Oil And Gas Wells Drilling Services Market Value is Expected to Reach $132.4 Billion by 2023 : Covid 19 Impact And Recovery

The Business Research Company offers "Oil And Gas Wells Drilling Services Global Market Report 2020-30: Covid 19 Impact And Recovery" in its research report store. It is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies. The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by region and by country. It also compares the market’s historic and forecast growth, and highlights important trends and strategies that players in the market can adopt.

The global oil and gas wells drilling services market is expected to decline from $208.8 billion in 2019 to $117.8 billion in 2020 at a compound annual growth rate (CAGR) of -43.6%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 4% from 2021 and reach $132.4 billion in 2023.

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The oil and gas wells drilling services market consists of sales of oil and gas wells drilling services by entities (organizations, sole traders or partnerships) that undertake oil and gas wells drilling services for others on a contract or fee basis. The oil and gas wells drilling services industry includes contractors specializing in spudding in, drilling in, redrilling, and directional drilling. This market covers outsourced drilling services sold on a contract basis to oil and gas extraction companies and does not include any in-house drilling services of oil and gas extraction companies.

Oil and gas wells drilling companies are adopting 3D visualization systems to reduce project cycle times and increase drilling accuracy.3D visualization system generates a 3D model of a wellbore and real-time drilling data to monitor and optimize drilling process. This system facilitates automatic diagnosis of drilling problems and improves and streamlines collaboration by allowing geoscientists and drilling engineers to virtually locate, see, and test drilling sites, resulting in significant cost savings of up to20% and reduction in non-productive drilling time by 20%. These systems are integrated with asset teams by means of software, thus facilitating precise and accurate placement of drill sites. Major companies offering 3D visualization technology companies include eDrilling, Hexagon, Mechdyne, Landmark.

Oil And Gas Wells Drilling Services Market Segmentation: -
By Type
Onshore Drilling Services
Offshore Drilling Services

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Few Points From Table Of Content
1. Executive Summary
2. Report Structure
3. Oil And Gas Wells Drilling Services Market Characteristics
4. Oil And Gas Wells Drilling Services Market Product Analysis
5. Oil And Gas Wells Drilling Services Market Supply Chain
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20. Key Mergers And Acquisitions In The Oil And Gas Wells Drilling Services Market
21. Market Background: Oil & Gas Upstream Activities Market
22. Recommendations
23. Appendix
24. Copyright And Disclaimer

The report covers the trends and market dynamics of the Oil And Gas Wells Drilling Services Market in major countries - Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. The report also includes consumer surveys and various future opportunities for the market.

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Some of the key players involved in the Oil And Gas Wells Drilling Services Market are Schlumberger Ltd, Halliburton, Transocean Ltd, Weatherford International plc, Baker Hughes Incorporated

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