Press Release

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, 2018-2028Segmented 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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