Directional Drilling is anticipated to project robust growth in the forecast period with a CAGR of 10.26% through 2029
According to
TechSci Research report, “Global Directional
Drilling Market - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2029”. Global Directional
Drilling is anticipated to project robust growth in the forecast period with a
CAGR of 10.26% through 2029. The surge in demand for tools and
equipment within the global oil and gas sector, coupled with the discovery of
new sizable reservoirs, is poised to ignite market growth. Companies are
channeling investments into exploration and production endeavors to meet
escalating demand. Directional drilling services streamline well drilling,
optimizing output by enabling lateral production. This technology boasts
several advantages such as flexibility, minimal site disruption, and reduced
environmental impact, fostering market expansion. Decreased maintenance and
operational downtime resulting from directional drilling will further drive
demand, fueling market growth. The oil and gas industry's expansion has
catalyzed global energy demands, serving as a vital resource in diverse sectors
including power generation, manufacturing, and transportation. The burgeoning
appetite for unconventional fuels like shale gas and coal bed methane,
propelled by urbanization and economic growth, is a key growth driver.
Countries are bolstering capital expenditure to secure future energy needs,
with offshore hydrocarbons emerging as an attractive investment avenue due to
their reliability and efficiency. The allure of
untapped oil and gas reserves is attracting significant interest, underpinning
market growth. As countries intensify efforts to harness offshore resources,
the market is poised for expansion driven by increasing investments and the
quest for energy security.
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Figures spread through 188 Pages and an in-depth TOC on " Global DirectionalDrilling Market.”
Based on Application, Onshore
segment is expected to hold the largest share of Directional Drilling market
during the forecast period, The onshore sector is projected to
witness substantial growth within the industry due to its straightforward
drilling techniques, cost-effectiveness, abundant resources, and various other
factors. Recent years have seen the discovery of large conventional and
unconventional reservoirs onshore, driving market demand in the coming years.
Conversely, the offshore sector is expected to experience significant expansion
during the forecast period, fueled by heightened investments in drilling
multiple wells from a single platform to enhance production output..
Based on Region, North
America will dominate the market, North America is expected to dominate
the market share due to significant oil and gas discoveries and substantial
potential for oilfield exploration. For instance, in April 2019, Shell unveiled
the Blacktip oilfield in the Gulf of Mexico, with an anticipated production of
approximately 900,000 barrels per day (BPD) from its deepwater assets.
Similarly, Petroleos Mexicanos (PEMEX), a state-owned company, discovered a
deposit in southeastern Mexico with the potential to yield 500 million barrels
of crude. PEMEX aimed to extract 69,000 BPD from the site by 2020, with plans
to increase production to 110,000 BPD by 2021.
Key market players in the Global
Directional Drilling Market are following: -
- NOV Inc.
- Halliburton Company
- Cathedral Energy
Services Ltd
- Jindal Drilling &
Industries Limited
- Weatherford
International Plc
- Schlumberger NV
- Nabors Industries Limited
- General Electric Oil
& Gas
- Baker Hughes
Incorporated
- Gyrodata Incorporated
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“The global directional drilling market thrives on various
significant drivers. Heightened energy demand, particularly in emerging
economies, drives exploration into unconventional reservoirs, necessitating
precise drilling methods. Technological progress, encompassing automation,
robotics, and the integration of data analytics and AI, enhances drilling
efficiency. Directional drilling's cost-effectiveness, especially in accessing
multiple reservoirs from a single pad, appeals to operators prioritizing economic
viability. Environmental concerns, such as minimizing surface disruptions and
ecological impact, further incentivize directional drilling adoption. Moreover,
the industry's emphasis on optimizing reservoir performance, alongside
advancements in measurement while drilling (MWD) technology, contributes to the
directional drilling market's overall growth.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
Directional Drilling
Market – Global Industry Size, Share, Trends, Opportunity, and Forecast
Segmented by Drilling Technique (Conventional Methods, Rotary Steerable
System), by Application (Onshore Applications, Offshore Applications), By
Region, By Competition 2019-2029 has evaluated the future
growth potential of Global Directional Drilling Market and provides statistics
and information on market structure, size, share, and future growth. The report
is intended 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 present in the Global Directional Drilling Market.
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