Directional Drilling Market – Overview
The
need to increase production from the harshest wells has raised the growth of
directional drilling considerably. Market reports related with the energy and
power industry have been presented by Market Research Future which makes
reports on other industry verticals that aims to analyze the current market
scenarios better. The market is projected to expand with a 3.48 % CAGR in the
forecast period.
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.
Segmental Analysis
The
segmentation of the directional
drilling market share 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.
The
regions included in the directional drilling market are Europe, North America,
Asia Pacific and rest of the world.
Regional 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. The African and the Middle Eastern region are also
anticipated to observe vital growth over the forecast period owing to the
mounting exploration activities together with growing demand for fuel from
developing nations.
Competitive Analysis
The
crucial companies in the directional drilling market globally are 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.) are
among others.
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