Logging While Drilling (LWD) Market Growth Statistics, Size, Outlook to 2030

Description
According to the Market Statsville Group (MSG), the global logging while drilling (LWD) market size is expected to grow from USD 3,513.1 million in 2021 to USD 6,791.9 million by 2030, at a CAGR of 7.5% from 2022 to 2030. Logging while drilling (LWD) refers to the addition of wireline-quality formation measurements to the directional data of a Measurement While Drilling (MWD) service. LWD systems helps gaining real-time formation evaluation while drilling.

The global logging while drilling (LWD) market is expected to be driven by increasing global drilling and completion activities. Additionally, the increasing oil and gas discoveries and the liberalization of the industry globally have led to the creation of new opportunities for the players to invest in the market. However, the fluctuation in oil prices over the recent period, due to the supply-demand gap, geopolitics, and several other factors, have been restraining the demand for logging while drilling (LWD).

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COVID-19 Impact on the Global Logging While Drilling (LWD) Market
The novel coronavirus has rapidly spread across various countries and regions and continues to spread, causing an enormous impact on the lives of people and the overall community. Originating as a disaster to human health, it now poses a sizeable risk to international trade, economy, and finance. The emergence of covid-19 forced the energy companies to decrease their exploration, drilling activities, and development expenditure, which significantly impact the demand for oil field services. The pandemic caused geopolitical uncertainties, prolonged trade tensions, and near-term demand disruptions. However, as the situation are getting back on track, the logging while drilling (LWD) market is expected to recover and gain a boost in the growth in the forecast period.

Scope of the Global Logging While Drilling (LWD) Market
The study categorizes the logging while drilling (LWD) market based on type and location of deployment at the regional and global levels.

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By Type (Revenue, USD Million, 2017-2030)

Electromagnetic logging
Acoustic logging
Nuclear magnetic resonance (NMR) logging
Nuclear logging

By Location of Deployment (Revenue, USD Million, 2017-2030)

Onshore
Offshore
Shallow Water
Deepwater
Ultra-Deepwater

By Region (Revenue, USD Million, 2017-2030)

North America

US
Canada
Mexico

Europe

Germany
Italy
France
UK
Spain
Poland
Russia
Slovenia
Slovakia
the Netherlands
Belgium
Norway
Denmark
Czech Republic
Sweden
Rest of Europe

Asia Pacific

China
Japan
India
South Korea
Indonesia
Malaysia
Thailand
Vietnam
the Philippines
Singapore
Australia & New Zealand
Rest of Asia Pacific

South America

Brazil
Argentina
Colombia
Rest of South America

The Middle East & Africa

Saudi Arabia
UAE
South Africa
Northern Africa
Rest of MEA

The onshore segment is projected to account for the largest market share, by location of deployment
Based on location of deployment, the global logging while drilling (LWD) market is divided into onshore and offshore. Generally, onshore drilling consists of all the drilling sites located on dry land and accounts for around 70% of worldwide oil production. The onshore projects are more easier to start than offshore ones, and the signs of recovery of global crude oil prices will significantly drive the segmental growth. Moreover, the increasing investments in the onshore oil and gas industry and increasing exploration of unconventional resources are also expected to increase the demand for the LWD.

North America accounts for the highest CAGR during the forecast period

Based on the regions, the global logging while drilling (LWD) market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, North America is estimated to hold the highest CAGR in the global logging while drilling (LWD) market during the forecast period. Even with the fluctuating crude oil prices, the US continues to invest in drilling-related goods and services.

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The U.S. product and exploration activities are stimulated owing to the tremendous demand for oil & gas. Additionally, the shale gas revolution coupled with increasing oil and gas drilling and completion activities within the region is expected to drive the market's growth.

Key Market Players in the Global Logging While Drilling (LWD) Market

The logging while drilling (LWD) market is mildly concentrated in nature, with few numbers of global players operating in the market such as:

Halliburton Company
Baker Hughes Company
Schlumberger Limited
Weatherford International Ltd.
Vallourec SA
National Oilwell Varco Inc.
Scientific Drilling International, Inc.
China Oilfield Services Ltd.
Nabors Industries
APS Technology Inc.
Kambi Enterprises Inc.
National Energy Services Reunited Corp.
Gyrodata Inc.

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Every company follows its business strategy to attain the maximum market share. The strong presence of major companies in various geographical markets is one of the major reasons for helping them hold a dominant market share in the logging while drilling (LWD) market. The companies are focusing on performance improvement and minimizing the cost of production by investing in research and development.

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