Dublin, Dec. 07, 2023 (GLOBE NEWSWIRE) -- The "United States Directional Drilling Services Market, Competition, Forecast & Opportunities, 2028" report has been added to ResearchAndMarkets.com's offering.
An increase in the discovery of new bulk potential reservoirs and rising demand for a variety of instruments and equipment such as Rotary Steerable Systems, Logging-While-Drilling, Measurement-While-Drilling & Survey, Motors, used in the oil and gas industry is anticipated to drive the market's demand. As of 2021, the United States is the world's top oil and gas producer.
More than 900,000 oil and petrol wells are currently operational in the United States, and more than 130,000 have been created since 2010.
Oil extraction businesses employ directional drilling as a method to access oil in subsurface reservoirs. Another name for directional drilling is directional boring. Most oil wells must be accessed by drilling vertically from the surface down to the well below since they are typically located above the targeted reservoir. Yet directional drilling is distinct since it includes drilling at an angle other than vertical. (Drilling that does not descend vertically is referred to as directional drilling.)
The fundamental advantage of directional drilling is that it enables businesses to access various oil reserves with a single well, lowering overall drilling costs and minimizing drilling's negative effects on the environment.
Increasing Investment in Offshore Upstream Sector:
- Investment in subsea oil and gas assets is driving growth in the offshore sector of oilfield services.
- Large upstream nations like the United States, China, Russia, and Norway are focusing on finding new reservoirs and improving recovery from existing wells.
- Offshore oil and gas projects are expected to see rapid growth, with substantial capital expenditure planned.
- Offshore activity is projected to account for a significant portion of conventional hydrocarbon projects.
Discoveries in Oil & Gas Industry:
- Discoveries of oil and gas reserves and fields are boosting the directional drilling services sector.
- Major discoveries globally contribute to the growth of the oil and gas exploration sector.
- Rising oil prices are encouraging investment in new oil and gas finds.
Growing Investment in Untapped Oil & Gas Reserves:
- The need for energy, including unconventional fuels like shale gas and coal bed methane, is driving investment in untapped oil and gas reserves.
- Interest in recovering undeveloped oil and gas reserves is increasing.
Increasing Energy Demand:
- Power utilities are investing in transmission and distribution infrastructure to increase grid efficiency and reliability.
- Significant development projects for office buildings, business parks, and housing societies are driving power demand.
- The United States has a substantial reliance on fossil fuels and high energy consumption, contributing to environmental and energy security concerns.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the United States Directional Drilling Services Market.
- Schlumberger Ltd
- Weatherford International
- Halliburton Company
- Baker Hughes Company
- Gyrodata
- Leam Drilling Systems
- National Oilwell Varco
Report Scope:
United States Directional Drilling Services Market, By Type:
- Conventional
- Rotary Steerable System
United States Directional Drilling Services Market, By Service:
- Logging-While-Drilling (LWD)
- Measurement-While-Drilling (MWD) & Survey
- Motors (MUD Motors)
- Others
United States Directional Drilling Services Market, By Technology:
- Wellbore Positioning
- Side Tracking
- Well Planning
- Others
United States Directional Drilling Services Market, By Application:
- Onshore
- Offshore
United States Directional Drilling Services Market, By Region:
- West
- Midwest
- Northeast
- South
For more information about this report visit https://www.researchandmarkets.com/r/5uuiqb
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