Dublin, Oct. 31, 2023 (GLOBE NEWSWIRE) -- The "Drilling Services Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
The global drilling services market is expected to achieve significant growth, reaching a valuation of $7.9 billion by 2028, up from $6.32 billion in 2022.
This growth is attributed to the increasing demand for mining assets development and the continuous introduction of new tools and services to enhance production in the energy sector.
Key Market Drivers:
- Rising Demand for Crude Oil & Energy: The market is poised for growth as companies in the energy sector strive to produce larger quantities of metals, minerals, and energy resources. The mining industry is witnessing various collaboration agreements aimed at exploring bulk reserves, opening up new opportunities for extraction companies.
- Growing Investments: Increasing investments in the exploration and production of hydrocarbons to meet global energy demand are driving the growth of the drilling industry. Exploration activities in wildcat wells and geological surveys to discover new reservoirs capable of sustaining oil production over an extended period are creating opportunities in the sector.
- Transition to Renewable Energy: The worldwide transition toward renewable energy sources to reduce carbon emissions is influencing the market. Governments and organizations are setting ambitious goals for renewable energy creation, which may impact the drilling services market.
Key Market Trends:
- Mining Contracts and Collaborations: Mining companies are securing new extraction contracts and engaging in collaboration agreements to explore bulk reserves. These activities are expected to drive the demand for drilling services.
- Expansion in Offshore Drilling: Companies like Odfjell Drilling are obtaining contracts for offshore drilling, such as the Breidablikk project in the North Sea. This expansion in offshore drilling activities is set to contribute to market growth.
- Renewable Energy Adoption: Governments' efforts to reduce reliance on fossil fuels and promote low-emission technologies are encouraging the adoption of renewable energy sources. This shift may impact the drilling services market as energy production methods evolve.
Companies Mentioned
- Schlumberger Ltd
- Gyrodata
- Stockholm Precision Tools AB (SPT)
- Icefield Tools Corporation
- Devico AS
- Halliburton
- Weatherford
- Baker Hughes (U.S.)
- Axis Mining Technology
- Scientific Drilling
- Inertial Sensing One AB
- Nabors Industries
- China Oilfield Services Limited
- AnTech
Report Scope:
In this report, the Global Drilling Services Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Drilling Services Market, By Services:
- Directional Drilling
- Measurement While Drilling
- Logging While Drilling
- Rotary Steerable System and Others
- Non-Directional Drilling
Drilling Services Market, By Application:
- Onshore
- Offshore
- Shallow Water
- Deepwater
- Ultra-Deepwater
Drilling Services Market, By End User:
- Oil & Gas
- Mining
- Water Exploration
- Others
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 190 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $6.32 Billion |
| Forecasted Market Value (USD) by 2028 | $7.9 Billion |
| Compound Annual Growth Rate | 3.8% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/63tkd5
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