Directional Drilling Services Market | Size, Share, Forecast 2029

Directional Drilling Services Market


The directional drilling services market is projected to grow at a CAGR of 4.1% during the forecast period, 2022-2029. 

The factors driving growth of the Directional Drilling Services Market includes increasing demand for unconventional fuels such as shale gas and tight gas, discoveries of reserves and oilfields around the world, growing consumption of energy and improvements in the living standards. Moreover, growing adoption of advanced technologies by manufacturers, increasing number of construction projects related to commercial spaces, housing societies, and business parks and rise in the launch of new services, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major corporations on research and development, strategic mergers, and acquisitions between key industry players, rising disposable incomes and growing population growth rates, are further contributing towards the Directional Drilling Services Market size.

However, growth of the Directional Drilling Services Market is hindered due to variations in the prices of oil prices.

The prominent players operating in the Directional Drilling Services Market includes Weatherford, NOV Inc., GENERAL ELECTRIC, Baker Hughes Company, Halliburton Company, Schlumberger Limited, Cathedral Energy Services, Gyrodata, Nabors Industries Ltd., and Jindal Drilling & Industries Limited, among others.

Based on Type, the Conventional segment is predicted to grow at a significant CAGR during the forecast period

As per the Directional Drilling Services Market Global Industry Analysis, conventional drilling services utilizes specific drill bits and mud motors, enhances efficiency and are cost-effective are some of the features pushing growth of the segment.

Based on Application, the Onshore Applications segment is projected to grow at a robust CAGR over the forecast period

According to the Directional Drilling Services Market Report, onshore drilling services incurs low operating cost and discoveries of conventional and unconventional reservoirs at onshore locations, are propelling growth of the segment.

Based on Region, the North American region is anticipated to capture the largest market share during the forecast period

As per the Directional Drilling Services Market Forecast, rise in the number of offshore projects, presence of huge volumes of shale gas reserves in the North America, redevelopment of matured fields, increasing consumption of energy, rapid industrialization growing population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in the North American region.

 

Key Developments

  • In 2019, Schlumberger Limited launched at-bit steerable system for drilling horizontal wells in a single run as it has a unique cutting structure and steering mechanism.
  • In 2019, Halliburton Company received a contract to integrate offshore drilling services for 6 high-pressure high-temperature exploration wells in the Arab gulf.

Market Segmentation

Segmentation by Application

  • Onshore Applications
  • Offshore Applications

Segmentation by Type

  • Conventional
  • Rotary Steerable System

Segmentation by Service

  • Rotary Steerable System (RSS)
  • Logging-While-Drilling (LWD)
  • Measurement-While-Drilling (MWD) & Survey
  • Motors (MUD Motors)
  • Others

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: https://www.gmiresearch.com/

Location: United States

Comments

Post a Comment

Popular posts from this blog

Seizing the Europe Smart Home Market Opportunity

Image
 The Europe smart home market presents a vast and promising opportunity for businesses and consumers alike. With advancements in technology, changing lifestyles, and increasing awareness about energy efficiency, the smart home industry in Europe is ripe with potential for growth and innovation. The opportunity in the Europe smart home market stems from several key factors. Firstly, the region boasts a large and affluent consumer base that is increasingly embracing connected technology to enhance their lifestyles. From smart thermostats and lighting systems to security cameras and voice-controlled assistants, the demand for smart home devices is on the rise across the continent. Moreover, supportive regulatory initiatives and incentives aimed at promoting energy efficiency and sustainability are creating a conducive environment for the adoption of smart home technology in Europe. Tax incentives, rebates, and subsidies for energy-efficient home upgrades are encouraging homeowners to...
Read more

Unlocking Opportunities: GCC Medical Packaging Market Growth in 2024

Image
The GCC medical packaging market is poised for substantial growth in 2024, driven by factors such as technological advancements, increasing healthcare spending, and a focus on patient safety. The region's growing population, coupled with rising demand for quality healthcare services, is fueling the expansion of the medical packaging sector. Let's explore the key drivers and opportunities contributing to the growth of the GCC medical packaging market this year. One of the primary drivers of market growth is the continuous innovation in medical packaging technologies. Companies are investing in advanced packaging materials, designs, and functionalities to meet the evolving needs of healthcare providers and patients. Smart packaging solutions equipped with sensors, RFID tags, and tracking capabilities are enhancing product safety, supply chain visibility, and real-time monitoring. This technological progress is driving the adoption of intelligent packaging solutions and fueling m...
Read more

Riding the Wave: India Wireless Earphone Market Surges Amidst Growing Demand

Image
 The India Wireless Earphone Market is witnessing remarkable growth, buoyed by an increasing demand for wireless audio solutions and a shift towards a wireless lifestyle. With consumers seeking convenience, mobility, and superior audio quality, wireless earphones have emerged as a must-have accessory in today's digital age, driving significant market expansion. One of the key drivers of growth in the India Wireless Earphone Market is the rising penetration of smartphones and smart devices. With smartphone ownership becoming ubiquitous across urban and rural areas, there is a growing need for wireless earphones that complement these devices seamlessly. As consumers look for hassle-free connectivity and on-the-go audio solutions, the demand for wireless earphones continues to surge, fueling market growth. Moreover, technological advancements in wireless audio technology are driving market expansion. Innovations such as true wireless earbuds, active noise cancellation, and advanced B...
Read more