Increasing oilfield exploration and growing number of oil well discoveries to drive the demand for Global Directional Drilling Market in the forecast period.
According to the TechSci Research report, “Directional Drilling Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027”, the Global directional drilling market was valued at USD8.10 billion in 2021 and is forecast to grow at a CAGR of 5.71% to reach USD11.43 billion by 2027. Increasing oilfield exploration activities for discovering new shale reserves and surging demand for energy are driving the growth of the global directional drilling market. Low installation costs and faster installation backed by high oil prices lead to the increased demand for drilling process which has high efficiency and productivity, which is driving the demand for global directional drilling market.
When compared with traditional drilling, directional drilling is cheaper as it requires less operators, hence there is saving in manpower. In addition, less dirt is displaced through directional drilling, therefore less dirt needs to be restored. Horizontal directional drilling does not require backhoe and other heavy equipment rentals which further reduces the overall cost of operation.
Browse 215 market Figures spread through 252 Pages and an in-depth TOC on “Global Directional Drilling Market”.
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Global directional drilling market is segmented into type, component, service, technology, application, field development type, company, and regional distribution. Based on application, the market can be segmented into onshore and offshore. The demand for offshore projects is continuously increasing owing to the vast untapped reserves being used by developing deep-water projects. Consequently, the application of directional drilling in offshore projects is expected to grow at a CAGR of 6.22% in the forecast period. The offshore oil and gas contracts increased by approximately 6% in November 2021, with a total of 210 contracts compared to 198 contracts in the previous month.
In terms of field development type, the market can be segregated into greenfield and brownfield. The greenfield development projects in the global directional drilling market are expected to grow at a CAGR of 6.17% in the forecast period as they aim to develop new oil and gas fields. Countries all over the world are investing in oil & natural gas industry with a primary emphasis on greenfield projects. Middle Eastern countries such as Qatar, the UAE, and Saudi Arabia aim to ramp up gas production to meet rising regional demand, fueling the development of greenfield projects.
Leading players operating in the global directional drilling market include:
- Halliburton Co.
- Schlumberger Limited
- Scientific Drilling International
- Loam Drilling Systems, Inc.
- NOV Inc.
- Baker Hughes Holdings LLC
- Weatherford International plc
- Jindal Drilling & Industries Limited
- Cathedral Energy Services Ltd
- Nabors Industries Ltd.
- Gyrodata Incorporated
The global directional drilling market is consolidated with few players accounting for approx. 70% of the market. Schlumberger Limited, followed by Halliburton Co., led the global directional drilling market in 2021. Schlumberger Limited is an oilfield services company, offering drilling and measurement in which it provides services related to mud logging for directional drilling.
While Halliburton Co. is the world’s largest provider of products and services for the energy industry. On November 16, 2021, the company released iCruise X Intelligent Rotary Steerable System, a drilling platform with advanced technology.
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“Due to increasing adoption of directional drilling in the region, North America is the dominant region in the Global Directional Drilling Market accounting for a share of 30.45% in 2021. North America is emerging as the largest market for onshore applications of directional drilling due to the surge in shale gas production in the United States and intervention activities in its shale basin regions. Horizontal wells drilled into tight oil and shale gas deposits continue to account for a growing share of crude oil and natural gas production in the United States and therefore are becoming a profitable market for directional drilling companies.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Directional Drilling Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027, Segmented By Type (Conventional System, Rotary Steerable System), By Component (Drilling Tool Rental, Rig Rental, OCTG Rental, Consumables, Others), By Service (Drilling, Logging-While-Drilling, Measurement-While-Drilling & Survey), By Technology (Wellbore Positioning, Side Tracking, Well Planning, Others), By Application (Onshore v/s Offshore), By Offshore Application (Shallow, Deep, Ultra-deep), By Field Development Type (Greenfield Vs Brownfield), By Region” has evaluated the future growth potential of global directional drilling market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global directional drilling market.
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