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Sidetracking Market Research Report Information Report By Application (Onshore and Offshore), Industry (Oil, Natural Gas, Others) and By Region ‚Äď Forecast till 2030


ID: MRFR/E&P/8611-HCR | 111 Pages | Author: Priya Nagrale| April 2024

Sidetracking market size is projected to reach USD 651.6 Million by 2026, with 6.30% CAGR during the forecast period. 


Sidetracking Market Scenario


Sidetracking market uses technology that acts as the advanced technique of drilling a secondary wellbore. It is conducted away from the original wellbore. It mainly helps to maximize hydrocarbon recovery by easy reach the untapped reserve. Oil and gas companies focus on increasing drilling activities by exploring untapped reserves to meet the energy demand. Various applications of sidetracking include damage to the hole by junk, damage to the production zone in the original well, tap into another less depleted drainage area, and others. Moreover, the rise in demand for energy, urbanization, industrialization, growing exploration, and others are factors that fuel the market growth over the forecast period.


The rising degree of population and economic development worldwide has increased the global energy demand in various geographies which is helpful in expanding the market share. Also, the global rise in energy demand is emerging as a key factor expected to propel the market over the forecast period. Moreover, there has been a rise in the requirement for production optimization across mature oil and gas fields also drives the sidetracking market growth. Furthermore, the growing demand for natural gas has also increased due to its eco-friendly property. This is pushing various oil and gas companies to focus on increasing drilling activities by exploring untapped reserves to meet the growing global energy demands.


Sidetracking is an advanced technique of drilling in which a new lateral is drilled from an existing well that has poor productivity due to mechanical damage at a particular well site. Wells generally require sidetracking to re-drill the well to a new target. The major factors driving the growth of the global sidetracking market are the growing demand for product optimization of mature oil & gas fields and the automation of directional drilling market. However, declining oil spending due to low crude oil prices is a restraining factor for the growth of the global sidetracking market.


Sidetracking Market Key Players


The key players operating in the global sidetracking market are Baker Hughes Co. (US), Equinor ASA (Norway), Eurasia Drilling (Russia), Halliburton (US), Nabors Industries (US), National Oilwell Varco (US), Odfjell Drilling (Norway), Schlumberger (US), Weatherford International plc (US), Yantai Jereh Oilfield Services Group Co. Ltd. (China).


Recent Developments


Sidetracking helps in easy reach to untapped reserves and attains maximum hydrocarbon recovery. Therefore, the adoption of this technique over the conventional methods is expected to drive market growth over the forecast period. Oil and gas companies increasingly focus on automation in their oilfield activities to optimize processes with minimum human intervention. The mature oil and gas fields have optimized production levels that hold the potential to offer immense growth opportunities. Further, some of the prominent market vendors need to expand their focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.


Many major players such as Baker Hughes (US), Halliburton (US), Schlumberger Ltd. (US), National Oilwell Varco (US), Block Energy (UK), and others, among others are actively participating in sidetracking development projects. For instance, in January 2019, Block energy (UK) signed a strategic partnership agreement with Guardian Glass (US) to offer products related to sidetracking to the sales network of Guardian Glass Company. Such developments in the market are expected to drive the growth of the global sidetracking market during the forecast period.


Sidetracking Market Segmentation


The global sidetracking market has been segmented based on application and industry. Based on the application, the global market is divided into onshore and offshore. The onshore segment is expected to hold the larger share of the market and grow at the fastest rate during the forecast period, owing to improvement in the movement of hydrocarbons into the good bore and an increase in oil & gas production from onshore activities. Based on industry, the market is segmented into oil & gas, natural gas, and others. The oil industry segment held the largest market share in 2019.


Sidetracking Market


The global sidetracking industry is expected to witness high growth during the forecast period owing to the increasing investments in new oil & gas discoveries. This is expected to drive the demand for the sidetracking market during the forecast period.


Based on the region, the global sidetracking market is segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. North America holds the largest sidetracking market share due to advancements in technology and increased oil & gas production. Moreover, the sidetracking market in Asia-Pacific is expected to grow at the fastest rate during the forecast period, primarily due to the increasing demand for oil and natural gas products.


Intended Audience



  • Government and research organization

  • Consulting companies in the sidetracking market

  • Raw material suppliers

  • Research consultants

  • Investors and shareholders

Report Attribute/Metric Details
  Market Size 2026: USD 651.6 Million 2030: Significant Value
  CAGR   6.30% (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Baker Hughes Co. (US), Equinor ASA (Norway), Eurasia Drilling (Russia), Halliburton (US), Nabors Industries (US), National Oilwell Varco (US), Odfjell Drilling (Norway), Schlumberger (US), Weatherford International plc (US), Yantai Jereh Oilfield Services Group Co. Ltd. (China)
  Key Market Opportunities   Automation of drilling activities and product optimization of mature oil and gas fields
  Key Market Drivers   Increasing Demand for oil and natural gas products


Frequently Asked Questions (FAQ) :

The global sidetracking market is predicted to grow at a 6.30% CAGR between 2022 - 2030.

The global sidetracking market is predicted to reach USD 651.6 million by 2026.

Key contenders profiled in the global sidetracking market include Baker Hughes Co. (US), Equinor ASA (Norway), Eurasia Drilling (Russia), Halliburton (US), Nabors Industries (US), National Oilwell Varco (US), Odfjell Drilling (Norway), Schlumberger (US), Weatherford International plc (US), Yantai Jereh Oilfield Services Group Co. Ltd. (China).

Automation of drilling activities and product optimization of mature oil and gas fields are the key factors driving the global sidetracking market growth.

North America will lead the global wind sidetracking market.

Sidetracking Market

Sidetracking Market share is projected to reach USD 651.6 Million by 2026, with 6.30% CAGR during the forecast period.

Segmentation
By Application Onshore and Offshore
By Industry Oil Natural Gas Others
Key Players
Companies Profiled   Baker Hughes Co. (US)    Equinor ASA (Norway)    Eurasia Drilling (Russia)    Halliburton (US)    Nabors Industries (US)    National Oilwell Varco (US)    Odfjell Drilling (Norway)    Schlumberger (US)    Weatherford International plc (US)    Yantai Jereh Oilfield Services Group Co. Ltd. (China)
Drivers
Market Driving Forces   Automation of drilling activities and product optimization of mature oil and gas fields    Increasing Demand for oil and natural gas products
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