Directional Drilling Market Research Report, By Application (Onshore and Offshore), by Well type (Horizontal, Multilateral, and Extended reach), by Service (Rotary steerable systems, LWD, MWD, and Motors) and by Region - Global Forecast till 2030
ID: MRFR/E&P/0866-HCR | February 2021 | Region: Global | 190 pages
Speak to Analyst
Request a Free Sample
Directional Drilling Market Scenario
Global Directional Drilling Market is expected to expand at 9.5% CAGR during the forecast period.
Directional drilling is an essential practice carried out by crude oil producers to reach the harshest wells and optimizing the production from the resource land. Typically the well is drilled vertically down in the land which is more prone to the risk of nonproduction and is economically infeasible. The directional drilling provides the solution for drilling of oil wells at multiple angles other than vertical angle and help reach better reserves of oil and gas. Despite the advancements in technology, directional drilling has been the prime area of interest for oil upstream players because of the applications involving this technique, which include drilling at more than one angles in the fields, recovering oil and gas from the untapped source. Furthermore, the process allows the drilling of multiple wells from the parent wellbore, which helps diminish the environmental impacts of drilling. With its advantages in both, onshore and offshore well drilling, directional drilling hold significance in oilfield service business.
Discoveries in oil and gas industry along with shale activities and increasing demand for energy and fuel from the growing nations complementing from increased globalization and urbanization are leading drivers of directional drilling market. In 2015, trenchless Engineering Services Pvt. Ltd. installed horizontal direction drill for a gas pipeline, which was laid to a depth of 140 meters below the surface level. However, the low price trends have restrained the projects for directional drilling and many projects had been paused, which are expected to start with recovering oil prices.
Global directional drilling market has been segmented based on application, well type, services and region. Based on the application type the market is further classified as onshore and offshore. Between these, the onshore application segment is anticipated to hold major market share due to the fact that the onshore region is witnessing more and more new exploration activities coupled with more fields getting mature. On the basis of well type the global market is segmented as horizontal well, multilateral wells and extended reach wells. Among these, horizontal wells are expected to hold a large market share due to their significance in more production rate and exposure of greater wellbore length. Based on services the market is segmented as Rotary steerable system, Logging while drilling (LWD), Measurement while drilling (MWD), and Motors. Amongst these, LWD holds the major market share because of its advantage in cost savings and acquiring the formation data.
Oil and gas directional drilling industry is expected to have huge potential from increasing projects over the forecast period given the increased production from the end use industry coupled with growing shale revolution. The market is also expected to witness high expansion activities by multinational and major players.
Global Directional Drilling Market is expected to expand at 9.5% CAGR during the forecast period.
Market Segmentation
The global market is also expected to have exponential growth by virtue of recovering global oil prices. North America and Europe regions are expected to dominate the market for directional drilling. The regions are observing a large number of oil exploration activities from Gulf of Mexico and North Sea, which will lead more drilling activities in these regions. Besides, the large number of mature oil wells from North Sea in Europe and Permian Basin and Bakken in North America are likely to demand new drilling activities thus, driving the market. Africa and Middle East are also expected to witness significant growth over the forecast period due to the growing exploration activities coupled with increasing demand for fuel from growing nations.
Key Players
The key players in directional drilling market are Baker Hughes Incorporated (U.S.), National Oilwell Varco (U.S.), Weatherford International Plc. (U.S.), Schlumberger Ltd (U.S.), and Halliburton Company (U.S.). Nabors Industries Ltd (Bermuda), Cathedral Energy Services Ltd (Canada), Jindal Drilling & Industries Limited (India), and Gyrodata Incorporated (U.S.) are among others.
Report Scope:
| Report Attribute/Metric | Details |
|---|---|
| Market Size | 2030: Significant Value |
| CAGR | 9.5% CAGR (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, Well Type, Service |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Baker Hughes Incorporated (U.S.), National Oilwell Varco (U.S.), Weatherford International Plc. (U.S.), Schlumberger Ltd (U.S.), and Halliburton Company (U.S.). Nabors Industries Ltd (Bermuda), Cathedral Energy Services Ltd (Canada), Jindal Drilling & Industries Limited (India), and Gyrodata Incorporated (U.S.) |
| Key Market Opportunities | Gradual Recovery Of Oil Prices |
| Key Market Drivers |
|
Frequently Asked Questions (FAQ) :
The growth rate that can be achieved by the global market is 9.5.%.
The market for directional drilling is expanding at a significant pace and gain higher traction by 2030, given the increasing shale revolution and surging number of projects all over the world.
Some of the significant companies in the market are Jindal Drilling & Industries Limited (India), Nabors Industries Ltd (Bermuda), Cathedral Energy Services Ltd (Canada), Schlumberger Ltd (U.S.), Baker Hughes Incorporated (U.S.), National Oilwell Varco (U.S.), Weatherford International Plc. (U.S.), Halliburton Company (U.S.), Gyrodata Incorporated (U.S.), and others.
Surge in the number of exploration activities paired with the mounting demand for fuel among the developing nations make MEA a lucrative market for directional drilling.
Depending on services, the market has been segmented on the basis of Logging while drilling (LWD), Rotary steerable system, Motors as well as Measurement while drilling (MWD).
