market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for oil and gas across the globe. Additionally, the growing construction industry is also expected to fuel the demand for drilling choke in the coming years. The global drilling choke market can be segmented on the basis of type, application, and region. On the basis of type,the market can be divided into electric actuator system, needle-and-seat choke, and hydraulic choke. The electric actuator system segment is projected to grow at a higher CAGR duringthe forecast period owingto its advantages such as low power consumption and easy installation.Onthe basis of application,themarketcanbe dividedinto petroleum industry, mineral industry,, construction industry,, and others).
Product Definition:
A drilling choke is a device placed in the drillstring that alters the flow of drilling mud from the bit to the surface. It is important because it allows operators to control and adjust the rate of penetration (ROP) and circulating pressure while drilling.
Electric Actuator System:
Electric actuator system is a device used in drilling chokes to control the actuation and movement of drill string. The electric actuator system market is expected to witness significant growth over the forecast period owing to its ability to provide precise control overactuators, which helps in improving safety while drilling. In addition, it reduces the chances of operator injuries due to accidental bumping or contact with objects while working at high speed.
Needle-and-seat Choke:
The needle-and-seat choke is a device that is used in the drilling of wells to control the flow of fluid at high pressure and temperature. It works by restricting the flow of fluid through any blockage in the well, such as an obstruction or rock.
Application Insights:
Petroleum industry was the dominant application segment and accounted for a market share of over 35% in 2017. The growth is attributed to the increasing demand for crude oil and natural gas across the globe. Petroleum drilling chokes are used with various types of valves, including positive-displacement, pressure-based, multi-port check valve and others to control flow between different sections of a wellbore or within an existing borehole.
The construction industry is anticipated to be one of the fastest growing segments owing to its rising need for hydraulic systems due to high compressive forces required in cementing operations. Drilling chokes are also used during mining activities as they help prevent fluid loss by restricting annular space inside tubing string while allowing free flow outside it thus reducing overall system losses caused by friction along with providing accurate sizing & positioning while installing tubing strings on wells.
Regional Analysis:
Asia Pacific dominated the global drilling chokes market in 2016 and is expected to continue its dominance over the forecast period. The region holds a large number of untapped resources, which are set to be utilized at a faster pace as compared to other regions. This has led to an increase in exploration activities across Asia Pacific, thereby driving product demand across this region.
The Middle East & Africa is anticipated to witness significant growth over the next eight years owing to increasing oil & gas E&P activities in countries such as Saudi Arabia and Qatar. In addition, rising government investments for infrastructure development are also likely boost product demand across this region during the forecast period.
Growth Factors:
- Increasing demand for oil and gas due to population growth and industrialization
- Rising investment in exploration and production activities by oil and gas companies
- Technological advancements in drilling choke technology that improve performance and efficiency
- Growing popularity of hydraulic fracturing as a means to increase production from shale formations
- Stringent environmental regulations that promote the use of more efficient drilling choke technologies
Scope Of The Report
Report Attributes
Report Details
Report Title
Drilling Choke Market Research Report
By Type
Electric Actuator System, Needle-and-seat Choke, Hydraulic Choke
By Application
Petroleum Industry, Mineral Industry, Construction Industry, Others
By Companies
Heshka Oil, Axon Energy Products, Agile Magnetics, Lancaster Flow Automation, Retsco Ltd.
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
195
Number of Tables & Figures
137
Customization Available
Yes, the report can be customized as per your need.
Global Drilling Choke Market Report Segments:
The global Drilling Choke market is segmented on the basis of:
Types
Electric Actuator System, Needle-and-seat Choke, Hydraulic Choke
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Petroleum Industry, Mineral Industry, Construction Industry, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Heshka Oil
- Axon Energy Products
- Agile Magnetics
- Lancaster Flow Automation
- Retsco Ltd.
Highlights of The Drilling Choke Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Electric Actuator System
- Needle-and-seat Choke
- Hydraulic Choke
- By Application:
- Petroleum Industry
- Mineral Industry
- Construction Industry
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Drilling Choke Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
A drilling choke is a type of device used to restrict the flow of oil or gas from a well. It is typically made up of several metal plates that are clamped around the drill pipe, restricting its flow.
