Directional Drilling Market Industry 2020 Global Market Research Report 2020 report is a professional and in-depth study on the market size, growth, share, trends, as well as industry analysis.
According to a recent study report published by the Market Research Future, The global market of directional drilling is booming and expected to gain prominence over the forecast period. The global directional drilling market is forecasted to demonstrate an exponential growth by 2027, surpassing its previous growth records in terms of value with a whooping, CAGR during the estimated period (2017 – 2027).
The need to increase production from the harshest wells has raised the growth of directional drilling considerably. Market reports related with the energy and power industry have been presented by Market Research Future which makes reports on other industry verticals that aims to analyze the current market scenarios better.
Also Read: http://www.marketwatch.com/story/directional-drilling-market-2020-global-size-share-analysis-current-trends-upcoming-strategies-top-players-demand-and-regional-forecast-to-2023-2020-03-30
The escalation in discoveries related to the oil and gas industry along with shale activities have raised the use of directional drilling substantially. The capability of directional drilling to enable the drilling of multiple wells from the parent wellbore are raising the growth potential of the market. Moreover, the escalated level of demand from upstream oil companies will create new prospects for the directional drilling in the upcoming years.
Global Directional Drilling Market Segmental Analysis:
Global Directional Drilling Market is segmented in to two key dynamics for an easy grasp and enhanced understanding.
On the basis of type, the market has been segmented into Directional boring, horizontal directional drilling, and oilfield directional drilling.
Based on land, the market has been segmented into onshore and offshore. Onshore dominates the technology segment of global Directional Drillings market. Directional drilling is used in more onshore applications due to the high number of maturing fields. Offshore segment is expected to be the fastest growing segment during the forecast period.
Based on Services, the market has been segmented into Rotary Steerable Systems, LWD, MWD and Motors. Rotary steerable directional drilling services segment is expected to grow significantly during the forecast period. It is primarily driven by factors like the rising need to access difficult reservoirs. Advantages like high efficiency and lower overall costs of directional drilling foster growth in this segment.
Segmentation by Region: Comprises Geographical regions - North America, Europe, Asia Pacific, Middle East & Africa and South America.
Prominent Players:
· Baker Hughes Incorporated (U.S.),
· Halliburton Company (U.S.),
· Schlumberger Limited (U.S.),
· Weatherford International plc. (Switzerland),
· National Oilwell Varco, Inc. (U.S.),
· Nabors industries ltd. (Bermuda),
· Cathedral Energy Services Ltd (Canada),
· Jindal Drilling & Industries Limited (India),
· Gyrodata (U.S.), and
· Scientific drilling international (U.S.)
Regional Analysis:
The regional analysis of the directional drilling market consists of regions such as North America, Europe, Asia Pacific and rest of the world.
The market for directional drilling is poised for excellent development because of the recovering global oil prices. The North American and European regions are likely to control the market for directional drilling. These regions are witnessing a huge number of oil exploration activities in the Gulf of Mexico and the North Sea, which will lead to elevated drilling activities in these regions. In addition, the huge number of mature oil wells from the North Sea in the European region and the Permian Basin and Bakken in the North American region are expected to require new drilling activities thus, motivating the directional drilling market. The African and the Middle Eastern region are also anticipated to observe vital growth over the forecast period owing to the mounting exploration activities together with growing demand for fuel from developing nations.
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