The oil and gas wells drilling services market size is expected to see steady growth in the next few years. It will grow to $167.18 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. The growth in the forecast period can be attributed to transition to renewable energy, demand for unconventional resources, environmental and sustainability goals, natural gas market growth, focus on safety and risk mitigation. Major trends in the forecast period include digitalization and automation in drilling, technological advancements in drilling techniques, digitalization and data analytics, increasing demand for directional drilling, rise of rig automation.
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Segmentation & Regional Insights
The oil and gas wells drilling services market covered in this report is segmented –
1) By Type: Onshore Drilling Services, Offshore Drilling Services
2) By Service: Directional Drilling, Non-Directional Drilling
3) By Machine Parts: Rigs, Pipes, Bits, Reamers, Other Machine Parts
North America was the largest region in the oil and gas wells drilling services market in 2023. Middle East was the second largest region in the oil and gas wells drilling services market. The regions covered in the oil and gas wells drilling services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rapid pace of innovation in oil and gas exploration and drilling technologies is boosting production volumes and reducing production costs. Technological advances are allowing oil and gas wells drilling companies to enhance oil and gas recovery rates and considerably reduce production costs. For instance, 3D seismic technology is being used to optimize exploration and drilling processes to enhance oil and gas production levels and cut down costs associated with exploration and drilling. Other areas of rapid technological advances in the oil and gas market include hydraulic fracturing and horizontal drilling. Thus, advancements and innovation in exploration and drilling technologies are expected to drive the oil and gas wells drilling services market during the forecast period.
Key Industry Players
Major companies operating in the oil and gas wells drilling services market report are Saudi Arabian Oil Company, Exxon Mobil Corporation, China National Petroleum Corporation, TotalEnergies SE, Chevron Corporation, Marathon Petroleum Corporation, Phillips 66, Enel S.p.A., Eni S.p.A., Petróleo Brasileiro S.A. – Petrobras, Repsol YPF S.A., ConocoPhillips, China National Offshore Oil Corporation Limited, Siemens Energy AG, Schlumberger Limited, Baker Hughes Incorporated, Halliburton Company, Saipem S.p.A., National Oilwell Varco Inc., China Oilfield Services Limited, Weatherford International plc, Gazprom Neft Public Joint Stock Company, Nabors Industries Ltd., Transocean Limited, Helmerich & Payne Inc., Noble Corporation, Diamond Offshore Drilling Inc., Rowan Companies Inc., Valaris PLC, Ensco Drilling International Inc.
The oil and gas wells drilling services market report table of contents includes:
1. Executive Summary
2. Oil And Gas Wells Drilling Services Market Characteristics
3. Oil And Gas Wells Drilling Services Product/Service Analysis -Product/Service Examples
4. Oil And Gas Wells Drilling Services Market Trends And Strategies
5. Oil And Gas Wells Drilling Services Market – Macro Economic Scenario
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68. Global Oil And Gas Wells Drilling Services Market Competitive Benchmarking
69. Global Oil And Gas Wells Drilling Services Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Oil And Gas Wells Drilling Services Market
71. Oil And Gas Wells Drilling Services Market Future Outlook and Potential Analysis
72. Appendix
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