Directional Drilling Market to Reach USD11.43 Billion by 2027
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.
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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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