Directional Drilling Market Highlight
The Directional Drilling Market is projected to expand with a 3.48 % CAGR in the forecast period. The need to increase production from the harshest wells has raised the growth of directional drilling considerably. The directional drilling provides the solution for drilling of oil wells at multiple angles other than vertical angle and help reach better reserves of oil and gas. Despite the advancements in technology, directional drilling has been the prime area of interest for oil upstream players because of the applications involving this technique, which include drilling at more than one angles in the fields, recovering oil and gas from the untapped source.
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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.
Directional Drilling Market Segmental Analysis:
The segmentation of the directional drilling market has been carried out on the basis of application, well type, services, and region.
On the basis of application type, the directional drilling market is segmented into onshore and offshore.
The segmentation of the directional drilling market on well type comprises of multilateral wells, horizontal well, and extended reach wells.
The services-based segmentation of the directional drilling market consists of logging while drilling (LWD), rotary steerable system, measurement while drilling (MWD), and motors.
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Regional Market 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.
National Oilwell Varco (U.S.), Weatherford International Plc. (U.S.), Jindal Drilling & Industries Limited (India), Halliburton Company (U.S.), Schlumberger Ltd (U.S.), Nabors Industries Ltd (Bermuda), Baker Hughes Incorporated (U.S.), Cathedral Energy Services Ltd (Canada), and Gyrodata Incorporated (U.S.)
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