directional drilling services market is estimated to rise at a CAGR of 4.1% till 2029 | Size, Share & Forecast Analysis

The directional drilling services market is projected to grow at a CAGR of 4.1% during the forecast period, 2022-2029. 

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The factors driving growth of the Directional Drilling Services Market includes increasing demand for unconventional fuels such as shale gas and tight gas, discoveries of reserves and oilfields around the world, growing consumption of energy and improvements in the living standards. Moreover, growing adoption of advanced technologies by manufacturers, increasing number of construction projects related to commercial spaces, housing societies, and business parks and rise in the launch of new services, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major corporations on research and development, strategic mergers, and acquisitions between key industry players, rising disposable incomes and growing population growth rates, are further contributing towards the Directional Drilling Services Market size.

However, growth of the Directional Drilling Services Market is hindered due to variations in the prices of oil prices.

The prominent players operating in the Directional Drilling Services Market includes Weatherford, NOV Inc., GENERAL ELECTRIC, Baker Hughes Company, Halliburton Company, Schlumberger Limited, Cathedral Energy Services, Gyrodata, Nabors Industries Ltd., and Jindal Drilling & Industries Limited, among others.

Based on Type, the Conventional segment is predicted to grow at a significant CAGR during the forecast period

As per the Directional Drilling Services Market Global Industry Analysis, conventional drilling services utilizes specific drill bits and mud motors, enhances efficiency and are cost-effective are some of the features pushing growth of the segment.

Based on Application, the Onshore Applications segment is projected to grow at a robust CAGR over the forecast period

According to the Directional Drilling Services Market Report, onshore drilling services incurs low operating cost and discoveries of conventional and unconventional reservoirs at onshore locations, are propelling growth of the segment.

Based on Region, the North American region is anticipated to capture the largest market share during the forecast period

As per the Directional Drilling Services Market Forecast, rise in the number of offshore projects, presence of huge volumes of shale gas reserves in the North America, redevelopment of matured fields, increasing consumption of energy, rapid industrialization growing population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in the North American region.

Key Developments

In 2019, Schlumberger Limited launched at-bit steerable system for drilling horizontal wells in a single run as it has a unique cutting structure and steering mechanism.
In 2019, Halliburton Company received a contract to integrate offshore drilling services for 6 high-pressure high-temperature exploration wells in the Arab gulf.

Market Segmentation

Segmentation by Application

Onshore Applications
Offshore Applications

Segmentation by Type

Conventional
Rotary Steerable System

Segmentation by Service

Rotary Steerable System (RSS)
Logging-While-Drilling (LWD)
Measurement-While-Drilling (MWD) & Survey
Motors (MUD Motors)
Others

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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This release was published on openPR.