Whipstocks Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
- Transparency Market Research
Global demand for energy has been increasing rapidly in recent years. This has led to a rise in the exploration and production of oil and gas. The need for usage of whipstocks is rapidly increasing for drilling in complex areas during exploration of oil and gas. Discovery of unconventional resources has augmented the demand for whipstocks. Increase in need for energy exploration and production is boosting the demand for whipstocks. Whipstocks are used as they are economical in the extraction of oil and gas; they are placed in the complex zones of the underground subsurface areas.
Whipstocks are steel blocking devices placed in a borehole. Most of them are set in the bottom of the hole or on top of a high-strength cement plug, some of them are set in the openhole. The whipstocks market can be segmented based on type, application, and region. In terms of type, the whipstocks market can be classified into open-hole whipstocks and cased-hole whipstock. Open-hole whipstocks are the first type of deflection tool used to change the wellbore trajectory. Cased-hole whipstocks are used during the initiation of casing operations.
Whipstocks are used in drilling rigs in offshore and onshore areas. The whipstocks market presents several opportunities. There is scope for increasing the net value of complex and mature oilfield assets. Additionally, whipstocks can be customized through designing, integrating, and installing to produce oil and gas. They help in deviating a wellbore trajectory to explore complex geological areas for oil and gas exploration. New technologies are emerging that help in reducing the production and service costs of whipstocks. However, the whipstocks market exhibits certain restraints. The oil and gas industry has been experiencing weak demand and low prices since the last few years. Gyroscopic survey needs to be conducted for proper tool orientation before using whipstocks. Moreover, it is difficult to strategize for the future production of oil and gas owing to the fluctuating prices of crude oil globally.
In terms of geography, North America witnesses high demand for whipstocks. This can be ascribed to the increase in oil and gas activities in offshore regions of the U.S. Discovery of shale oil in North Dakota in North America has boosted the demand for whipstocks. The whipstocks market is expanding in Asia Pacific, especially in countries such as India, China, and Japan due to the rise in maritime security activities, rise in offshore oil and gas production activities, and improvement in underwater communications in these countries. In Europe, the whipstocks market is expected to expand in countries such as the U.K., Germany, France, and Norway due to increased oil and gas drilling activities in the Johan Sverdrup field in the North Sea and improvement in offshore drilling activities. Countries in Latin America such as Brazil and Mexico are anticipated to witness an increase in demand for whipstocks due to rapid urbanization and rise in offshore oil and gas exploration and production activities in the Gulf of Mexico. Demand for whipstocks in Middle East & Africa is also expected to rise due to increase in the number of offshore oil and gas exploration and production activities. Moreover, countries such as Saudi Arabia, Kuwait, and Qatar in the Middle East have been involved in extensive drilling and production of oil and gas due to the high global demand for energy. The deepwater discoveries in Africa are anticipated to propel the growth of the whipstocks market.
Key global players operating in the whipstocks market include Baker Hughes Incorporated, Schlumberger Ltd., Weatherford International, Halliburton, and Eaton Oil Tools.
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The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
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