Directional
Drilling Market Highlight
The Directional Drilling Market is projected to expand
with a 3.48 % CAGR in the forecast period. The need to increase production from
the harshest wells has raised the growth of directional drilling considerably.
The directional drilling provides the solution for drilling of oil wells at
multiple angles other than vertical angle and help reach better reserves of oil
and gas. Despite the advancements in technology, directional drilling has been
the prime area of interest for oil upstream players because of the applications
involving this technique, which include drilling at more than one angles in the
fields, recovering oil and gas from the untapped source.
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The escalation in discoveries related to the oil and
gas industry along with shale activities have raised the use of directional
drilling substantially. The capability of directional drilling to enable the
drilling of multiple wells from the parent wellbore are raising the growth
potential of the market. Moreover, the escalated level of demand from upstream
oil companies will create new prospects for the directional drilling in the
upcoming years.
Directional
Drilling Market Segmental Analysis:
The segmentation of the directional drilling
market has been carried out on the basis of application, well type,
services, and region.
On the basis of application type, the directional
drilling market is segmented into onshore and offshore.
The segmentation of the directional drilling market on
well type comprises of multilateral wells, horizontal well, and
extended reach wells.
The services-based segmentation of the directional
drilling market consists of logging while drilling (LWD), rotary steerable
system, measurement while drilling (MWD), and motors.
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Regional
Market Analysis:
The regional analysis of the directional drilling
market consists of regions such as North America, Europe, Asia Pacific and rest
of the world.
The market for directional drilling is poised for
excellent development because of the recovering global oil prices. The North
American and European regions are likely to control the market for directional
drilling. These regions are witnessing a huge number of oil exploration
activities in the Gulf of Mexico and the North Sea, which will lead to elevated
drilling activities in these regions. In addition, the huge number of mature
oil wells from the North Sea in the European region and the Permian Basin and
Bakken in the North American region are expected to require new drilling
activities thus, motivating the directional drilling market.
Prominent
Players:
National Oilwell Varco (U.S.), Weatherford
International Plc. (U.S.), Jindal Drilling & Industries Limited (India),
Halliburton Company (U.S.), Schlumberger Ltd (U.S.), Nabors Industries Ltd
(Bermuda), Baker Hughes Incorporated (U.S.), Cathedral Energy Services Ltd
(Canada), and Gyrodata Incorporated (U.S.)
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