Report Description

Global Drilling Services Market is anticipated to grow at a steady pace in the forecast period, 2023-2028 due to new contracts for developing mining assets, and the continuous launch of new tools & services to boost production.

The most basic requirement for carrying out daily operations in residential, commercial, and industrial infrastructures, among other verticals, is energy. Companies that produce electricity are always adapting to new fuels to produce reliable electricity. It has been established that one of the most frequently used fuel sources to power huge stations giving the required output is oil and gas. In order to recover the essential hydrocarbons, metals, minerals, and water from subterranean aquifers, drilling services are crucial. In order to extract the resources as quickly as possible, the exploration and production companies use various extraction profiles, necessitating the use of a variety of services to safely finish wells at varying depths.

Rising Demand for Crude Oil & Energy

New opportunities for extraction firms are expected to arise as various corporations step up their efforts to generate huge quantities of metals and minerals. The mining sector has also seen a variety of collaboration agreements to explore from bulk reserves. For instance, Swick Mining Services Limited secured new extraction contracts in August 2020 for mining in the copper mines owned by MATSA and BHP, respectively, and located in Spain and Australia's Olympic Dam mine. In addition to a five-year deal for the Spanish assets, the company will also enter into a five-year arrangement to provide subterranean services in Australia.

Furthermore, during the following four years, the demand for crude oil is predicted to increase by 1.2 mb/d. The leading oil and gas operating businesses are coming under increasing pressure to boost production, which is further promoting the market. Hence market is expected to grow in the forecast period.

Growing Investments Propelling the Market Growth

The growing investments to explore & produce a bulk volume of hydrocarbons to meet the international energy demand is projected to be one of the key factors augmenting the global drilling industry size. Additionally, the continuous exploration from wildcat wells and the deployment of geological surveys to uncover new capacity reservoirs that can effectively deliver oil production over a longer period are set to generate new opportunities for the industry. For instance, in October 2020, Odfjell Drilling reported obtaining a 15-well contract by the industry giant Equinor to drill and complete wells in the North Sea as part of its Breidablikk project. The new drilling sites are set to be situated offshore Aberdeen and are likely to start from 2022, with expansion over 2.5 years.

Numerous governments and organizations have set ambitious goals for the creation of renewable energy to reduce carbon emissions, which could impact the worldwide market. Also, several governments are putting emphasis on lowering their reliance on fossil fuels, which is encouraging the adoption of low-emission technologies. For instance, the International Renewable Energy Agency (IRENA) reported in March 2020 that the capacity of renewable energy sources worldwide had surpassed 2.53 terawatts (TW), with an annual increase of about 175.8 from 2.36 TW in 2018.


Download Free Sample Report


Market Segmentation

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. Based on Application the market is divided into Onshore & Offshore (Shallow Water, Deepwater & Ultra Deepwater).  Based on End User, the market is segmented into Oil & Gas, Mining, Water Exploration, and Others. Base on Region the market is segmented into North America, Asia-Pacific, Europe, South America, Middle East & Africa.

Market Players

Major market players in the Global Drilling Services Market are 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, AnTech.

Recent Developments

·         In order to drill and exploit deposits in the Gulf of Mexico, Seadrill Ltd. received a drilling contract from Walter Oil & Gas in November 2020. The agreement calls for the placement of a semi-submersible rig, the revenue from which the company expects to add around USD 17 million to its backlog.

·         MagniSphere, a high-definition NMR logging-while-drilling (LWD) solution, was unveiled by Schlumberger in November 2020. The development of technology is projected to increase hydrocarbon production by allowing for more accurate reservoir characterization and improved extraction from complicated formations.

Attribute

Details

Base Year

2022

Historic Data

2018 – 2021

Estimated Year

2023

Forecast Period

2024– 2028

Quantitative Units

Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028

Report coverage

Revenue forecast, company share, growth factors, and trends

Segments covered

By Services

By Application

By End User

Regional scope

North America, Asia-Pacific, Europe, South America, Middle East & Africa

Country scope

United States, Canada, Mexico, China, Indian, Japan, South Korea, Indonesia, Germany, United Kingdom, France, Russia, Spain, Brazil, Argentina, Saudi Arabia, South Africa, UAE, Egypt, Israel

Key companies profiled

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, AnTech.

