Directional Drilling Market Overview, Growth, Strategies, Challenges, Statistics, Business Overview and Forecast Research Study till 2023
Global Directional Drilling Market Overview
Directional drilling is an important approach practiced by crude oil manufacturers to reach the toughest wells and optimizing the production from the resource land. Usually, the well is drilled vertically down in the area which is economically infeasible and more inclined to the risk of nonproduction. The directional drilling offers solution for drilling of oil wells at different angles other than vertical angle and assists in reaching better reserves of oil and gas. In spite of the progress in technology, directional drilling has been the key area of interest for oil upstream players owing to the applications involving this procedure. It includes drilling at more than one angle in the fields, obtaining oil and gas from the untapped source. Additionally, the technique facilitates the drilling of multiple wells from the parent wellbore, which aids in diminishing the negative environmental influences of drilling. With its benefits in both, offshore and onshore well drilling, directional drilling hold importance in oilfield service business.
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Innovations in oil and gas sector collectively with shale activities and surging demand for fuel and energy from the developing economies complementing from surged urbanization and globalization are the key drivers of directional drilling market. Trenchless Engineering Services Pvt. Ltd. installed horizontal direction drill in 2015. It was done for a gas pipeline, which was laid to a depth of 140 meters beneath the surface level. However, the low-price trends have restricted the projects for directional drilling. Several projects were paused, which are estimated to initiate with recovering oil prices. Gas and oil directional drilling industry are estimated to have huge potential from rising projects over the forecast period. This rise is due to the augmented production from the end use sector coupled with increasing shale revolution. The market is also likely to experience high developmental activities brought in by major players and multinationals.
Global directional drilling market is dominated by key players such as Halliburton Company (U.S.), Baker Hughes Incorporated (U.S.), Schlumberger Limited (U.S.), Nabors industries ltd. (Bermuda), Weatherford International plc. (Switzerland), National Oilwell Varco, Inc. (U.S.), Jindal Drilling & Industries Limited (India), Cathedral Energy Services Ltd (Canada), Scientific drilling international (U.S.), and Gyrodata (U.S.).
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Global directional drilling market has been segmented based on type, land, region, and services. Based on type, the market has been segmented into horizontal directional drilling, oilfield directional drilling, and directional boring. Based on land, the market has been segmented into offshore and onshore drilling. Onshore leads the technology segment of global directional drillings market. Directional drilling finds application in more onshore activities owing to the surging number of maturing fields. Offshore segment is likely to be the swiftest growing segment over the forecast period. Based on region, the market has been segmented into Europe, North America, Middle East & Africa, Asia Pacific, and South America. Based on Services, the market has been segmented into LWD, MWD, rotary steerable systems, and motors. Rotary steerable directional drilling services segment is estimated to develop remarkably over the forecast period. It is mostly driven by aspects like the growing need to access tough reservoirs. Benefits like lower overall costs and high efficiency of directional drilling fuel the growth in this segment.
North America rules the directional drillings market. The U.S. holds the largest share in the North American market. The progress in modern drilling technologies have attracted investments for oil and gas drilling projects. Moreover, vast hydrocarbon reserves in the U.S. shale basins and consistent offshore drilling in the Gulf of Mexico region, are propelling the demand of the market. Asia Pacific holds the second largest market for directional drillings and is likely to grow at a highest CAGR over the forecast period. Surging demand for energy owing to industrialization & urbanization from the developing economies such as China, Indonesia, and India, plays crucial role in driving the demand of the market.
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