Dublin, Aug. 12, 2021 (GLOBE NEWSWIRE) -- The "Oil and Gas Wells Drilling Services Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
The global oil and gas wells drilling services market is expected to grow from $146.57 billion in 2020 to $183.9 billion in 2021 at a compound annual growth rate (CAGR) of 25.5%. The market is expected to reach $227.77 billion in 2025 at a CAGR of 5%.
Major companies in the oil and gas wells drilling services market include Schlumberger Ltd; Halliburton; Transocean Ltd; Weatherford International plc and Baker Hughes Incorporated.
The oil and gas wells drilling services market consists of sales of oil and gas wells drilling services by entities (organizations, sole traders or partnerships) that undertake oil and gas wells drilling services for others on a contract or fee basis. The oil and gas wells drilling services industry includes contractors specializing in spudding in, drilling in, redrilling, and directional drilling.
This market covers outsourced drilling services sold on a contract basis to oil and gas extraction companies and does not include any in-house drilling services of oil and gas extraction companies. The oil and gas wells drilling services market is segmented into onshore drilling services and offshore drilling services.
North America was the largest region in the global oil and gas wells drilling services market, accounting for 29% of the market in 2020. Middle East was the second largest region accounting for 16% of the global oil and gas wells drilling services market. Western Europe was the smallest region in the global oil and gas wells drilling services market.
Oil and gas wells drilling companies are adopting 3D visualization systems to reduce project cycle times and increase drilling accuracy. 3D visualization system generates a 3D model of a wellbore and real-time drilling data to monitor and optimize drilling process.
This system facilitates automatic diagnosis of drilling problems and improves and streamlines collaboration by allowing geoscientists and drilling engineers to virtually locate, see, and test drilling sites, resulting in significant cost savings of up to 20% and reduction in non-productive drilling time by 20%.
These systems are integrated with asset teams by means of software, thus facilitating precise and accurate placement of drill sites. For Instance, some of the major companies offering 3D visualization technology companies include eDrilling, Hexagon, Mechdyne, Landmark.
The rapid pace of innovation in the oil and gas exploration and drilling technologies is boosting production volumes and reducing production costs. Technological advances are allowing oil and gas wells drilling companies to enhance oil and gas recovery rates and considerably reduce production costs.
For instance, 3D seismic technology is being used to optimize exploration and drilling processes to enhance oil and gas production levels and cut down costs associated with exploration and drilling. Other areas of rapid technological advances in the oil and gas market include hydraulic fracturing and horizontal drilling.
Thus, advancements and innovation in exploration and drilling technologies are expected to drive the oil and gas wells drilling services market during the forecast period.
Key Topics Covered:
1. Executive Summary
2. Report Structure
3. Oil and Gas Wells Drilling Services Market Characteristics
3.1. Market Definition
3.2. Key Segmentations
4. Oil and Gas Wells Drilling Services Market Product Analysis
4.1. Leading Products/ Services
4.2. Key Features and Differentiators
4.3. Development Products
5. Oil and Gas Wells Drilling Services Market Supply Chain
5.1. Supply Chain
5.2. Distribution
5.3. End Customers
6. Oil and Gas Wells Drilling Services Market Customer Information
6.1. Customer Preferences
6.2. End Use Market Size and Growth
7. Oil and Gas Wells Drilling Services Market Trends and Strategies
8. Impact of COVID-19 on Oil and Gas Wells Drilling Services
9. Oil and Gas Wells Drilling Services Market Size and Growth
9.1. Market Size
9.2. Historic Market Growth, Value ($ Billion)
9.2.1. Drivers of the Market
9.2.2. Restraints on the Market
9.3. Forecast Market Growth, Value ($ Billion)
9.3.1. Drivers of the Market
9.3.2. Restraints on the Market
10. Oil and Gas Wells Drilling Services Market Regional Analysis
10.1. Global Oil and Gas Wells Drilling Services Market, 2020, by Region, Value ($ Billion)
10.2. Global Oil and Gas Wells Drilling Services Market, 2015-2020, 2020-2025F, 2030F, Historic and Forecast, by Region
10.3. Global Oil and Gas Wells Drilling Services Market, Growth and Market Share Comparison, by Region
11. Oil and Gas Wells Drilling Services Market Segmentation
11.1. Global Oil and Gas Wells Drilling Services Market, Segmentation by Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Onshore Drilling Services
- Offshore Drilling Services
12. Oil and Gas Wells Drilling Services Market Metrics
12.1. Oil and Gas Wells Drilling Services Market Size, Percentage of GDP, 2015-2025, Global
12.2. Per Capita Average Oil and Gas Wells Drilling Services Market Expenditure, 2015-2025, Global
Companies Mentioned
- Schlumberger Ltd
- Halliburton
- Transocean Ltd
- Weatherford International plc
- Baker Hughes Incorporated
For more information about this report visit https://www.researchandmarkets.com/r/16piqz
