Directional Drilling Market 2020: Growth Strategies, Upcoming Opportunities, Global Size, Share Analysis, Future Estimation and Regional Forecast to 2023

Global Directional Drilling Market Analysis

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.

Directional drilling is an important approach practiced by crude oil manufacturers to reach the toughest wells and optimizing the production from the resource land. Usually, the well is drilled vertically down in the area which is economically infeasible and more inclined to the risk of nonproduction. The directional drilling offers solution for drilling of oil wells at different angles other than vertical angle and assists in reaching better reserves of oil and gas. In spite of the progress in technology, directional drilling has been the key area of interest for oil upstream players owing to the applications involving this procedure. It includes drilling at more than one angle in the fields, obtaining oil and gas from the untapped source.

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Drivers and Restraints

increasing Global demand for energy has led to the rapid rise in the offshore drilling activities to meet the augmenting demand, which ultimately has provided significant boost to the directional drilling market. Furthermore, rising need for higher productivity and efficiency of oil drilling process, there has been an increase in the demand for directional drilling. In addition to this, maturity of onshore drilling sites has led to the exploration of numerous untapped offshore resource sites also drive the demand of the market.

On the other hand, the environmental risks and strict government regulations, as well as growing focus on renewable energy, may impede the growth of the directional drilling market.

Global Directional Drilling Market Segmentation

Global directional drilling market has been segmented based on type, land, region, and services. Based on type, the market has been segmented into horizontal directional drilling, oilfield directional drilling, and directional boring.

Based on land, the market has been segmented into offshore and onshore drilling. Onshore leads the technology segment of global directional drillings market. Directional drilling finds application in more onshore activities owing to the surging number of maturing fields. Offshore segment is likely to be the swiftest growing segment over the forecast period.

Based on region, the market has been segmented into Europe, North America, Middle East & Africa, Asia Pacific, and South America.

Based on Services, the market has been segmented into LWD, MWD, rotary steerable systems, and motors. Rotary steerable directional drilling services segment is estimated to develop remarkably over the forecast period. It is mostly driven by aspects like the growing need to access tough reservoirs. Benefits like lower overall costs and high efficiency of directional drilling fuel the growth in this segment.

Regional Analysis

The geographic analysis of the global market has been analyzed in major regions, covering the Asia Pacific, North America, Europe, and the rest of the world (Latin America, the Middle East and Africa).

North America dominates the Directional Drillings market. The U.S. accounts for the top market share in the North American region. The advancements in alternative drilling technologies, which have brought in capital for oil and gas drilling activities. Additionally, huge hydrocarbon resources in the U.S. Shale basins and growing offshore drilling in the Gulf of Mexico region, are influencing the demand of the market over the review period.

Asia Pacific has been assessed the second largest market for the Directional Drillings and is poised to expand at a fastest CAGR over the assessment period. Increasing demand for energy owing to urbanization and industrialization from the economies such as China, India, and Indonesia among others propelling the demand of the market.

The Europe directional drilling market is slated to be led by countries such as U.K, Norway, and Russia. The expansion of unconventional oil and gas exploration activities such as shale is supporting the market in the region. It is anticipated to contribute significantly during the forecast period.

Leading Players

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.

Industry Updates:

Feb 2019 Sandvik Mining and Rock Technology has recently introduced its new model DE712 which is appropriate for both directional drilling and geotechnical drilling. The rig features a volume of 1,126 m depth in N size and is offered in both, crawler- and truck- based configurations making it effortless to transport across the site. Its exposed and accessible design enable maintenance and service tasks fast and uncomplicated.

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