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).
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 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.
Global Directional Drilling
Market Segmental Analysis:
Global Directional Drilling
Market is segmented in to two key dynamics for an easy grasp and enhanced
understanding.
On the basis of type, the
market has been segmented into Directional boring, horizontal directional
drilling, and oilfield directional drilling.
Based on land, the market has
been segmented into onshore and offshore. Onshore dominates the technology
segment of global Directional
Drillings market. Directional drilling is used in more onshore
applications due to the high number of maturing fields. Offshore segment is
expected to be the fastest growing segment during the forecast period.
Based on Services, the market
has been segmented into Rotary Steerable Systems, LWD, MWD and Motors. Rotary
steerable directional drilling services segment is expected to grow
significantly during the forecast period. It is primarily driven by factors
like the rising need to access difficult reservoirs. Advantages like high
efficiency and lower overall costs of directional drilling foster growth in
this segment.
Segmentation by Region:
Comprises Geographical regions - North America, Europe, Asia Pacific, Middle
East & Africa and South America.
Prominent Players:
·
Baker Hughes Incorporated (U.S.),
·
Halliburton Company (U.S.),
·
Schlumberger Limited (U.S.),
·
Weatherford International plc. (Switzerland),
·
National Oilwell Varco, Inc. (U.S.),
·
Nabors industries ltd. (Bermuda),
·
Cathedral Energy Services Ltd (Canada),
·
Jindal Drilling & Industries Limited (India),
·
Gyrodata (U.S.), and
·
Scientific drilling international (U.S.)
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.
Browse Complete Research Report at: https://www.marketresearchfuture.com/reports/directional-drilling-market-1375
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