Pune, India, June 21, 2021 (GLOBE NEWSWIRE) -- The global drilling services market size is projected to reach USD 17.44 billion by 2027, exhibiting a CAGR of 8.6% during the forecast period. Escalating energy demand across the world will be the principal force behind the progress of this market, shares Fortune Business Insights™ in its report, titled “Drilling Services Market Size, Share & COVID-19 Impact Analysis, By Service (Directional Drilling {Measurement While Drilling, Logging While Drilling, Rotary Steerable System, Gyro Drilling, Magnetic Drilling, and Others} and Non-Directional Drilling), By Application (Onshore and Offshore {Shallow Water, Deepwater, and Ultra-Deepwater}), By End-User (Oil & Gas, Mining, Water Exploration, and Others), and Regional Forecast, 2020-2027”.
According to the International Energy Outlook 2019 of the US Energy Information Administration (EIA), global energy consumption is set to increase by nearly 50% between 2018 and 2050. The astronomical rise in energy demand, as per the EIA, will be driven by the rapidly developing nations of Asia over the next three decades. Furthermore, the International Energy Agency (IEA) predicts that oil production will keep rising till 2030 and nearly 35% of the energy demand will be met by gas. Drilling services are, therefore, likely to experience soaring demand as governments and private players compete against each other to meet the skyrocketing demand for hydrocarbon-based energy in the forthcoming years.
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In 2019, as per the report’s findings, the global market value stood at USD 12.88 billion. The main features of the report include:
- Unmatched intelligence on the various Drilling Services Market drivers, trends, and restraints;
- Actionable insights into the performance of all market segments;
- Granular analysis of the leading players’ profiles and dominant strategies; and
- Exhaustive assessment of the impact of the regional developments on Drilling Services Market growth.
Regional Insights
Increasing Oil Production in the US to Aid the North America Market Growth
North America is expected to dominate the drilling services market share during the forecast period owing to the rising production level of oil & gas in the US and Canada. Moreover, drilling technologies are being extensively employed in the US to discover shale gas reserves, which will put the US at the forefront of the hydrocarbon industry. In 2019, the North America market size stood at USD 4.93 billion.
In Asia Pacific, the Drilling Services Market is anticipated to experience prolific growth on account of the abundant availability of mineral and metal reserves spread across the region, which will stoke the demand for drilling services. On the other hand, the market in the Middle East & Africa is likely to undergo speedy expansion due to the rich presence of oil reserves in this region.
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Report Coverage-
- The Drilling Services Market Report highlights information on various segments at the global, regional, and country level.
- The report contains various details like market share, growth rate, product and their pricing by region/country.
- The report elucidates the market dynamics that are expected to drive the market growth in the forthcoming years.
- The report encompasses the details in relation to application, distribution channel, product type, business strategies, etc.
- The report also covers the COVID-19 impact on the prospected Drilling Services Market.
Restraining Factor
Sharp Decline in Oil Demand amid COVID-19 to Stall Market Growth
The drilling services market growth is confronting unprecedented challenges thrown in its way by the outbreak of the COVID-19 pandemic. According to the IEA, world energy demand dropped by 5% in 2020, with oil demand contracting by 8% and coal demand by 7%. The major reasons for this historic decline in fossil fuel energy sources include the speedy adoption of remote working facilities when the pandemic broke out, nationwide lockdowns, and a sudden dip in electricity demand as commercial spaces were temporarily closed down. The cumulative effects of these developments can be seen on oil prices, which were already volatile due to the Saudi-Russia oil supply war. In April 2020, for instance, crude oil prices went into negative territory on account of the precipitous fall in oil demand. In December 2020, as the new coronavirus strain gripped the world, oil prices dropped by 3%. Weak investments and delays in exploration projects amid the COVID-19 pandemic will, thus, limit the adoption of drilling services in the oil and gas industry.
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Competitive Landscape
Key Players to Concentrate on Obtaining Profitable Drilling Contracts
The advanced drilling services and solutions offered by some of the prominent players in this market are enabling these companies to secure highly profitable contracts from diverse entities. These contracts are allowing the players to expand their business and operational horizons and augment their presence in regional markets.
Industry Developments:
- November 2020: Seadrill Ltd bagged one firm and one optional well contract from Walter Oil & Gas for the Sevan Louisiana semi-submersible rig in the Gulf of Mexico. The deal adds USD 17 million in backlog revenues for Seadrill.
- November 2020: Schlumberger released MagniSphere, its innovative, high-definition NMR logging-while-drilling (LWD) service. The inventive offering is designed to deliver precise, real-time analysis for accurate well placement, leading to increased production and recovery in complex sites.
List of Key Companies Covered in this Drilling Services Market Report:
- Sumitomo Precision Products Co (Japan)
- Siemens (Germany)
- DV8 Technology Ltd. (UK)
- REFLEX NOW (Australia)
- Motive Drilling Technologies (U.S.)
- Kearfott Corporation (U.S.)
- ION Geophysical (U.S.)
- Zupt, LLC (U.S.)
- KLX Energy Services (U.S.)
- Welltec (Denmark)
- International Drilling Services LLC (Oman)
- Boart Longyear (U.S.)
- The Weir Group PLC (UK)
- AlMansoori Specialized Engineering (United Arab Emirates)
- Leam Drilling Systems LLC (U.S.)
- Petrofac (UK)
- Superior Energy Services (U.S.)
- VES Survey International (U.S.)
- Unitech Drilling Company Limited (Nigeria)
- Compass Directional Guidance, Inc. (U.S.)
- Oceaneering (U.S.)
- TechnipFMC (UK)
- Halliburton (U.S.)
- Inertial Sensing One AB (Sweden)
- Axis Mining Technology (Australia)
- Devico AS (Norway)
- Stockholm Precision Tools AB (SPT) (Sweden)
- Gyrodata (U.S.)
- Emerson (U.S.)
- Schneider Electric (France)
- Erdos Miller (U.S.)
- Oliden Technology (U.S.)
- Gyro Australia (Australia)
- Phoenix Technology Services (Canada)
- Center Drill Inc. (U.S.)
- Gyro Drilling (Netherlands)
- JAE (Japan)
- Radial Drilling Services, Inc. (U.S.)
- Integra (Russia)
- JINDAL DRILLING & INDUSTRIES LTD. (India)
- NewTech Services (Russia)
- NOV (U.S.)
- Huracan Pty Ltd. (Australia)
- Baker Hughes (U.S.)
- Archer - the well company (Norway)
- DIDRILLSA LTDA (Colombia)
- Drill Tech Solution (Azerbaijan)
- China Oilfield Services Limited (China)
- AnTech (UK)
- Weatherford (Switzerland)
- Nabors Industries (U.S.)
- Scientific Drilling (U.S.)
- Brownline (Netherlands)
- Icefield Tools Corporation (Canada)
- Schlumberger (U.S.)
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Table Of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Key Industry Developments
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Drilling Services Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Drilling Services Market Analysis (USD Billion), Insights and Forecast, 2016–2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service
- Directional Drilling
- Measurement While Drilling
- Logging While Drilling
- Rotary Steerable System
- Gyro Drilling
- Magnetic Drilling
- Others
- Non-Directional Drilling
- Directional Drilling
- Drilling Services Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- Shallow Water
- Deepwater
- Ultra-Deepwater
- Market Analysis, Insights and Forecast – By End-User
- Oil & Gas
- Mining
- Water Exploration
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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