As the consumption of oil & gas is increasing in countries in developed and emerging countries one of the key factor, which boost the choke and kill manifold market growth. With more industrialization and urbanization, it has increased the consumption of fuel and this increased the demand for choke and kill manifold equipment. There are some restraints for this market. Drilling activities to explore shale gas and tar sands boost the demand for choke and kill. With plunge in price of oil and gas could result in decline in drilling activities. This could decrease the demand for choke and kill.
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National Oilwell Varco (NOV) launches new tectonic Pursuit series drill bits for US market. As the US drilling market continues to evolve, operators and drillers chasing target zones that are deeper and farther than ever before. Pursuit drill bits are designed to enhance for increasing drilling efficiency, enabling operators and drillers to complete these intervals faster and at lower cost. The drill bits use computer investigation of torque response along with a torque reduction component to improve directional control and reduce sliding times. Furthermore, Pursuit drills are designed with material improvements that convey increased strength and durability, and cutter life has been boosted by minimizing thermal deprivation.
Increasing demand for drilling activities has increased the demand for choke and kill manifold. Drilling activities are required for shale gas, digging of oil and others, for this choke and kill are the essential equipment for controlling pressure. Companies are targeting on adopting effective measures to boost oil and gas production, which directly augments demand for choke and kill.
Key players involved in Global Choke and Kill manifold Market include AXON Pressure Products, Inc., Forum Energy Technologies, Inc., National Oilwell Varco, Probe Oil Tools, Schlumberger Limited, SRI Energy, Inc., TechnipFMCplc, UZTEL S.A., Worldwide Oilfield Machine, YantaiJereh Petroleum Equipment & Technologies Co.Ltd.
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Covid-19 scenario analysis:
- The global market for choke and kill manifold is severely impacted by the outbreak of the COVID-19 pandemic.
- The COVID-19 pandemic saw a decline in the economic growth in almost all the major countries, thus affecting consumer spending patterns.
- Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap.
- Thus, insufficiency in raw material supply is expected to hamper the production rate of choke and kill manifold, which negatively impact the market growth.
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