Directional Drilling Services Market Opportunities, Demand and Forecasts (2020-2026)

The overall directional drilling services market is expected to grow from USD 9 Billion in 2018 to USD 18 Billion by 2026 at a CAGR of 9.52% during the forecast period. Increasing demand for onshore exploration activities is expected to boost the global market, reveals Fortune Business Insights in its report, titled "Directional Drilling Market Size, Share and Global Trend By Type, By Service, By Application and Geography Forecast Till 2026." The report also incorporates valuable analysis of the market trends and key factors that will play an influential role in the forecast period.

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Directional drilling is targeted drilling which involves attacking wells from multiple angles and to better access oil and gas reserves. The process uses different instruments such as mud motors, whip stocks, 3D measuring devices, and drill bits. This type of drilling also allows for boring of multiple wells using the same vertical bore, which reduces the environmental impact of the process.

List of Top Key Players Mentioned:

Schlumberger
Baker Hughes, a GE company
Weatherford
Nabors Industries
Halliburton
National Oilwell Varco
Leam Drilling Systems LLC
Jindal Drilling & Industries Limited
Gyrodata
China Oilfield Services Limited
Phoenix Technology Services
Scientific Drilling
AlMansoori Specialized Engineering
NewTech Services
Integra

"Ever-Increasing Demand for Oil and Gas to Fuel the Market"

The global directional drilling services market growth is premised on rapid economic development worldwide, which is expected to drive up the demand for hydrocarbons at an exponential rate. This trend will particularly be seen in the developing countries of Asia and Africa that are energy-starved. Countries like India are looking to cut down their oil import bills and are now aggressively exploring hydrocarbon reserves within their territorial and marine boundaries. Since directional drilling methods are highly accurate, they result in decreasing extraction costs, increase efficiency, and allow for greater profits. These factors can significantly boost the global directional drilling services market revenue till 2026. Moreover, increased shale gas production and tapping of unexplored oil reserves have been made possible through the adoption of directional drilling and hydraulic fracturing techniques.

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"Focus on Innovation to Elevate Competition in the Market"

Key competitors in the global directional drilling services market are increasingly focusing on research and developing novel technologies to gain an edge in the competitive landscape. For example, in May 2019, ExxonMobil developed the cMist System which has enhanced capabilities in exploring unconventional natural gas reserves. Such innovative products are expected to make the global directional drilling services market more dynamic.

Analysis by Market Segmentation:

By Location: Onshore, Offshore
By Type: Conventional, Rotary Steerable Systems (RSS)
By Service: Measurement While Drilling (MWD), Logging While Drilling (LWD), Rotary Steerable Systems (RSS), Mud Motors, Others
By Geography: North America, Europe, Asia Pacific, Latin America, Middle East & Africa

"Minimal Environmental Impact to Benefit the Market"

Directional drilling is considered an environment-friendly technology compared to the traditional drilling mechanisms. For example, this type of drilling allows for placing structures or systems underground without the need for excavation. As a result, fragile soil and subterranean ecosystems are not harmed. This benefits the global directional drilling services market as environment preservation has become a high priority, which makes this technology an attractive investment for companies and governments alike. For instance, in 2016, Origin Energy drilled the Amungee NW-1H horizontal well in the Beetaloo basin in the Northern Territory of Australia, bringing no harm to the underground water resources in the region.

The challenge faced by the global directional drilling services market is that of contamination of groundwater reserves in case of leakages. Furthermore, the process requires specialized equipment and well-trained manpower, which, in turn, requires high initial investment capital. These factors can hinder the global directional drilling services market expansion during the forecast period.

"North America to Lead the Charge; the Middle East to Dominate the Market"

Middle East countries have the largest oil reserves in the world and singularly determine the volume of production and supply of crude oil through the OPEC. Advancements in drilling technologies will be readily adopted by these countries owing to their high incomes and the need for greater efficiency. Shale gas discovery in North America is expected to be the major factor driving the market in the region. In Asia-Pacific, rising consumption of oil and gas will be the key to expanding the global directional drilling market services size. Lastly, European countries such as Germany and UK are making rapid progress in developing better directional drilling techniques, which will propel the global directional drilling services market in the region.

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