Directional Drilling Services Market Scenario
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 Services 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.
Directional Drilling Services Market Segmental
Analysis
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.
Regional Analysis
The geographic analysis of the global Directional
Drilling Services 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.
Competitive Analysis
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.
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