© Copyright Our Wall
Market Analysis
The global directional
drilling marketwill develop at a 13.8% CAGR
between 2023 - 2030, states the recent Market Research Future (MRFR) analysis.
Directional drilling, simply put, is targeted
drilling that includes attacking wells from different angles and also to better
access oil & gas reserves. It uses various instruments like drill bits, 3D
measuring devices, whip stocks, and mud motors.
Directional drilling also helps in the boring of
several wells with the same vertical bore that reduces the environmental
effects of the process.
Various factors are propelling the global
directional drilling market share. According to the recent MRFR report, such
factors include the growing demand for onshore exploration activities, rapid
economic development across the globe, high accuracy of these methods,
decreasing extraction costs, increased efficiency, greater profits, tapping of
unexplored oil reserves, and increased production of shale gas.
On the contrary, contamination of groundwater
reserves during leakages, the need for well-trained manpower and specialized
equipment, high initial investment capital, and the current COVID-19 pandemic
may deter the global directional drilling market growth over the forecast
period.
Key Players
·
Baker Hughes Incorporated (U.S.)
·
National Oilwell Varco (U.S.)
·
Weatherford International Plc. (U.S.)
·
Schlumberger Ltd (U.S.)
·
Halliburton Company (U.S.)
·
Nabors Industries Ltd (Bermuda)
·
Cathedral Energy Services Ltd (Canada)
·
Gyrodata Incorporated (U.S.)
Market Segmentation
The MRFR report highlights an inclusive segmental
analysis of the global directional drilling market based on services, well
type, and application.
By application, the global directional drilling
market is segmented into offshore and onshore. Of these, the onshore segment
will lead the market over the forecast period as the onshore segment is
witnessing an increase in new exploration activities along with more fields
becoming mature.
By well type, the global directional drilling
market is segmented into extended reach wells, multilateral wells, and
horizontal wells. Of these, the horizontal wells will dominate the market over
the forecast period for their significance in higher production rate as well as
exposure of greater wellbore length.
By services, the global directional drilling
market is segmented into motors, measurement while drilling (MWD), logging
while drilling (LWD), and rotary steerable system. Of these, the LWD segment
will spearhead the market over the forecast period for its perks in cost
savings & acquiring the formation data.
Regional Analysis
By region, the global directional drilling market
covers the growth opportunities and recent trends across Europe, North America,
the Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA).
Of these, North America will have the lions share
in the market over the forecast period. Increasing directional and horizontal
drilling activities in Canada and the US, presence of largest
technically-recoverable shale gas reserves and presence of second-largest tight
oil reserves, technological advances in hydraulic fracturing, low breakeven
prices, new offshore projects and redevelopment of mature fields, recovering
drilling activity, production of new oil wells, rapid growth in drilling
activities, rise in several horizontal wells, and a large number of oil
exploration actions are adding to the global directional drilling market growth
in the region.
In Europe, the global directional drilling market
is predicted to hold the second-largest share over the forecast period for
rapid progress to develop better directional drilling techniques is adding to
the global directional drilling market growth in the region. Germany and the
United Kingdom have the utmost share in the market.
In the APAC region, the global directional
drilling market is predicted to have healthy growth during the forecast period.
Rising consumption of oil and gas is adding market growth.
In the MEA, the global directional drilling market
is predicted to have sound growth over the forecast period for the presence of
largest oil reserves in the globe, advances in drilling technologies, need for
greater efficiency, high incomes, growing demand for fuel from budding nations
and mounting exploration activities.
In Latin America, the global Horizontal
drilling market sizeis predicted to have steady
growth over the forecast period.
Related Reports
Hydraulic Equipment Market size
marine diesel engine market share
The Wall