Growth opportunities in the directional drilling services market look promising over the next six years. This is mainly due to the rising number of discoveries in the oil and gas sector and the strong demand for tools and equipment which are used in the oil and gas sector.
Directional Drilling Services Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The substantial application of tools and equipment’s in oil and gas sector is the major driver contributing to the growth of the global directional drilling services market. This is because the services comprise of methods that help in efficient drilling of well and raises the output. Also, the growing number of revelations in these sectors such as Alaska in the U.S, Alphin high in West Texas, oil discoveries in the Stabroek block Tilapa, and Golan Heights in Israel will strengthen the market size. In accordance with the European Energy Industry Investments, power utilities are projected to procure an amount of USD 295 billion for 2021-2030, under the latest policy infrastructure for the transmission and distribution infrastructure. Moreover, the accelerating construction activities concerned with the housing societies, business parks and commercial spaces, will boost the power demand, thereby propelling the market growth.
However, the continuous variations in the prices of oil is likely to obstruct the market growth. Moreover, the growth in the development of substitutes of energy generation technologies which include wind, hydro, and solar will reduce the reliability on oil & gas which will further hamper the market growth.
Application Segment Drivers
Based on the application, the onshore applications are predicted to witness a faster CAGR during the forecast period. This is primarily attributed to the benefits imparted by them such as easy drilling methods, less operating and drilling cost, resource accessibility.
Regional Drivers
On the basis of regional coverage, North America is expected to lead the market during the forecast period. This is because of the augmenting number of new offshore projects and the redevelopment of matured fields. The U.S. records to have the highest number of shale gas reserves and the second-largest tight oil reserves. North America is anticipated to have 603 projects between 2021-2025. Furthermore, the expanding production of oil and gas in Canada is promoting the market growth.
Directional Drilling Services Market’s leading Manufacturers:
- Jindal Drilling & Industries Limited
- Cathedral Energy Services
- GENERAL ELECTRIC
- Schlumberger Limited
- Baker Hughes Company
- Gyrodata
- Weatherford
- Nabors Industries Ltd.
- NOV Inc.
- Halliburton Company
Directional Drilling Services Market Segmentation:
Segmentation by Application:
- Onshore applications
- Onshore Applications
Segmentation by Type:
- Conventional
- Rotary Steerable System
Segmentation by Service:
- Rotary Steerable System (RSS)
- Logging-While-Drilling (LWD)
- Measurement-While-Drilling (MWD) & Survey
- Motors (MUD Motors)
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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