Pune, India, June 07, 2022 (GLOBE NEWSWIRE) -- The global directional drilling services market size is projected to reach USD 13.87 billion by 2027, at a CAGR of 9.3% during the forecast period. The directional drilling services market size was USD 10.38 billion in 2019. Rising demand for various tools and equipment used in the oil and gas industry across the globe, along with increasing discoveries of new bulk potential reservoirs, is expected to spur the demand of the market
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast Period 2020 to 2027 CAGR | 9.3% |
| 2027 Value Projection | USD 13.87 billion |
| Base Year | 2019 |
| Market Size in 2019 | USD 10.38 billion |
| Historical Data for | 2016-2018 |
| No. of Pages | 140 |
| Segments covered | By Type, By Location, By Service, Others |
| Growth Drivers | Increasing Offshore Discoveries to Augment Growth |
| Elevating Capital Expenditure to Bolster Growth in Asia Pacific |
Market Drivers-
Increasing Offshore Discoveries to Augment Growth
The expansion of reserves and oilfields coupled with ongoing exploration for oil will have a positive influence on the growth of the market during the forecast period. For instance, discoveries such as Alpine high in West Texas, Alaska in U.S., gas discoveries in the Kara Sea off the northwestern part of West Siberia's Yamal Peninsula - Dinkov and Nyarmeyskoye,
Golan Heights in Israel. Moreover, the offshore gas discovery of Stabroek block Tilapia, Yellowtail (oil), and Haimara (gas-condensate), along with Lang Lebah-1RDR2 exploration well will create lucrative opportunities for the market. The growing oil demand will simultaneously enhance the need for gas production and oil field operators, which, in turn, can aid the expansion of the market. The heavy investment in oil & gas discoveries and exploration activities by major companies is predicted to escalate the market.
The report on the directional drilling services market encompasses:
- Profound study of the market
- Key market trends and drivers
- Latest industry developments
- In-depth data about eminent players
- COVID-19 impact on the market
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Regional Segmentation-
Elevating Capital Expenditure to Bolster Growth in Asia Pacific
The market in North America is expected to experience a substantial growth rate during the forecast period. The surge in the region is attributed to wide-ranging exploration activities in the region. The exploration of oilfields is expected to create lucrative business opportunities for the market. For instance, in April 2019, Shell discovered blacktip oilfield in the Gulf of Mexico to produce approximately 900,000 barrels per day (BPD) from its Deepwater assets. Petroleos Mexicanos (PEMEX) had discovered a deposit in southeastern Mexico that could yield 500 million barrels of crude. The market in Asia Pacific is expected to lead the market during the forecast period due to the innovations in drilling technology. The rising investment by National Oil Companies (NOC) in offshore E&P activities is predicted to boost the market. The market in Europe is expected to rise tremendously during the forecast period owing to the exploration of new offshore hydrocarbons reserves. For instance, the activities of the Norwegian continental shelf will propel the growth of the market in Europe.
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Key Industry Development:
September 2019: Kim Heng Offshore & Marine Holdings was awarded a horizontal directional drilling (HDD) contract. This contract has helped the company to leverage its competitive position in the oil and gas sector.
List of Players Operating in the Directional Drilling Services Market are as follows:
- Schlumberger
- Baker Hughes
- Halliburton
- Weatherford
- National Oilwell Varco
- Nabors Industries
- Leam Drilling Systems LLC
- Jindal Drilling & Industries Limited
- Gyro data
- China Oilfield Services Limited
- Phoenix Technology Services
- Scientific Drilling
- AlMansoori Specialized Engineering
- NewTech Services
- Integra
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Directional Drilling Services Market Segmentation:
By Type:
- Conventional
- Rotary Steerable Systems (RSS)
By Location:
- Onshore
- Offshore
By Service:
- Measurement While Drilling (MWD)
- Logging While Drilling (LWD)
- Rotary Steerable System
- Mud Motors
- Others
Table Of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Directional Drilling Services Market
5. Global Directional Drilling Services Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
Continued…
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