Directional Drilling Market Expected to Expand at a Steady CAGR through 2015-2023
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One of the major factors driving the growth of directional drilling market is the sustained high oil prices across the world. With increasing need for higher productivity and efficiency of oil drilling process, there has been an increase in the demand for directional drilling. In addition, maturity of on-shore drilling sites has led to the exploration of numerous untapped off-shore resource sites. Oil and gas companies along with drilling contractors seek to make use of directional drilling to gain higher control on the direction of hole on such new sites. Another factor driving the demand for directional drilling market is the ability to retrieve the drilling spear and other drilling equipment from the hole. In cases where metal cannot be left in the drilled hole, directional drilling has offered a viable solution in achieving a precise and clear hole. Despite its immense benefits, the directional drilling market faces a few restraints due to environmental risks and strict government regulations. Companies in the directional drilling market need to deal with such challenges to carry out drilling activities across the world.
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With increasing demand for deep and ultra-deep water oil and gas reserves, the directional drilling market has been lucrative in recent years. Companies in this market offer various directional drilling services, turbo-drills, mud motors, steering and measurement tools and rotary steerable systems. Companies seek to gain leverage of the increasing intensity of directionally and horizontally drilled wells across the world. Some of the key players in the directional drilling market include Transocean Offshore Deepwater Drilling, Inc., Halliburton Co., Baker Hughes, Inc., Ensco Plc., Weatherford International Plc., and Schlumberger Limited.
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