Drilling Services Market Is Expected To Grow With A High CAGR In The Forecast Period
Growing
demand for energy consumption and rising drilling project investments
are propelling the Global Drilling Services Market growth in the forecast
period.
According to TechSci Research report, “Drilling Services
Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2018–2028F, the
Global Drilling Services Market is expected to register
robust growth during the forecast period, 2024-2028. The primary market
drivers are the rising demand for oil and gas as well as the increased number
of oil reservoirs found utilising cutting-edge geological tracking devices. On
the seafloor, a borehole is dug by the use of machinery. Under the seabed, it
is done to obtain natural and crude oil. There are various ways to conduct an
offshore drilling operation, and the type of rig employed varies on the oil
type, location's depth, and the weather at the time.
Oil
extraction uses a method called directional drilling. When extracting oil, the
well is situated right over the oil reserve. Thus, drilling is necessary to
extract the oil, which will draw the oil from the reservoir through the well.
Because of this, extraction will benefit from drilling from the surface.
The
refurbishment of old fields and new offshore projects are what essentially
drives the drilling services market globally. By 2020, it was anticipated that
the output of gas would average 47 billion cubic feet per day due to recovering
drilling activity. Most of the increase in gas output is anticipated to come
from new oil wells and Marcellus/Utica shale development.
North
America led the drilling services market in 2022 and is anticipated to be the
largest market by 2028 due to demand from the United States and Canada. In
November 2021, Nabors Industries Ltd. and Chesapeake Energy Corporation entered
into a deal designating Nabors as the company to be favoured for drilling
projects for oil and gas in the United States. This deal should make it
possible for the corporation to diversify its clientele across the nation.
Angola,
Brazil, Nigeria, and the United States are the four countries with the highest
concentration of deepwater oil production. Substantial offshore reserves will
likely provide a profitable business environment for those working in the
drilling services sector soon. Due to an increase in horizontal and directional
drilling activities, North America is predicted to maintain its dominance in the
global market for drilling services, with the majority of demand coming from
the United States and Canada.
Browse over XX market data Figures spread
through 110 Pages and an in-depth TOC on the "Global Drilling Services Market."
The Global Drilling Services Market is
divided into Services, application, end
user, region and competitive landscape. Based on Services, the market is
segmented into Directional Drilling (Measurement While Drilling, Logging While
Drilling, Rotary Steerable System and Others and Non-Directional Drilling. The
growing production from highly technical wells in unconventional formations and
the finding of fresh reserves in intricate reservoirs are projected to propel
the global market for drilling services to the top of the sector. The demand
for rotary steerable system (RSS) services is expected to increase due to the
numerous operational benefits, including cost-effective solutions and a greater
rate of penetration (ROP). Due to effective operations, convenient
integrations, and the advancement of established technologies, the LWD service
market is also expected to have significant growth.
Based on Application the market is divided into Onshore & Offshore
(Shallow Water, Deepwater & Ultra Deepwater). Since the cost of doing business in offshore
areas has drastically decreased over the past few years, the offshore segment
is anticipated to have significant expansion throughout the projection period.
This reason is motivating the sector to steadily increase spending in the
future and drive the market for drilling services.
Deepwater and ultra-deepwater reserve development is actively being
supported by factors like technological advancements, growing viability of
deepwater and ultra-deepwater projects, and the emergence of several new
markets like Gabon, Senegal, Guyana, Trinidad & Tobago, Egypt, and the
Mexican side of the Gulf of Mexico. For the operating nations, this will likely
result in a number of substantial possibilities in the near future.
Based on End User, the market is segmented into Oil & Gas, Mining,
Water Exploration, and Others. The oil & gas segment's horizons will be
expanded by rising investments in new hydrocarbon assets, the discovery of new
reserves, and major output targets. Due to the adoption of expansion strategies
for current mineral sites and the exploitation of new reserves, the mining
sector is anticipated to increase and demonstrate substantial growth.
Major market players in the Global Drilling Services Market: -
·
Schlumberger Ltd
·
Gyrodata
·
Stockholm Precision Tools AB (SPT)
·
Icefield Tools Corporation
·
Devico AS
·
Halliburton
·
Weatherford
·
Baker Hughes
·
Axis Mining Technology
·
Scientific Drilling
·
Inertial Sensing One AB
·
Nabors Industries
·
China Oilfield Services Limited
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"Increased
investments in renewable energy, as well as emission reduction and other
environmental standards are expected to restrain market growth during the
forecast period. Over the projected period, the market will continue to
have substantial growth potential due to the development and commercialization
of significant domestic non-associated natural gas reserves for domestic use
and export.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based Global management consulting firm.
“Drilling Services
Market –Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2018-2028, Segmented
By
Services (Directional Drilling (Measurement While Drilling, Logging While
Drilling, Rotary Steerable System and Others) and Non-Directional Drilling), By
Application (Onshore & Offshore (Shallow Water, Deepwater & Ultra
Deepwater)), By End User (Oil & Gas, Mining, Water Exploration, Others), By
Region, Competition,” has evaluated the future growth potential of Global Drilling Services Market and
provides statistics & information on market size, 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 Global Drilling Services
Market.
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