Directional Drilling Services Market Size, Share Analysis, Growth, Trends And Forecast 2023-2032

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company's Directional Drilling Services Global Market Report 2023 identifies an increase in the production of oil and gas as the major driver for the directional drilling services market's growth in the forecast period. Oil and gas production refers to the broad process of converting crude oil and natural gas extracted from wells into usable petroleum products for consumers. Directional drilling helps in the production of oil and gas by not only drilling vertically but also at other angles to better access and extract oil and gas reserves.

The global directional drilling services market size is expected to grow from $13.75 billion in 2022 to $14.91 billion in 2023 at a compound annual growth rate (CAGR) of 8.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The directional drilling services market size is expected to grow to $20.01 billion in 2027 at a CAGR of 7.6%.

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Major competitors in the directional drilling services market are Baker Hughes Incorporated, NOV Inc., Weatherford International PLC, Schlumberger Limited, Halliburton Company.

A key trend in the directional drilling services market includes technological advancement. Major players in directional drilling services are focused on technological advancements to sustain their marketplace. For instance, in August 2021, Schlumberger, a US-based, oilfield services company, launched autonomous directional drilling (ADD), which includes solutions to steer autonomously through any section of the wellbore. The new technology outlines ways to steer autonomously through any part of the wellbore and uses a downhole automated control system that is intelligent and dynamic and can instantaneously analyze and respond to data. The technology advancements allow for a self-steering bottom hole system that can drill through any good section. The current versions of ADD feature the auto-vertical, auto-tangent, and auto-curve functions.

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The directional drilling services market is segmented -
•By Services: Logging-while-Drilling (LWD), Rotary Steerable System (RSS), Measurement While Drilling (MWD) and Survey, Drag Analysis, Well Bore Positioning, Other Services
•By Well Type: Horizontal, Multilateral, Extended Reach
•By Application: Onshore, Offshore
•By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the directional drilling services market.

The Business Research Company's "Global Directional Drilling Services Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.

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The Table Of Content For The Directional Drilling Services Market Include:
1. Executive Summary
2. Directional Drilling Services Market Characteristics
3. Directional Drilling Services Market Trends And Strategies
4. Directional Drilling Services Market - Macro Economic Scenario
5. Directional Drilling Services Market Size And Growth
……
26. Africa Directional Drilling Services Market
27. Directional Drilling Services Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Directional Drilling Services Market
29. Directional Drilling Services Market Future Outlook and Potential Analysis
30. Appendix

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