Yahoo Finance Directional Drilling Market to rise at CAGR of 9.5% through 2030 - Report by Market Research Future (MRFR)
New York, Dec. 22, 2021 (GLOBE NEWSWIRE) -- Directional Drilling Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Directional Drilling Market 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”.
Market Research Future’s Review on Directional Drilling Market
The global directional drilling market will grow at a 9.5% CAGR by 2030, states the latest Market Research Future report.
Eminent industry players profiled in the directional drilling market report include
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)
Gyrodata Incorporated (U.S.)
Among others.
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COVID-19 Analysis
The COVID-19 outbreak has impacted the oil & gas industry drastically. Owing to the pandemic, the world has faced an economic crisis. The price and demand of crude oil have rapidly decreased during the pandemic that led to a halt in the activities related to directional drilling that is impeding market growth. Also there is a need for energy for the rising population and increase in people’s standard of living increasing rapidly. It is essential in maintaining production levels and extracting optimal quantities of oil and gas for meeting the global needs. The outbreak however has also affected the energy sector that is impeding market growth.
Browse In-depth Market Research Report (190 pages) on Directional Drilling Industry
https://www.marketresearchfuture.com/reports/directional-drilling-market-1375
Drivers
Sustained High Oil Prices to Boost Market Growth
The sustained high oil prices across the globe will boost market growth over the forecast period. With the rising demand for higher efficiency and productivity of oil drilling process, there has been a rise in the need for directional drilling.
Opportunities
Rise in Investment in Untapped Oil & Gas Reserves to offer Lucrative Opportunities
The oil & gas industry’s expansion has increased the demand for energy across the world. Oil and gas over the years have been widely utilized in transportation, manufacturing goods, power generation, and other end use industries. The rapid need however for unconventional fuel like coal bed methane, tight gas, and shale gas due to growing globalization, urbanization, and huge economic developments will boost market growth. Besides, most countries are boosting their capital expenditure for securing upcoming energy demand. Oil, gas, and offshore hydrocarbons are the most reliable and efficient energy source that attracts most oil and gas companies and investors. Hence, growing interest to recover untapped oil & gas will offer robust opportunities for the market over the forecast period.
Restraints
Rising Focus on Renewable Energy to act as Market Restraint
The rising focus on renewable energy sources will decrease the dependency on oil and gas that will impact the oilfield services industry which also includes directional drilling services. This will impede market growth.
Challenges
Stringent Regulatory Policies to act as Market Challenge
Stringent government regulatory policies coupled with environmental risks may act as market challenges over the forecast period.
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Market Segmentation
The global directional drilling market has been bifurcated based on application, well type, and services.
By application, the onshore application segment will lead the market over the forecast period as the onshore region is experiencing higher number of exploration activities along with more fields getting mature. North America is the largest market for onshore applications for the rise in shale gas production in the United States coupled with well intervention activities in its shale basin regions.
By well type, horizontal wells will dominate the market over the forecast period for its significance in more production rate as well as exposure of greater wellbore length.
By services, the LWD segment will spearhead the market over the forecast period for its perks in cost savings and also acquiring the formation data.
Regional Analysis
North America to Head Directional Drilling Market
North America will head the global directional drilling market over the forecast period. Increasing demand from Canada and the US for the increasing directional and horizontal drilling activities, tight oil & shale gas emerging as a vital new energy supply source in Canada and the US, advances in technology completion techniques namely hydraulic fracturing and advances in drilling like long-reach horizontal well bores that are increasing the implementation of such service, extensive discoveries in oil & gas industry, and also huge potential for exploring oilfields are adding to the global directional drilling market growth in the region. Besides, the shale gas revolution, rise in E&P in the Gulf of Mexico, and E&P activities from oil sands, as well as tight reservoirs in Canada are also adding market growth.
APAC to Have Admirable Growth in Directional Drilling Market
The APAC region will have admirable growth in the global directional drilling market over the forecast period. Rise in E&P activities in emerging economies like India and China, advances in drilling technology like long-reach horizontal well as well as completion techniques that includes multi-stage hydraulic fracturing, National Oil Companies investing in offshore E&P activities for increasing domestic production, and many countries increasing their capital expenditure for securing future energy demand are adding to the global directional drilling market growth in the region.
Segmentation of Market covered in the research:
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
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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 |
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