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

Report Scope:

In this report, the Global Drilling Services Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

       ·         Drilling Services Market, By Services:

o   Directional Drilling

§  Measurement While Drilling

§  Logging While Drilling

§  Rotary Steerable System and Others

o   Non-Directional Drilling

       ·         Drilling Services Market, By Application:

    • Onshore
    • Offshore
      • Shallow Water
      • Deepwater
      • Ultra-Deepwater

       ·         Drilling Services Market, By End User:

o   Oil & Gas

o   Mining

o   Water Exploration

o   Others

       ·         Drilling Services Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Asia-Pacific

§  China

§  India

§  Japan

§  South Korea

§  Indonesia

o   Europe

§  Germany

§  United Kingdom

§  France

§  Russia

§  Spain

o   South America

§  Brazil

§  Argentina

o   Middle East & Africa

§  Saudi Arabia

§  South Africa

§  Egypt

§  UAE

§  Israel

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Drilling Services Market.

Available Customizations:

lTech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global Drilling Services Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Service Overview

1.1.     Market Definition

1.2.     Scope of the Market

1.3.     Markets Covered

1.4.     Years Considered for Study

1.5.     Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Impact of COVID-19 on Global Drilling Services Market

4.    Executive Summary

5.    Voice of Customers

6.    Global Drilling Services Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Services (Directional Drilling (Measurement While Drilling, Logging While Drilling, Rotary Steerable System and Others) and Non-Directional Drilling)

