Directional Drilling Services Market | 2022 Size, Growth Insights, Share, COVID-19 Impact, Emerging Technologies, Key Players, Competitive Landscape, Regional and Global Forecast to 2029

Directional Drilling Services Market 2022-2029

New study report” Directional Drilling Services Market 2022 Market Opportunities, Challenges, Strategies, and Forecasts 2029″ has been added to Fortune Business Insights.

Market Overview:

At the beginning of a recently published report on the Directional Drilling Services Market 2022-2029, extensive analysis of the industry has been done with an insightful explanation. The overview has explained the potential of the market and the role of key players that have been portrayed in the information that revealed the applications and manufacturing technology required for the growth of the Directional Drilling Services market.

The global directional drilling services market size is expected to reach USD 13.87 billion by 2029, exhibiting a CAGR of 9.3% during the forecast period. The market size stood at USD 10.38 billion in 2019.

Various segments of the market have been divided into different divisions. They have been depicted maximum share and profit maximization of the market during the forecasting period of 2022 to 2029. This is mentioned in the report too. Depending on the information, it has been recognized with different data and figures offered by the analysis of the overall understanding of the market place and value. Various distinctive features involve the market’s knowledge based on the factors like the demographic changes, market dimensions, historical details, and market overviews. The research is also included in the strategic movements that are undertaken by the top-notch markets. Moreover, these key players affect the market growth and the profit rate of the overall market. In this report, the internal dimensions and assessments of the Directional Drilling Services market are revealed. The study of the Directional Drilling Services market’s description has been taking place during the 2022 period and the last year of the foreseen period that extends to 2029.

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List of Key Players Covered in the Directional Drilling Services Market Report:

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

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.

The report on the directional drilling services market encompasses:

Profound study of the market
Key market trends and drivers
Latest industry developments
In-depth data about eminent players
COVID-19 impact on the market


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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.

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.

Key Industry Development:

September 2019: Kim Heng Offshore & Marine Holdings was awarded a horizontal directional drilling (HDD) contract. This contract has helped the company to leverage its competitive position in the oil and gas sector.

Major Table of Content:

Introduction
Executive Summary
Market Dynamics
Key Insights
Directional Drilling Services Market Analysis, Insights and Forecast, 2022-2029
North America Directional Drilling Services Market Analysis, Insights and Forecast, 2022-2029
Europe Directional Drilling Services Market Analysis, Insights and Forecast, 2022-2029
Asia Pacific Directional Drilling Services Market Analysis, Insights and Forecast, 2022-2029
Middle East and Africa Directional Drilling Services Market Analysis, Insights and Forecast, 2022-2029
Latin America Directional Drilling Services Market Analysis, Insights and Forecast, 2022-2029
Market Share Analysis, By Key Players, 2022
Competition Matrix
Company Profile

Continue….

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