Extended Reach Drilling Market to Grow with Advancing Technology During the Forecast Period
Global Extended Reach Drilling Market
is driven by surge in demand for oil & gas production in the forecast
period, 2023-2027.
According
to TechSci Research report, “Extended Reach Drilling Market - Global Industry Size,
Share, Trends, Competition, Opportunity and Forecast, 2017-2027”, The
global extended reach drilling market is projected to showcase impressive CAGR in
the next five years, on account of increasing demand for oil and growing usage
of technologies like rotary
steerable systems and friction reduction tools, among other for faster drilling
process. Expansion in the automotive industry, construction industry, and other
manufacturing units is expected to drive the growth of the global extended
reach drilling market in the upcoming five years. Also, rising demand for oil
excavation from the fragile environment to support the increasing oil & gas
demand in the world is further supporting the growth of the global extended
reach drilling market. Increasing demand for advanced tools and technologies
for increasing capacity of oil excavation and avoiding oil loss during
production are positively influencing market through 2027.
Other
factors like increasing investment from the government and private sector along
with development of innovative tools are also aiding the growth of the global
extended reach drilling market in the forecast years, until 2027F.
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The
global extended reach drilling market is segmented on the basis of type, well
type, technology, application, regional distribution, and competitive
landscape. Based on type, the market is fragmented into shallow, intermediate,
deep, and ultradeep. Shallow type of extended reach drilling is anticipated to
hold the largest revenue shares of the market and dominate the market segment
in the forecast period on account of increased oil excavation projects in the
fragile environments. The reservoirs marked as non-commercial due to higher
cost of excavation since the environment is too fragile or if the drilling
process causes heavy wear-tear to the equipment and tool making it an expensive
option, extended reach drilling is a viable option in these cases. Extended
reach drilling used a directional drilling process with extended reach is
anticipated to support the future growth of the sub-segment in the future five
years.
The
market based on well type is segmented into 3D wells, deviated wells, and
others. Deviated wells are anticipated to hold the largest revenue shares of
the market and dominate the market in upcoming five years on account of increasing
dependency on extended reach drilling processes. The deviated well is minimum
10 degrees more than vertical bore lining but less than 80 degrees, making it an
intermediate between vertical wells and horizontal wells. These wells are often
dug for extended reach drilling process or in case vertical drilling is
difficult and horizontal drilling is very expensive.
On the basis of technology, the market is
sub-segmented into rotary steerable systems, measurement-while-drilling, and
logging-while-drilling. Rotary steerable systems are a directional drilling
technology that specializes in downhole equipment over the traditional
directional technology & tools. The equipment is priorly programmed by the
driller with available measurements and is then steered into the desired
direction. Added advantages like improved transportation of drilled cuttings to
the surface, better weight transfer, reduced well bore porosity to avoid oil
loss during excavation, are expected to drive the growth of the sub-segment and
the growth of the global extended reach drilling market in the next five years.
Measurement-while-drilling is a type of well logging where measurement tools
are incorporated with drill string such that it provides real-time measurements
for successful drill steering.
Some
of the market players, dominating the global market are:
- China Oilfield Services Limited
- HXR Drilling Services
- K&M Technology Group
- Schlumberger Limited
- Baker Hughes
- Halliburton Company
- Weatherford International
- Mubadala Petroleum Ltd.
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“Regions like Gulf of Mexico, and other
onshore reservoirs in the United States are actively utilizing extended reach
drilling procedures and thus driving the growth of the North America global
extended reach oil drilling market. The government is also actively investing
in the directional drilling processes like extended reach drilling such that
oil can be produced from even the non-commercial zones and thus commercialized
to generate higher profits. Also, the US and Canada are major economies where
shale gas exploration is upsurging and thus driving the market growth. New
market players may focus on technological advancements to generate profits,”
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Extended Reach Drilling Market
- Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027, Segmented By Type
(Shallow, Intermediate, Deep, and Ultradeep), By Well Type (3D Wells, Deviated
Wells, Others), By Technology (Rotary Steerable Systems,
Measurement-while-Drilling, Logging-while-Drilling), By Application (Onshore,
Offshore), By Region”, has evaluated the future
growth potential of global extended reach drilling 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 in global extended reach drilling market.
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