6.2.2.    By Application (Onshore & Offshore (Shallow Water, Deepwater & Ultra Deepwater))

6.2.3.    By End User (Oil & Gas, Mining, Water Exploration, Others)

6.2.4.    By Region

6.2.5.    By Company (2022)

6.3.  Market Map

7.    North America Drilling Services Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Service

7.2.2.    By Application

7.2.3.    By End User

7.2.4.    By Country

7.3.  North America: Country Analysis

7.3.1.    United States Drilling Services Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.           By Value 

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.           By Service

7.3.1.2.2.           By Application

7.3.1.2.3.           By End User

7.3.2.    Canada Drilling Services Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.           By Value 

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.           By Service

7.3.2.2.2.           By Application

7.3.2.2.3.           By End User

7.3.3.    Mexico Drilling Services Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.           By Value 

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.           By Service

7.3.3.2.2.           By Application

7.3.3.2.3.           By End User

8.    Asia-Pacific Drilling Services Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Service

8.2.2.    By Application

8.2.3.    By End User

8.2.4.    By Country

8.3.  Asia-Pacific: Country Analysis

8.3.1.    China Drilling Services Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.           By Value 

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.           By Service

8.3.1.2.2.           By Application

8.3.1.2.3.           By End User

8.3.2.    India Drilling Services Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.           By Value 

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.           By Service

8.3.2.2.2.           By Application

8.3.2.2.3.           By End User

8.3.3.    Japan Drilling Services Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.           By Value 

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.           By Service

8.3.3.2.2.           By Application

8.3.3.2.3.           By End User

8.3.4.    South Korea Drilling Services Market Outlook

8.3.4.1.        Market Size & Forecast

8.3.4.1.1.           By Value 

8.3.4.2.        Market Share & Forecast

8.3.4.2.1.           By Service

8.3.4.2.2.           By Application

8.3.4.2.3.           By End User

8.3.5.    Indonesia Drilling Services Market Outlook

8.3.5.1.        Market Size & Forecast

8.3.5.1.1.           By Value 

8.3.5.2.        Market Share & Forecast

8.3.5.2.1.           By Service

8.3.5.2.2.           By Application

8.3.5.2.3.           By End User

9.    Europe Drilling Services Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Service

9.2.2.    By Application

9.2.3.    By End User

9.2.4.    By Country

9.3.  Europe: Country Analysis

9.3.1.    Germany Drilling Services Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.           By Value 

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.           By Service

9.3.1.2.2.           By Application

9.3.1.2.3.           By End User

9.3.2.    United Kingdom Drilling Services Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.           By Value 

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.           By Service

9.3.2.2.2.           By Application

9.3.2.2.3.           By End User

9.3.3.    France Drilling Services Market Outlook

9.3.3.1.        Market Size & Forecast

9.3.3.1.1.           By Value 

9.3.3.2.        Market Share & Forecast

9.3.3.2.1.           By Service

9.3.3.2.2.           By Application

9.3.3.2.3.           By End User

9.3.4.    Russia Drilling Services Market Outlook

9.3.4.1.        Market Size & Forecast

9.3.4.1.1.           By Value 

9.3.4.2.        Market Share & Forecast

9.3.4.2.1.           By Service

9.3.4.2.2.           By Application

9.3.4.2.3.           By End User

9.3.5.    Spain Drilling Services Market Outlook

9.3.5.1.        Market Size & Forecast

9.3.5.1.1.           By Value 

9.3.5.2.        Market Share & Forecast

9.3.5.2.1.           By Service

9.3.5.2.2.           By Application

9.3.5.2.3.           By End User

10. South America Drilling Services Market Outlook

10.1.             Market Size & Forecast

10.1.1. By Value

10.2.             Market Share & Forecast

10.2.1. By Service

10.2.2. By Application

10.2.3. By End User

10.2.4. By Country

10.3.             South America: Country Analysis

10.3.1. Brazil Drilling Services Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.         By Value 

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By Service

10.3.1.2.2.         By Application

10.3.1.2.3.         By End Use

10.3.2. Argentina Drilling Services Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.         By Value 

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By Service

10.3.2.2.2.         By Application

10.3.2.2.3.         By End Use

11. Middle East & Africa Drilling Services Market Outlook

11.1.             Market Size & Forecast

11.1.1. By Value

11.2.             Market Share & Forecast

11.2.1. By Service

11.2.2. By Application

11.2.3. By End User

11.2.4. By Country

11.3.             Middle East & Africa: Country Analysis

11.3.1. Saudi Arabia Drilling Services Market Outlook

11.3.1.1.     Market Size & Forecast

11.3.1.1.1.         By Value 

