Global Directional Drilling Market Overview, Key Players Analysis, Emerging Opportunities and Comprehensive Research till 2023
Directional Drilling Market Scenario
According to a recent study report published by the Market Research Future, The Global Directional Drilling Market is booming and expected to gain prominence over the forecast period. The need to increase production from the harshest wells has raised the growth of directional drilling considerably. Market reports related with the energy and power industry have been presented by Market Research Future which makes reports on other industry verticals that aims to analyze the current market scenarios better. The market is projected to expand with a 3.48 % CAGR in the forecast period.
The escalation in discoveries related to the oil and gas industry along with shale activities have raised the use of directional drilling substantially. The capability of directional drilling to enable the drilling of multiple wells from the parent wellbore are raising the growth potential of the market. Moreover, the escalated level of demand from upstream oil companies will create new
Global Directional Drilling Market Segmental Analysis
The segmentation of the directional drilling market has been carried out on the basis of application, well type, services, and region.
On the basis of application type, the directional drilling market is segmented into onshore and offshore.
The segmentation of the directional drilling market on well type comprises of multilateral wells, horizontal well, and extended reach wells.
The services-based segmentation of the directional drilling market consists of logging while drilling (LWD), rotary steerable system, measurement while drilling (MWD), and motors.
The regions included in the directional drilling market are Europe, North America, Asia Pacific and rest of the world.
Regional Analysis
The regional analysis of the directional drilling market consists of regions such as North America, Europe, Asia Pacific and rest of the world.
The market for directional drilling is poised for excellent development because of the recovering global oil prices. The North American and European regions are likely to control the market for directional drilling. These regions are witnessing a huge number of oil exploration activities in the Gulf of Mexico and the North Sea, which will lead to elevated drilling activities in these regions.
In addition, the huge number of mature oil wells from the North Sea in the European region and the Permian Basin and Bakken in the North American region are expected to require new drilling activities thus, motivating the directional drilling market.
The African and the Middle Eastern region are also anticipated to observe vital growth over the forecast period owing to the mounting exploration activities together with growing demand for fuel from developing nations.
Competitive Analysis
The market shows potential for demonstrating a greater comparative or differential value. The market trends hint at favorable development of the products that can bring in novelty to the product range and address the customer need better. The presence of a productive entity is expected to generate more sales or superior margins compared to its market rivals. The advent of new technology has boosted the growth potential of the market. Substantial cutbacks in administrative finances are bringing further development to the market. The creation of a strong value chain is moreover motivating the expansion of the market. The market competitors find themselves in a favorable position with the ability to manage the pace of change.
Top Manufacturers
The crucial companies in the directional drilling market globally are National Oilwell Varco (U.S.), Weatherford International Plc. (U.S.), Jindal Drilling & Industries Limited (India), Halliburton Company (U.S.), Schlumberger Ltd (U.S.), Nabors Industries Ltd (Bermuda), Baker Hughes Incorporated (U.S.), Cathedral Energy Services Ltd (Canada), and Gyrodata Incorporated (U.S.) are among others.
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