Measurement While Drilling Market:
Growth opportunities in the Measurement While Drilling market look promising over the next six years. This is attributed to the rising investments towards technological advancements and the innovation in telemetry methods such as oscillating shear valves, enabling reliable data transmission.
Measurement While Drilling Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The growing investments to bring technological advancements and to improve the drilling efficiency is the major factor that is surging the growth of the market for measurement while drilling. In August 2018, Schlumberger launched the new GyroSphere MEMS gyro-while-drilling service which enables the gyrosphere sensor to perform faster gyro surveys as compared to conventional systems. This microelectromechanical system technology offers accurate access to smaller reservoir targets and decreases the risks related to drilling. Moreover, various telemetry methods, including oscillating shear valves, permit reliable data transmission to the surface even in wells subject to high-lost-circulation-material content and high flow rates.
Nabor’s AccuDrift measurement while drilling unmanned survey systems offers high-quality data, which decreases the non-productive time in comparison to traditional wireline survey systems and avoids unwanted drilling events with no crew members on the rig site. The growing emphasis on directional drilling is further helping the market to grow at a higher rate. As the oil prices recovered, the rig counts surged due to the increasing number of onshore and offshore drilling projects. Hence, the growing number of rigs will further contribute to the market growth. On the other hand, the reducing funding for the projects is hampering the market growth.
Location Segment Drivers
Based on the location, the offshore is expected to grow at a faster CAGR in the market during the forecast period. The directional drilling covers the highest market share in the offshore segment, thus positively impacting the measurement while drilling product demand around the world.
Well Type Drivers
Based on the well type, horizontal is projected to lead the market during the forecast period. This is owing to the accuracy in the visualization of the drilling direction in three dimensions and in the determination of bit location, thus surging the market growth. Moreover, the increasing exploration of untapped resources owing to the rising oil demand has increased the market growth over the coming years.
Measurement While Drilling Market’s leading Manufacturers:
- Baker Hughes
- Schlumberger Limited.
- Halliburton
- Gyrodata
- Weatherford
- Nabors Industries Ltd.
- National Oilwell Valco
- Cathedral Energy Services
- Jindal Drilling & Industries Ltd.
- Scientific Drilling International
Measurement While Drilling Market Segmentation:
Segmentation by Location:
- Onshore
- Offshore
Segmentation by Well Type:
- Horizontal
- Directional
- Vertical
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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