Some of the major players in the drilling choke market are Heshka Oil, Axon Energy Products, Agile Magnetics, Lancaster Flow Automation, Retsco Ltd..
The drilling choke market is expected to register a CAGR of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Drilling Choke Market Overview 4.1 Introduction 4.1.1 Market Taxonomy 4.1.2 Market Definition 4.1.3 Macro-Economic Factors Impacting the Market Growth 4.2 Drilling Choke Market Dynamics 4.2.1 Market Drivers 4.2.2 Market Restraints 4.2.3 Market Opportunity 4.3 Drilling Choke Market - Supply Chain Analysis 4.3.1 List of Key Suppliers 4.3.2 List of Key Distributors 4.3.3 List of Key Consumers 4.4 Key Forces Shaping the Drilling Choke Market 4.4.1 Bargaining Power of Suppliers 4.4.2 Bargaining Power of Buyers 4.4.3 Threat of Substitution 4.4.4 Threat of New Entrants 4.4.5 Competitive Rivalry 4.5 Global Drilling Choke Market Size & Forecast, 2018-2028 4.5.1 Drilling Choke Market Size and Y-o-Y Growth 4.5.2 Drilling Choke Market Absolute $ Opportunity
Chapter 5 Global Drilling Choke Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Drilling Choke Market Size Forecast by Type
5.2.1 Electric Actuator System
5.2.2 Needle-and-seat Choke
5.2.3 Hydraulic Choke
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Drilling Choke Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Drilling Choke Market Size Forecast by Applications
6.2.1 Petroleum Industry
6.2.2 Mineral Industry
6.2.3 Construction Industry
6.2.4 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Drilling Choke Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Drilling Choke Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Drilling Choke Analysis and Forecast
9.1 Introduction
9.2 North America Drilling Choke Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Drilling Choke Market Size Forecast by Type
9.6.1 Electric Actuator System
9.6.2 Needle-and-seat Choke
9.6.3 Hydraulic Choke
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Drilling Choke Market Size Forecast by Applications
9.10.1 Petroleum Industry
9.10.2 Mineral Industry
9.10.3 Construction Industry
9.10.4 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Drilling Choke Analysis and Forecast
10.1 Introduction
10.2 Europe Drilling Choke Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Drilling Choke Market Size Forecast by Type
10.6.1 Electric Actuator System
10.6.2 Needle-and-seat Choke
10.6.3 Hydraulic Choke
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Drilling Choke Market Size Forecast by Applications
10.10.1 Petroleum Industry
10.10.2 Mineral Industry
10.10.3 Construction Industry
10.10.4 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Drilling Choke Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Drilling Choke Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Drilling Choke Market Size Forecast by Type
11.6.1 Electric Actuator System
11.6.2 Needle-and-seat Choke
11.6.3 Hydraulic Choke
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Drilling Choke Market Size Forecast by Applications
11.10.1 Petroleum Industry
11.10.2 Mineral Industry
11.10.3 Construction Industry
11.10.4 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Drilling Choke Analysis and Forecast
12.1 Introduction
12.2 Latin America Drilling Choke Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Drilling Choke Market Size Forecast by Type
12.6.1 Electric Actuator System
12.6.2 Needle-and-seat Choke
12.6.3 Hydraulic Choke
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Drilling Choke Market Size Forecast by Applications
12.10.1 Petroleum Industry
12.10.2 Mineral Industry
12.10.3 Construction Industry
12.10.4 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Drilling Choke Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Drilling Choke Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Drilling Choke Market Size Forecast by Type
13.6.1 Electric Actuator System
13.6.2 Needle-and-seat Choke
13.6.3 Hydraulic Choke
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Drilling Choke Market Size Forecast by Applications
13.10.1 Petroleum Industry
13.10.2 Mineral Industry
13.10.3 Construction Industry
13.10.4 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Drilling Choke Market: Competitive Dashboard
14.2 Global Drilling Choke Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Heshka Oil
14.3.2 Axon Energy Products
14.3.3 Agile Magnetics
14.3.4 Lancaster Flow Automation
14.3.5 Retsco Ltd.