NEWARK, Del, Feb. 20, 2024 (GLOBE NEWSWIRE) -- The directional drilling service market is expected to be valued at US$ 10.3 billion in 2024. The market is anticipated to progress at a healthy rate over the forecast period, with a CAGR of 6.3%. By 2034, the market is forecasted to reach a value of US$ 19.0 billion.
The continuing geographical expansion of the petroleum sector is benefiting companies in the industry due to increasing demand. Several developing nations are banking on the progress of the oil and gas industry in their countries for development. With developed nations already relying on oil and gas to an increasing extent, the directional drilling services market is being propelled by demand in both developed and developing nations.
Request for a Sample of this Research Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-19032
The growing number of oil and fuel reserves is leading to directional drilling services finding more applications. New oilfields, oil wells, and unconventional reserves are driving demand in the market. The ever-increasing need for shale gas and crude oil is also contributing to the increased demand for directional drilling services.
As with other markets in the petroleum sector, the directional drilling services market has to contend with mounting regulatory pressure. The standards imposed by regulatory authorities limit the scope of directional drilling services as they restrict the number of areas that can be drilled into. Worsening geopolitical conditions also play a part in hindering the growth of the directional drilling service market.
“As companies seek new avenues for growth, offshore drilling is on the rise. The discovery of fresh oil reserves fuels this trend, driving the adoption of offshore drilling. With both offshore and onshore drilling operations in play, companies are aiming to expand their presence in the directional drilling service market,” - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Directional Drilling Service Market
- Conventional drilling is the most common type in the market. From 2024 to 2034, conventional directional drilling services are forecasted to progress at a CAGR of 6.0%.
- Onshore is the top location when it comes to directional drilling services. For the forecast period, onshore drilling is predicted to progress at a CAGR of 5.8%.
- Japan is one of the most promising countries in the market. The CAGR for Japan over the forecast period is anticipated to be 7.7%.
- China is another Asian country poised to be lucrative for the market. For the 2024 to 2034 period, the CAGR for China is pegged at 7.4%.
- The market is expected to register a CAGR of 6.6% in the United States over the forecast period.
Click Here To Buy Your Full Report: https://www.futuremarketinsights.com/checkout/19032
Competition Analysis of the Directional Drilling Service Market
The market is highly competitive, with service providers ranging from local outfits to multinational companies. Collaborative strategies are being adopted, with the common goal of improving drilling machinery. Some of the prominent companies in the market include Schlumberger, Baker Hughes, Halliburton, and Weatherford.
Key Companies in the Directional Drilling Service Market
- Schlumberger
- Baker Hughes
- Halliburton
- Weatherford
- National Oilwell Varco
Recent Developments in the Directional Drilling Service Market
- In August 2023, the OCU Gropu, in a bid to improve its drilling service, made an investment of around US$ 950,000 in equipment.
- In November 2021, Nabors Industries Ltd. signed a partnership agreement with Chesapeake Energy Corporation.
Key Segments
By Type:
- Conventional
- Rotary Steerable Systems (RSS)
By Location:
- Onshore
- Offshore
By Application:
- Measurement While Drilling (MWD)
- Logging While Drilling (LWD)
- Rotary Steerable System
- Mud Motors
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
Request the Full Report Methodology Now: https://www.futuremarketinsights.com/request-report-methodology/rep-gb-19032
Authored By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Explore FMI’s Extensive Ongoing Coverage on the Oil & Gas Domain:
- FMI anticipates that the global petroleum liquid feedstock market valuation could reach US$ 313 billion in 2023. As per the projection of the analysts, the market is likely to record a value of over US$ 474.1 billion by 2033, registering a CAGR of 4.2% between 2023 and 2033.
- The global offshore drilling riser market was estimated to reach a valuation of US$ 3.8 Billion in the year 2022. With a steady CAGR of 2.2% from 2023 to 2033, this market is expected to reach US$ 4.1 Billion by 2023 and US$ 4.9 Billion by 2033.
- The rotary drilling rig market is expected to grow at a CAGR of nearly 4% during the period 2022-2032. The market is valued at US$ 3410 million as of 2022, and by 2032 the market is expected to be valued at US$ 5050 million.
- The Asia Pacific underground coal gasification market is expected to develop at a CAGR of 15% over the next ten years. By 2032, analysts anticipate the Asia Pacific underground coal gasification market is expected to be worth around US$ 2158.71 Million.
- The thermoplastic pipe market forecasts a moderate 4.2% annual growth rate from 2023 to 2033, rising from an estimated valuation of US$ 2.54 billion in 2023 to US$ 3.83 billion in 2033.
- The solar tracker for the power generation market is predicted to reach US$ 14.5 billion by 2033. The market is registering a CAGR of 7.2% during the forecast period.
- The solar pumps market size is expected to surpass US$ 4.64 billion by 2033. The adoption of solar pumps is likely to advance at a CAGR of 13.5% during the forecast period.
- The sustainable aviation fuel market is expected to expand its roots at a booming CAGR of 60% during the forecast period. The market is anticipated to cross a value of US$ 61.92 billion by 2033.
- The global fuel cells market is expected to attain a valuation of US$ 7.2 billion in 2023 and is projected to reach US$ 35 billion by 2033, trailing a CAGR of 17.1% during the forecast period.
- Overall sales of carbon steel tubing in oil and gas lift applications market are likely to surge at 3.3% CAGR, taking the forecasted market valuation to US$ 7992.6 million by the end of 2033.
About Future Market Insights, Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
