Increasing hydrocarbon exploration initiatives owing to growing energy demand is projected to drive the global drilling jars market. Drilling Jars are deployed as a part of the bottomhole assembly and are useful in a pipe sticking event. Hydraulic-mechanical drilling jars, hydraulic drilling jars and mechanical drilling jars are a few drilling jar types. Drilling jars can be single acting or double acting, and are deployed as per the formation properties and pipe sticking probability. Increasing global energy requirements have prompted companies to invest heavily in hydrocarbon exploration & production.
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Such a trend favoring hydrocarbon exploration is slated to positively impact the drilling jars market. Rise in unconventional hydrocarbon exploration activities such as shale and CBM are presumed to aid the global market. Countries are trying to emulate the U.S. shale gas experience and are rolling out encouraging policies favoring unconventional hydrocarbon exploration. Government policies and mandates encouraging hydrocarbon exploration, especially unconventional reserves, are expected to further aid the global market over the forecast period. Volatile crude oil prices owing to several factors such as geopolitics and international events are anticipated to hamper the drilling jars market. Environmental regulations and policies regarding unconventional hydrocarbon exploration in many regions are slated to further hinder the regional markets. R&D initiatives to develop robust drilling jars with superior performance and easy installation provide ample opportunities for the industry participants. Developing newer types such as the double-acting drilling jars promise vast opportunities for market development in the near future.
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North America and Middle East dominated the global drilling jars market owing to their massive hydrocarbon exploration and production initiatives. Other regions such as Africa and Latin America are expected to witness brisk drilling jars market growth over the forecast period owing to huge hydrocarbon finds in the recent years. Emerging economies such as China, India, Brazil, Argentina and a few African countries are projected to dominate and lead their respective regional markets. Developed regions such as Europe are expected to witness major growth in unconventional hydrocarbon exploration and in turn positively impact the regional drilling jars market.
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The industry is characterized by huge R&D spending and superior technological prowess. Companies are engaging partnerships to gain market share and tap into the emerging markets. Key industry participants include Toro Downhole Tools, National Oilwell Varco, Knight Oil Tools, Schlumberger, Cougar Drilling Solutions and Wenzel Downhole Tools.
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