Directional Drilling Market 2020 | Global Size, Share Analysis, Current Trends, Upcoming Strategies, Top Players, Demand and Regional Forecast to 2023

Directional Drilling Market 2020 | Global Size, Share Analysis, Current Trends, Upcoming Strategies, Top Players, Demand and Regional Forecast to 2023

Directional Drilling Market
The need to increase production from the harshest wells has raised the growth of directional drilling considerably. Global Directional Drilling Market Research Report, By Application (Onshore and Offshore), by Well type (Horizontal, Multilateral, and Extended reach), by Service (Rotary steerable systems, LWD, MWD, and Motors) and by Region – Global Forecast till 2023

Market Overview

The global directional drilling market 2020, according to Market Research Future (MRFR), is poised to witness substantial market valuation at a significant CAGR over the review period (2017-2027). Directional drilling is an important approach practiced by crude oil manufacturers to reach the toughest wells and optimizing the production from the resource land. Usually, the well is drilled vertically down in the area which is economically infeasible and more inclined to the risk of nonproduction. The directional drilling offers solution for drilling of oil wells at different angles other than vertical angle and assists in reaching better reserves of oil and gas. In spite of the progress in technology, directional drilling has been the key area of interest for oil upstream players owing to the applications involving this procedure. It includes drilling at more than one angle in the fields, obtaining oil and gas from the untapped source. 

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Drivers and Restraints

The increasing demand for energy has led to the rapid rise in offshore drilling activities to fulfill the growing needs, which has consequently provided a substantive boost to the directional drilling market share. This trend is expected to continue to surge over the review period. Additionally, the rising need for enhanced productivity and efficiency of the oil drilling procedure, there has been an upsurge in demand for directional drilling. Moreover, the maturity of onshore drilling sites has led to the exploration of numerous untapped offshore resource sites, which also has a positive impact on the demand of the directional drilling market size.

Segmental Analysis

The global directional drilling market reports elaborating on the market segmentation in terms of the land, type, and services.

Based on the land, the market is bifurcated into onshore and offshore. The onshore segment is poised to lead the market over the review period. The growing onshore applications, as a result of the high number of maturing fields, are contributing to the increasing adoption of directional drilling. Offshore segment is expected to witness significant growth during the forecast period, owing to the cost of operation in the overseas locations declining considerably over the past few years. This factor is boosting the industry to enhance its expenses gradually in the foreseeable future and drive the directional drilling services market over the review period. 

On the basis of type, the market has been segmented into horizontal directional drilling, directional boring, and oilfield directional drilling.

Based on Services, the market has been segmented into rotary steerable systems, MWD, LWD, and Motors. The rotary steerable directional drilling services segment is anticipated to grow significantly over the review period. It is primarily driven by factors like the increasing need to access challenging reservoirs.

Regional Overview

North America is expected to continue its dominance for the directional drilling services market across the globe, with the majority of the demand coming from the United States and Canada due to increasing horizontal and directional drilling activities. The advancements in progressive drilling technologies, which have engrossed capital for oil and gas drilling projects. 

Asia Pacific is the second-largest market for the Directional Drillings and is expected to grow at the highest CAGR during the forecast period. Increasing demand for energy due to urbanization & industrialization from countries such as India, China, and Indonesia, among others, driving the application of the market. The European directional drilling market is anticipated to be dominated by countries such as the U.K, Norway, and Russia. The development of exceptional oil and gas exploration activities such as shale is fueling the market in the region. It is projected to contribute significantly during the forecast period.

The Middle East and Africa region are also expected to gain substantive traction over the review period. Factors such as technological developments and growing sustainability of deepwater and ultra-deepwater projects, numerous new markets, such as Gabon, Guyana, Senegal, Trinidad & Tobago, Egypt, and the Mexican side of the Gulf of Mexico are dynamically promoting the expansion of deepwater and ultra-deepwater reserves. This consequently is anticipated to create noteworthy opportunities for the operating countries in the near future.

Competitive Landscape

The major players of the global directional drilling market, as identified by MRFR are Baker Hughes Incorporated (U.S.), Nabors industries ltd. (Bermuda), Schlumberger Limited (U.S.), Halliburton Company (U.S.), Weatherford International plc. (Switzerland), National Oilwell Varco, Inc. (U.S.), Cathedral Energy Services Ltd (Canada), Gyrodata (U.S.), Jindal Drilling & Industries Limited (India), and Scientific drilling international (U.S.), and others.

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