Directional Drilling Services Market Insights with statistics and Growth Prediction to 2021

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Directional Drilling Services Market Insights with statistics and Growth Prediction to 2021

January 30
20:30 2020
Directional Drilling Services Market Insights with statistics and Growth Prediction to 2021
MarketsandMarkets forecasts the global directional drilling services market to grow from USD 8.3 billion in 2016 to USD 10.3 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 4.34% during the forecast period.

The Directional Drilling Services Market is expected to grow from an estimated USD 8.33 Billion in 2016 to USD 10.30 Billion by 2021, at a CAGR of 4.34% from 2016 to 2021. Increasing demand for energy due to urbanization & industrialization, ongoing shale gas revolution and new oilfield discoveries are the major factors driving the market for directional drilling across the globe.

 

Directional drilling is the practice of controlling the trajectory and deviation of the well during drilling operations, along a planned path to explore the oil from a targeted position in the typical geologic structural oilfields.  Increasing demand for energy due to urbanization & industrialization, ongoing shale gas revolution and new oilfield discoveries are the major factors driving the market for directional drilling across the globe.

 

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the directional drilling services market in this report has been classified based on the following segments, namely, rotary steerable system (RSS), Logging While Drilling (LWD), Measurement While Drilling (MWD) & survey, motors and others (includes directional drilling technologies and systems such as well bore positioning, automated drilling systems, side tracking, well planning, hydraulics, torque, and drag analysis). The RSS segment dominated the directional drilling services market in 2016 due to the increase in the horizontal drilling activities associated with the development of shale gas mainly in countries such as China. According to the 12th five year plan in China, the country planned on increasing its natural gas consumption to 9,200 Bcf by 2015 as it looks to replace coal as a chief energy source. Hence, the market size of the RSS is the largest.

 

North America: The leading market for directional drilling services

North America is currently the largest market for directional drilling services, and the Middle East is projected to grow at the highest CAGR during the forecast period. In North America, most of the directional and horizontal wells are drilled in onshore reservoirs. In North America, the growth of the directional drilling services market can be attributed to factors such as ongoing shale gas developments in countries like U.S. and Canada.  U.S. accounted for the majority share in North America in 2016. Technological advancements in drilling (long-reach horizontal well bores) and completion techniques (multi-stage hydraulic fracturing) are increasing the outlook for the supply of crude oil in North America. The figure given below shows the regional scenario of the directional drilling services market from 2016 to 2021.

 

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Some of the leading players in the directional drilling services market include Baker Hughes Incorporated (U.S.), Halliburton Company (U.S.), Schlumberger Limited (U.S.), Weatherford International plc. (Switzerland), National Oilwell Varco, Inc. (U.S.), among others.

 

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