SEATTLE, March 20, 2019 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global directional drilling solutions & services market accounted for US$ 8.5 Bn in 2017 and is projected to exhibit a significant CAGR of 8.6% over the forecast period (2018 – 2026).
Market Dynamics of the Directional Drilling Solutions & Services Market:
Increasing number of deep-water activities and development of unconventional oil & gas resources are key factors driving growth of the directional drilling solutions & services market. Unconventional oil and gas resources play an important role in supplying low carbon fuel for growing energy demand. Advancements in directional drilling and hydraulic fracturing have improved accuracy of drilling and unconventional gas resources to economically viable sources of natural gas. Several unconventional gas reserves are located in heavily populated areas such as Barnett Shale in the Dallas-Fort Worth metropolitan area and Marcellus Shale and environmentally sensitive areas such as Piceance Basin in Colorado and Greater Green River Basin in Wyoming.
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Advancements in directional drilling such as measurement while drilling (MWD) and downhole motor (DHM) technologies have led to further development of unconventional oil and gas resources by improving access to the reservoir from surface locations and increasing reservoir contact. For instance, in April 2017, Toro launched a new horizontal directional drill operating system, which allows pipe handling functions to be performed using a single input on the joystick in the SmartTouch operating mode. Moreover, horizontal well offers greater wellbore contact with the reservoir than a vertical well. In a horizontal well, the length of reservoir contact is limited by the length of the lateral, which is determined by the mechanical ability to extend the drill bit along the lateral.
Stringent regulatory policies and growing environmental concerns are expected to restrain the market growth over the forecast period. As the use of directional drilling has increased, it has raised concerns about potential impacts on public health and the environment, including impacts arising from improper management of oil waste from offshore exploration and production activities. For instance, in October 2016, the Environmental Protection Agency (EPA) finalized an air pollution standards for natural-gas drilling to reduce harmful air pollution from the oil and natural gas industry. Stringent government regulatory policies such as for protecting the environment (including air and water quality), cultural resources, and workers’ and the public’s health and safety and for reducing wastage of resources are expected to hamper the market growth.
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Key Market Takeaways:
- Global directional drilling solutions & services market is estimated to be valued at US$ 8.5 Bn in 2017. By 2026, the market is projected to reach US$ 18.3 Bn, exhibiting a CAGR of 8.6 % over the forecast period (2018–2026)
- The market is studied across major geographies including North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America held dominant position in the global directional drilling solutions & services market in 2017, and is projected to retain its dominance throughout the forecast period. The U.S. and Canada are the major growth engines in this region. High presence of directional drilling services providers in the region is expected to be major factor for growth of the market in the region. Moreover, large number of oil & gas companies are operating in the region, which has resulted in multiple boring and drilling operations in the region. According to the statistics published by International Energy Association in January 2018, hydraulically fractured horizontal wells accounted for 69% of all oil and natural gas wells drilled in the U.S. and 83% of the total linear footage drilled in 2016.
- Some of the major players operating in the global directional drilling solutions & services industry include, Schlumberger Limited, Halliburton Company, Downhole Drilling Services, LLC, Segofs Energy Services Limited, General Electric Company, KAMBI Enterprises Inc., Tolteq Group, LLC (National Oilwell Varco, Inc.), APS Technology, Inc., Shanghai Oilfield Equipment Co., Limited (SOECO), Beijing Geoshine Oilfield Technology Services Co., Ltd., Compass Directional Guidance, Inc., Scientific Drilling International, CBG Corp, China Oilfield Services Limited (COSL), Weatherford, Bench Tree, and Newsco International Energy Services Inc.
- Rental services providers included in the report are Hunting Energy Services Inc., Calmena Energy Services Inc., Oilwell Solutions, LLC, W-Technology Inc., Micro-Smart Systems Inc., MICROTESLA, Ranger Directional Rentals, WORLD HDD, KWIPPED, Inc., Beijing Hailan Science & Technology Development Co., Limited, Bench Tree (Rentals), Vertex Downhole (Rentals), Weatherford (Rentals), National Oilwell Varco, MWD Supply, Geoglide Australia Pty Ltd., Parker Drilling, and Nabors Industries Ltd.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.