According
to a recent study report published by the Market Research Future, The global
market of directional drilling is booming and expected to gain prominence over
the forecast period. The global directional drilling market is forecasted to
demonstrate an exponential growth by 2027, surpassing its previous growth
records in terms of value with a whooping, CAGR during the estimated period
(2017 – 2027).
Directional
drilling is the science of deviating a wellbore along a planned path to a
target located a given lateral distance and direction from vertical.
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.
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Segmentation:
Global
directional drilling market has been segmented based on application, well type,
services and region.
Based
on the application type the market is further classified as onshore and
offshore. Between these, the onshore application segment is anticipated to hold
major market share due to the fact that the onshore region is witnessing more
and more new exploration activities coupled with more fields getting mature.
On
the basis of well type the directional drilling market is segmented as
horizontal well, multilateral wells and extended reach wells. Among these,
horizontal wells are expected to hold a large market share due to their
significance in more production rate and exposure of greater wellbore length.
Based on services the market is segmented as Rotary steerable system, Logging
while drilling (LWD), Measurement while drilling (MWD), and Motors. Amongst
these, LWD holds the major market share because of its advantage in cost
savings and acquiring the formation data.
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Directional
Drilling Global Market Competitive Analysis:
Characterized
by the presence of several well-established and small players, the global
Market of Directional Drilling appears to be highly competitive. Well
established players incorporate acquisition, collaboration, partnership,
expansion, and product launch in order to gain competitive advantage in this
market and to maintain their market position. 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.
Key
Players:
The
key players in directional drilling market are Baker Hughes Incorporated
(U.S.), National Oilwell Varco (U.S.), Weatherford International Plc. (U.S.),
Schlumberger Ltd (U.S.), and Halliburton Company (U.S.). Nabors Industries Ltd
(Bermuda), Cathedral Energy Services Ltd (Canada), Jindal Drilling &
Industries Limited (India), and Gyrodata Incorporated (U.S.) are among others.
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