Directional Drilling Services Market -Industry Analysis, Size, Share, Growth, Trends, Segmentation And Forecast 2021 To 2028

Directional Drilling Services Market 2021-2028

New study report " Directional Drilling Services Market 2021 Global Market Opportunities, Challenges, Strategies, and Forecasts 2028" has been added to Fortune Business Insights.

Market Overview-

The global directional drilling services market size is expected to reach USD 13.87 billion by 2028, exhibiting a CAGR of 9.3% during the forecast period. The surging exploration and production activities for oil and gas will fuel significant demand for the market in the forthcoming years, states Fortune Business Insights, in a report, titled “Directional Drilling Services Market Size, Share & COVID-19 Impact Analysis, By Type (Conventional and Rotary Steerable Systems (RSS)), By Location (Onshore and Offshore), By Service (Measurement While Drilling (MWD), Logging While Drilling (LWD), Rotary Steerable System, Mud Motors, and Others), and Regional Forecasts, 2021-2028.” The market size stood at USD 10.38 billion in 2020.

The catastrophe caused by coronavirus has disrupted the supply chain of every industry around the world. We understand that this health emergency has negatively impacted various sectors across the globe. Rising support from governments and several companies can help in the fight against this highly infectious virus. Some industries are struggling and some are thriving. More or less, nearly every sector is estimated to be impacted by this pandemic.

Key Players-

The key players have an essential part to play in fostering the product improvement as per the demand of the consumers with ample supply in particular regions. The well-known brands are also acknowledged and aware of the potential links with the global Directional Drilling Services Market 2021-2028 for showing a prominent place to the key players in the market.

Top Key Players in this market are:

Schlumberger (Texas, US)
Baker Hughes (Texas, US)
Halliburton (Texas, US)
Weatherford (Texas, US)
National Oilwell Varco (Texas, US)
Nabors Industries (Hamilton, Bermuda)
Leam Drilling Systems LLC (Louisiana, United States)
Jindal Drilling & Industries Limited (Haryana, India)
Gyro data (Texas, United States)
China Oilfield Services Limited (Beijing, China)
Phoenix Technology Services (Calgary, Canada)


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Market Driver:

Increasing Offshore Discoveries to Augment Growth

The expansion of reserves and oilfields coupled with ongoing exploration for oil will have a positive influence on the growth of the market during the forecast period. For instance, discoveries such as Alpine high in West Texas, Alaska in U.S., gas discoveries in the Kara Sea off the northwestern part of West Siberia's Yamal Peninsula - Dinkov and Nyarmeyskoye,

Golan Heights in Israel. Moreover, the offshore gas discovery of Stabroek block Tilapia, Yellowtail (oil), and Haimara (gas-condensate), along with Lang Lebah-1RDR2 exploration well will create lucrative opportunities for the market. The growing oil demand will simultaneously enhance the need for gas production and oil field operators, which, in turn, can aid the expansion of the market. The heavy investment in oil & gas discoveries and exploration activities by major companies is predicted to escalate the market.

COVID-19 Pandemic to Harshly Impact Market

The oil and gas industry has experienced a severe effect due to the occurrence of coronavirus. The halt on oil and gas manufacturing and services is likely to constrain the growth of the market. The imposition of lockdown by the governments has led to the cessation of production and transportation, in turn, disturbing the directional drilling services market. The hold on exploration projects and industrial and commercial operations will subsequently thwart the growth of the market. Besides, the fluctuations in crude oil prices will further impede the development of the market amid coronavirus.

Regional Analysis:

Elevating Capital Expenditure to Bolster Growth in Asia Pacific

The market in North America is expected to experience a substantial growth rate during the forecast period. The surge in the region is attributed to wide-ranging exploration activities in the region. The exploration of oilfields is expected to create lucrative business opportunities for the market. For instance, in April 2019, Shell discovered blacktip oilfield in the Gulf of Mexico to produce approximately 900,000 barrels per day (BPD) from its Deepwater assets. Petroleos Mexicanos (PEMEX) had discovered a deposit in southeastern Mexico that could yield 500 million barrels of crude. The market in Asia Pacific is expected to lead the market during the forecast period due to the innovations in drilling technology. The rising investment by National Oil Companies (NOC) in offshore E&P activities is predicted to boost the market. The market in Europe is expected to rise tremendously during the forecast period owing to the exploration of new offshore hydrocarbons reserves. For instance, the activities of the Norwegian continental shelf will propel the growth of the market in Europe.

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Table of Content:

Introduction
Executive Summary
Market Dynamics
Key Insights
Qualitative Analysis – Impact of COVID-19
Global Directional Drilling Services Market Analysis (USD Billion), Insights and Forecast, 2016-2027
North America Directional Drilling Services Market Analysis (USD Billion), Insights and Forecast, 2016-2027
Latin America Directional Drilling Services Market Analysis (USD Billion), Insights and Forecast, 2016-2027
Europe Directional Drilling Services Market Analysis (USD Billion), Insights and Forecast, 2016-2027
Asia Pacific Directional Drilling Services Market Analysis (USD Billion), Insights and Forecast, 2016-2027
Middle East & Africa Directional Drilling Services Market Analysis (USD Billion), Insights and Forecast, 2016-2027
Competitive Analysis
Continue….

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About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

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