India, Pune, Dec. 06, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the Measurement While Drilling Market size was estimated at USD 1.79 Billion and is expected to hit around USD 2.15 Billion by 2027, poised to grow at a compound annual growth rate (CAGR) of 7.2% from 2020 to 2027. According to the US Energy Information Agency (EIA), between 2018 and 2050, global energy consumption is expected to rise by 50%, with majority of this rise emanating from the developing countries in Asia.
The International Energy Agency (IEA) estimates that world energy demand will rise by 1% annually till 2040, with nearly 35% of this demand being likely to be met by hydrocarbons. This implies that the demand for advanced drilling techniques such as measurement while drilling (MWD) is set to increase at a substantial pace in the next couple of decades, which benefits the MWD market growth in the long-run.
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.
Request a Sample Copy of the Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/measurement-while-drilling-market-102804
Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2020 -2027 |
| Forecast Period 2021 to 2028 CAGR | 7.2% |
| 2027 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 | Fuel Type, By End-User, Application and Region |
| Growth Drivers | Shale Gas Revolution to Augment the Market in North America |
| Optimization of Production Processes to be the Central Focus for Market Players |
Market Restraint
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.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
Please visit: https://www.fortunebusinessinsights.com/measurement-while-drilling-market-102804
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.
Quick Buy - Measurement While Drilling Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/102804
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)
Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/measurement-while-drilling-market-102804
Measurement While Drilling: Global Market Analysis, Insights, and Forecast, 2020-2027
- 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
- Market Analysis, Insights and Forecast – By Region
- North America 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
-
-
Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/ask-for-customization/measurement-while-drilling-market-102804
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
Phone:
U.S.: +1 424 253 0390
U.K.: +44 2071 939123
APAC : +91 744 740 1245
Email: sales@fortunebusinessinsights.com
