Directional Drilling Market Overview:-
Global increasing demand for energy has resulted in rapid increase in the offshore drilling activities to meet the increasing demand, which ultimately has provided significant boost to the directional drilling market. Moreover, increasing need for higher productivity and efficiency of oil drilling process, there has been an increase in the demand for directional drilling. In addition, maturity of onshore drilling sites has led to the exploration of numerous untapped offshore resource sites also fuel the demand of the Directional Drilling Market.
Directional drilling can be used to reach targets that cannot be drilled with a vertical well. For example, it may not be possible to get a drilling permit for a well located within a populated area or within a park. However, a well could be drilled just outside of the populated area or park and then steered directionally to hit the target.
Competitive Dashboard:-
- Nabors Industries Ltd
- Cathedral Energy Services Ltd
- Jindal Drilling & Industries Limited
- Gyrodata Incorporated
- Baker Hughes Incorporated
- National Oilwell Varco
- Weatherford International Plc.
- Schlumberger Ltd
- Halliburton Company
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These key players compete based upon pricing, and services. Vendors operating in the market strive to deliver the best quality services based on innovative technologies, and best practices. These Key Players make a substantial investment for R&D and to secure a guaranteed resource for the customers. Directional Drilling market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in to intensified competition further
Industry News:-
In October 2016, GDC contracted the Great Wall Drilling Company Limited to drill directional geothermal wells in Menengai. Under this contract Great wall was expected to drill 16 directional wells in Menengai.
In August 2017, Greka Drilling Limited, the largest independent and specialized unconventional oil & gas driller in Asia, was awarded two new drilling contracts from PetroChina Huabei Oilfield Limited, a subsidiary of CNPC. The contract for the Fanzhuang Block is for one year with a scope of 16 wells consisting of vertical/directional production wells as well as exploration wells.
Market Segmentation:-
Based on application, the heat transfer fluid market is segmented as oil & gas, chemicals & processing, renewable energy, pharmaceuticals, food and beverage and automotive applications. The market for heat transfer fluids is expected to rise with increasing oil and gas operations in onshore and offshore production processes across North America and Europe. The chemical & processing applications are also expected to contribute to the heat transfer fluid market as energy recovery and heat recovery plays an increasing role in the chemical industry operations. Furthermore, in renewable energy applications, heat transfer fluids are driven by the increasing installations of solar thermal energy systems and solar power plants such as CSP plants.
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Global Directional Drilling Market – Regional Analysis
The Europe directional drilling market is expected to be dominated by countries such as U.K, Norway and Russia. The development of unconventional oil and gas exploration activities such as shale, is driving the market in the region. It is expected to contribute significantly during the forecast period.
North America dominates the Directional Drillings market. The U.S. accounts for the largest market share in the North American region. The advancements in unconventional drilling technologies, which have attracted capital for oil and gas drilling projects. Additionally, Vast hydrocarbon resources in the U.S. Shale basins and continuous offshore drilling in the Gulf of Mexico region, are driving the demand of the market.
Asia Pacific is the second largest market for the Directional Drillings and is expected to grow at a highest CAGR during the forecast period. Increasing demand for energy due to urbanization & industrialization from the countries such as India, China, and Indonesia among others driving the demand of the market.
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