Dublin, Nov. 17, 2023 (GLOBE NEWSWIRE) -- The "Measurement While Drilling Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.
The global measurement while drilling market is anticipated to grow at a steady pace in the forecast period, 2024-2028. The anticipated expanding oil and gas exploration operations are linked to the sizeable growth. Heavy reliance on conventional fuels has resulted from ever rising energy demand. As a result, the expanding tendency has prompted the major market participants to step up their exploration efforts for unconventional sources like tight and shale gas.
The market for measurement while drilling (MWD) has expanded as a result. Real-time bottom-hole pressure, temperature, directional survey data, and drilling parameters are all provided through measurement while drilling tools. By using sophisticated telemetry tools to convey the downhole data to the surface, the operator can make prompt decisions that minimize operational costs and increase efficiency.
Technology Developments Improve Drilling Efficiency
The market for measuring while drilling will develop as oilfield equipment rental services expand. Important industry players can improve their drilling skills by renting tools and equipment without increasing monthly prices. Companies provide drilling operators with affordable access to technological advancements through the sale of measurement while drilling equipment including gamma-ray and mud pulse kits.
North America's Increased Drilling Activity to Fuel Market Growth
In North America, the drilling activity has increased as oil and gas prices have increased. The increase in drilling activity is seen as a positive development for MWD service providers since it has sparked optimism in the North American oil and gas sector. Moreover, North America is anticipated to rule the MWD market during the forecast period due to the region's rapidly expanding directional and horizontal drilling activities.
Since horizontal wells in shale reservoirs only drain into the wellbore reservoir, as opposed to sandstone or carbonate reservoirs, their effectiveness in the United States is further increased. But as more horizontal/lateral wells are drilled, drilling operations are becoming more technically difficult, necessitating the use of advanced technologies like MWD.
Canada, which holds 10% of the world's shale reserves, was the first nation after the United States to see the extensive development of shale reserves. The nation intends to make use of its shale supplies, advance its economic recovery, and establish the MWD market. Consequently, expanding oilfield exploration and the existence of numerous businesses providing oilfield services are some of the key elements boosting market growth in North America, particularly in the United States.
Rising Trend of HDD Rigs & Drilling Tools
It is projected that the HDD (Horizontal Directional Drilling) rigs will be more expensive than any other trenchless technology used for directional drilling services. The average cost of a drilling rig used for oil and gas exploration activities, according to a government study, is over USD 650 million, and corporations that focus on oil and gas exploration are projected to spend a lot of capital on buying rigs for drilling. Each project must purchase one of these drilling rigs, which costs about USD 1,000 per day. End users choose to hire contractors or deploy these setups on a rental basis due to the substantial investments required for a single project.
The extent to which major producers of MWD drilling tools have regionalized their client bases to maintain a presence in domestic markets is seen to be responsible for the continued significance of the companies not just in their immediate geographic area but also in their immediate economic surroundings. The major producers of MWD instruments are widely distributed, particularly in nations that are oil and gas-exporting. Examples are Halliburton and Honeywell International, Inc., which operate on a global scale and provide their goods and services to the oil and gas exploration firms. It is noted that, in contrast to other regions of the world, countries like the Kingdom of Saudi Arabia (KSA), Kuwait, Russia, and the U.S. extract a significant amount of crude oil from their respective locations.
Market Segmentation
The global measurement while drilling market is divided into location, well type, and region. Based on location, the market is segmented into offshore and onshore. The offshore segment in further divided into shallow water, deepwater, and ultra-deepwater. Based on well type, the market is split into horizontal, directional, and vertical. Based on region, the market is divided into North America, Asia-Pacific, Europe, South America, and Middle East & Africa.
Report Scope:
In this report, the global measurement while drilling market has been segmented into following categories:
Measurement While Drilling Market, By Location:
- Onshore
- Offshore
- Shallow Water
- Deepwater
- Ultra-Deepwater
Measurement While Drilling Market, By Well Type:
- Horizontal
- Directional
- Vertical
Company Profiles
- Schlumberger Limited
- Halliburton Energy Services, Inc.
- Baker Huges Company
- Weatherford International plc
- Nabors Corporate Services, Inc.
- National Oilwell Varco
- Cathedral Energy Services
- Gyrodata
- Cougar Drilling Solutions
- Newsco.
- Target Well Control
- COSL - China Oilfield Services Limited
For more information about this report visit https://www.researchandmarkets.com/r/6re32g
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