Logging While Drilling Market Poised to Garner Maximum Revenues during 2021 - 2031

Drilling is a quintessential part of hydrocarbon exploration, which not only provides operational convenience but also extracts a large amount of oil & gas without any complications. Logging while drilling systems are used for obtaining real-time formation evaluation during drilling. The production capacity of the borewell to be drilled is defined by its physical characteristics such as saturation, resistivity, porosity, conductivity, and density. Logging while drilling is important in the investigation of the actual physical properties of borewells which enables the operator to implement adjustments and evaluate during the process. In addition, it helps to calculate the penetration rate which is crucial in determining the speed at which the borewell is being drilled. Various techniques such as nuclear magnetic resonance logging, acoustic logging, and electromagnetic logging are used to obtain information about the shape in real time. Such strategies help to maximize exploration activities and increase the penetration rate.

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Key drivers of global logging while drilling market

The global rise in industrialization and increase in urbanization boost the energy & power production demand. An increase in unconventional energy & power activities and activities under deepwater enables to receive higher market revenue from logging during drilling processes. Moreover, the surge in demand for technical innovations in the cost-competitive production of oil & gas is anticipated to augment the growth of the global logging while drilling market. Energy is a vital part of the development process, and thus various emerging countries are realizing the importance of E&P activities, which are anticipated to enhance the growth of the market. New developments in the onshore oil & gas sector, enhanced exploration of unconventional resources, and stability of crude oil prices are projected to boost the demand for logging while drilling services.

Market Scenario: opportunities and challenges

Globally, an increase in activities of drilling and completion is one of the key factors driving the market growth for logging while drilling. The oil & gas discoveries associated with the global modernization of the industry have created new opportunities for the existing players in the market. In addition, oilfield service firms are gradually preparing the ultimate search for cost-competitive production of oil & gas. To increase the yield, different methods are used to improve the efficiency of the well. Logging while drilling offers an accurate evaluation of the structure, which is essential in making wise decisions regarding future good operations. This not only lets the producer gain accurate details about the well but also reduces the issues associated with the production. However, owing to the supply-demand gap, geopolitics, and several other factors, volatile oil prices over the recent period have restricted the growth in demand for logging while drilling.

COVID-19 scenario analysis

The global logging while drilling market is expected to witness a decline in growth rate during the forecast period, owing to the outbreak of the COVID-19 pandemic. Governments of various countries have implemented lockdowns, which has led to the shutdown of factories in scores of cities and provinces across the world, thus leading to predictions of a sharp slowdown in production activities. Moreover, several firms have terminated their contracts with giant corporations with the chances of revival not expected anytime soon. Furthermore, companies are dealing with missing sales and fractured supply chains as production activities shutdowns.

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Market Key Segments:

By Application
• Onshore
• Offshore
• Shallow Water
• Deepwater
• Ultra-Deepwater

By Region
• North America (U.S., Canada, Mexico)
• Europe (France, Germany, Italy, Spain, UK, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific)
• LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)

Key Market Players: National Energy Services Reunited Corp., Nabors Industries, Baker Hughes, APS Technology Inc., Kambi Enterprises Inc., Scientific Drilling, Halliburton, COSL- China Oilfield Services Limited, National Oilwell Varco, Weatherford

Key benefits of the report

• This study presents the analytical depiction of the global logging while drilling industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global logging while drilling market share.
• The current market is quantitatively analyzed from 2019 to 2027 to highlight the global logging while drilling market growth scenario.
• Porter's five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in the coming years.

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