Pune, India, Aug. 17, 2022 (GLOBE NEWSWIRE) -- The global measurement while drilling market size is projected to reach USD 2.15 billion by 2027, exhibiting a CAGR of 7.2% during the forecast period. The drilling market is constantly evolving as technology improves and new drilling methods are developed. One of most the important factors in this market is measurement while drilling (MWD). MWD is a critical component of drilling operations, and there are a number of factors that must be considered when using MWD technology. One of the most important aspects of Measurement While Drilling Market technology is the accuracy of the data. The accuracy of the data is critical for several reasons.
Industry Developments:
- March 2020: The Malaysian investment company, Danang NeXchange (DNeX), bagged a contract from Petronas Carigali for drilling operations. Under the contract, DNeX will provide Petronas with services and equipment for logging while drilling, measurement while drilling, and directional drilling.
- September 2019: Halliburton launched its novel measurement while drilling technology called QuickPulse™ Automated Directional Gamma Service that delivers reliable and accurate downhole information at extended depths to operators. The technology is aimed at reducing well-time and making informed decisions about geo-steering to enhance asset value.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast Period 2020 to 2027 CAGR | 7.2% |
| 2026 Value Projection | USD 2.15 billion |
| Base Year | 2019 |
| Market Size in 2019 | USD 1.79 billion |
| Historical Data for | 2016-2018 |
| No. of Pages | 110 |
| Segments covered | By Component, By End-User, and Regional Forecast |
| Growth Drivers | Shale Gas Revolution to Augment the Market in North America |
| Optimization of Production Processes to be the Central Focus for Market Players |
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Market Drivers and Restraints:
The global oil and gas industry is facing a number of challenges, including the impact of climate change on the industry. As a result, companies have been investing in alternative energy sources such as wind power. In addition to this, some companies are also looking at technology for better drilling operations such as Measurement While Drilling Market.
The growing need to monitor the wellbore conditions during the drilling process to reduce the risk of drilling and casing failure is expected to drive the market for MWD globally. The growth of the Global Measurement While Drilling market can be attributed to Increasing oil & gas production, increasing shale gas production, and increasing drilling activities in unconventional reservoirs.
Eruption of the COVID-19 Pandemic to Diminish Global Energy Demand
While the long-term prospects for the global energy sector are promising, the coronavirus outbreak has thwarted the growth trajectory of this market in 2020. Governments in most countries have imposed nationwide lockdowns, which has brought production activities to a grinding halt and has deflated the demand for fossil fuel-driven energy generation. The Global Energy Review report published by the IEA has revealed that world energy demand is set to fall by 6% in 2020, which is equal to the loss of the entire energy demand of India, the world’s third largest energy consumer.
Further, developed economies are slated to experience the steepest decline, with the US set to witness a 9% fall and the European Union (EU) a fall of 11% during this year. Moreover, the IEA’s calculations show that worldwide lockdown is bringing down global energy demand by 1.5% each month, which will prove fatal for the measurement while drilling market growth. This is because the demand for hydrocarbon-based energy is critically dependent on a wide variety of economic activities, especially in urban areas.
Measurement While Drilling Markets Segmentation
The drilling market is segmented on the basis of type of drilling rigs, end-use industry, and geographic region. Rig type segmentation includes land drilling rigs, offshore drilling rigs, and semi-submersible drilling rigs. End-use industry segmentation includes oil & gas, mining, and renewable energy. Geographic segmentation includes North America, Europe, Asia Pacific, and South America.
| Segmentation | By Application
|
By Region
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As per the findings of the report, the value of this market stood at USD 1.79 billion in 2019. Besides this, the report provides the following:
- Panoramic overview of the industry trends and outlook;
- Detailed examination of the impact of the COVID-19 outbreak on the market;
- In-depth research into the market drivers, restraints, and segments; and
- Comprehensive study into the competitive landscape and regional prospects of the market.
Regional Analysis
Shale Gas Revolution to Augment the Market in North America
North America generated USD 0.67 billion in revenue in 2019 and is envisaged to dominate the measurement while drilling market share in the coming years, primarily owing to the discovery of shale gas in the region. However, the COVID-19 infection has crippled economic activity in the US, thus severely impacting energy demand and hampering the market growth in the region for 2020. The strongest economies of Europe – UK, France, Italy, and Germany – are battling the coronavirus through lockdowns and curtailed business activities, thus stymieing the growth of the market in the continent. Similarly, the rapid economic growth in India has been stalled by this pandemic, forcing the country to go under lockdown, which is expected to have challenging ramifications for the global energy industry in 2020.
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Competitive Landscape
Optimization of Production Processes to be the Central Focus for Market Players
Competitors in this market are developing new techniques and exploring new technologies to optimize their production processes to make their operations cost-effective and energy-efficient. Implementing these strategies has become all the more important today in the wake of the COVID-19 outbreak, which has deeply hurt the finances of most companies in the energy sector.
List of Players Covered in the Measurement While Drilling Market Report:
- COSL - China Oilfield Services Limited (China)
- Newsco (United States)
- Gyrodata (United States)
- Jindal Drilling & Industries Ltd (India)
- Nabors Industries (Bermuda)
- Baker Hughes (United States)
- Schlumberger (United States)
- Target Well Control (Canada)
- Cougar Drilling Solutions (Canada)
- Cathedral Energy Services (Canada)
- National Oilwell Varco (United States)
- Weatherford (Switzerland)
- Halliburton (United States)
Scope of the Report:
- 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
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Oil and Gas Industry
- Steps Taken by Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunity and Challenges due to Outbreak
- Global Measurement While Drilling Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- Shallow Water
- Deepwater
- Ultra-Deepwater
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Frequently Asked Questions
1. Who has the best Measurement While Drilling?
Schlumberger (United States), Halliburton (United States), Baker Hughes (United States), Weatherford (Switzerland), Nabors Industries (Bermuda), National Oilwell Varco (United States), Jindal Drilling & Industries Ltd (India), Cathedral Energy Services (Canada), Gyrodata (United States), Cougar Drilling Solutions (Canada), Newsco (United States), Target Well Control (Canada), COSL - China Oilfield Services Limited (China),
2. How big is the Measurement While Drilling market?
The global measurement while drilling market size stood at USD 1.79 billion in 2019 and is projected to reach USD 2.15 billion by 2027
3. Which region held the highest share in the market?
North America dominated the market share in 2019.
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