Directional Drilling Market Research Report – Forecast to 2023
Market Research Future (MRFR), in its recently published research report, asserts that the global directional drilling market 2020 is booming and expected to grow exponentially over the review period, recording a substantial market valuation and a healthy CAGR in the forecast period (2017-2027).
Drivers and Restraints
increasing Global demand for energy has led to the rapid rise in the offshore drilling activities to meet the augmenting demand, which ultimately has provided significant boost to the directional drilling market. Furthermore, rising need for higher productivity and efficiency of oil drilling process, there has been an increase in the demand for directional drilling. In addition to this, maturity of onshore drilling sites has led to the exploration of numerous untapped offshore resource sites also drive the demand of the market.
On the other hand, the environmental risks and strict government regulations, as well as growing focus on renewable energy, may impede the growth of the directional drilling market.
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Based on land, the global directional drilling market has been segmented into onshore and offshore. Onshore leads the technology segment of global Directional Drillings market. Directional drilling is deployed in more onshore applications owing to the increased number of maturing fields. Offshore segment is poised to be the fastest rising segment during the forecast period.
On the basis of type, the global market for directional drilling has been divided into horizontal directional drilling, Directional boring, and oilfield directional drilling.
Based on Services, the directional drilling market has been segmented into LWD, Rotary Steerable Systems, MWD and Motors. Rotary steerable directional drilling services segment is slated to expand significantly over the review period. It is primarily fuelled by factors like the rising need to access difficult reservoirs. Advantages like increased efficiency and lesser overall costs of directional drilling foster growth in this segment.
The geographic analysis of the global market has been analyzed in major regions, covering the Asia Pacific, North America, Europe, and the rest of the world (Latin America, the Middle East and Africa).
North America dominates the Directional Drillings market. The U.S. accounts for the top market share in the North American region. The advancements in alternative drilling technologies, which have brought in capital for oil and gas drilling activities. Additionally, huge hydrocarbon resources in the U.S. Shale basins and growing offshore drilling in the Gulf of Mexico region, are influencing the demand of the market over the review period.
Asia Pacific has been assessed the second largest market for the Directional Drillings and is poised to expand at a fastest CAGR over the assessment period. Increasing demand for energy owing to urbanization and industrialization from the economies such as China, India, and Indonesia among others propelling the demand of the market.
The Europe directional drilling market is slated to be led by countries such as U.K, Norway, and Russia. The expansion of unconventional oil and gas exploration activities such as shale is supporting the market in the region. It is anticipated to contribute significantly during the forecast period.
The leading market players operating in the global market as identified by MRFR are National Oilwell Varco (U.S.), Cathedral Energy Services Ltd (Canada), Baker Hughes Incorporated (U.S.), Weatherford International Plc. (U.S.), and Halliburton Company (U.S.). Nabors Industries Ltd (Bermuda), Schlumberger Ltd (U.S.), Jindal Drilling & Industries Limited (India), and Gyrodata Incorporated (U.S.) are among others. Well established players incorporate acquisition, collaboration, expansion, partnership, and product launch to gain competitive gain in this market and to preserve their market position. These Key Players make a considerable investment for R&D and to create a guaranteed resource for the customers. Directional Drilling market validates a high growth potential which is likely to attract many new entrants to the market leading to intensified competition further.
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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
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