11.3.1.2.     Market Share & Forecast

11.3.1.2.1.         By Service

11.3.1.2.2.         By Application

11.3.1.2.3.         By End Use

11.3.2. South Africa Drilling Services Market Outlook

11.3.2.1.     Market Size & Forecast

11.3.2.1.1.         By Value 

11.3.2.2.     Market Share & Forecast

11.3.2.2.1.         By Service

11.3.2.2.2.         By Application

11.3.2.2.3.         By End Use

11.3.3. UAE Drilling Services Market Outlook

11.3.3.1.     Market Size & Forecast

11.3.3.1.1.         By Value 

11.3.3.2.     Market Share & Forecast

11.3.3.2.1.         By Service

11.3.3.2.2.         By Application

11.3.3.2.3.         By End Use

11.3.4. Israel Drilling Services Market Outlook

11.3.4.1.     Market Size & Forecast

11.3.4.1.1.         By Value 

11.3.4.2.     Market Share & Forecast

11.3.4.2.1.         By Service

11.3.4.2.2.         By Application

11.3.4.2.3.         By End Use

11.3.5. Egypt Drilling Services Market Outlook

11.3.5.1.     Market Size & Forecast

11.3.5.1.1.         By Value 

11.3.5.2.     Market Share & Forecast

11.3.5.2.1.         By Service

11.3.5.2.2.         By Application

11.3.5.2.3.         By End Use

12. Market Dynamics

12.1. Drivers

12.1.1. Rising demand of Crude oil 

12.2. Challenges

12.2.1. Stringent rules associated with energy wastage

13. Market Trends & Developments

13.1.   Growing Investment in Drilling Operations

14. Company Profiles

14.1.  Schlumberger Ltd

14.1.1. Business Overview

14.1.2. Key Revenue and Financials (If Available)

14.1.3. Recent Developments

14.1.4. Key Personnel

14.1.5. Key Product/Services

14.2. Gyrodata

14.2.1. Business Overview

14.2.2. Key Revenue and Financials

14.2.3. Recent Developments

14.2.4. Key Personnel

14.2.5. Key Product/Services

14.3.  Stockholm Precision Tools AB (SPT)

14.3.1. Business Overview

14.3.2. Key Revenue and Financials (If Available)

14.3.3. Recent Developments

14.3.4. Key Personnel

14.3.5. Key Product/Services

14.4. Icefield Tools Corporation

14.4.1. Business Overview

14.4.2. Key Revenue and Financials (If Available)

14.4.3. Recent Developments

14.4.4. Key Personnel

14.4.5. Key Product/Services

14.5. Devico AS

14.5.1. Business Overview

14.5.2. Key Revenue and Financials (If Available)

14.5.3. Recent Developments

14.5.4. Key Personnel

14.5.5. Key Product/Services

14.6. Halliburton

14.6.1. Business Overview

14.6.2. Key Revenue and Financials (If Available)

14.6.3. Recent Developments

14.6.4. Key Personnel

14.6.5. Key Product/Services

14.7. Weatherford

14.7.1. Business Overview

14.7.2. Key Revenue and Financials

14.7.3. Recent Developments

14.7.4. Key Personnel

14.7.5. Key Product/Services

14.8. Baker Hughes (U.S.)

14.8.1. Business Overview

14.8.2. Key Revenue and Financials (If Available)

14.8.3. Recent Developments

14.8.4. Key Personnel

14.8.5. Key Product/Services

14.9. Axis Mining Technology

14.9.1. Business Overview

14.9.2. Key Revenue and Financials (If Available)

14.9.3. Recent Developments

14.9.4. Key Personnel

14.9.5. Key Product/Services

14.10.          Scientific Drilling

14.10.1.              Business Overview

14.10.2.              Key Revenue and Financials (If Available)

14.10.3.              Recent Developments

14.10.4.              Key Personnel

14.10.5.              Key Product/Services

14.11.          Inertial Sensing One AB

14.11.1.              Business Overview

14.11.2.              Key Revenue and Financials (If Available)

14.11.3.              Recent Developments

14.11.4.              Key Personnel

14.11.5.              Key Product/Services

14.12.          Nabors Industries

14.12.1.              Business Overview

14.12.2.              Key Revenue and Financials (If Available)

14.12.3.              Recent Developments

14.12.4.              Key Personnel

14.12.5.              Key Product/Services

14.13.          China Oilfield Services Limited

14.13.1.              Business Overview

14.13.2.              Key Revenue and Financials (If Available)

14.13.3.              Recent Developments

14.13.4.              Key Personnel

14.13.5.              Key Product/Services

14.14.          AnTech

14.14.1.              Business Overview

14.14.2.              Key Revenue and Financials (If Available)

14.14.3.              Recent Developments

14.14.4.              Key Personnel

14.14.5.              Key Product/Services

15. Strategic Recommendations

16.  About Us & Disclaimer        

Figures and Tables

Frequently asked questions

down-arrow

Major players in the Global Drilling Services Market are 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, AnTech.

down-arrow

Growing need for drilling services as a result of ongoing field developments and rising crude oil demand are driving the market.

down-arrow

The dominant region in Global Drilling Services Market is North America. It is anticipated that during the projected period, drilling services demand will be driven by the rapid expansion of drilling activities and the rise in the number of horizontal wells in the region.

down-arrow

Growing preference for clean energy technologies adoption could limit market expansion.

profile

Parvati Sharma

Account Manager BD
Press Release

Drilling Services Market Is Expected To Grow With A High CAGR In The Forecast Period

May, 2023

Growing demand for energy consumption and rising drilling project investments are propelling the Global Drilling Services Market growth in the forecast period.