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The global logging while drilling (LWD) market size stood at USD 2.82 billion in 2018 and is projected to reach USD 5.05 Billion by 2026, exhibiting a CAGR of 7.6% during the forecast period.
International crude oil prices are continuously fluctuating, thus affecting the E&P activities around the world. Operators are consistently trying to minimize the production cost by inveting in the advancement of technology. Several techniques are used to tactically handle the complications while drilling. Logging while drilling (LWD) is one of the significant services used by oilfield service companies to obtain real-time formation evaluation. The physical properties of the well such as porosity, density, resistivity, conductivity, and saturation among others decide the production capability of the borewell. LWD is very important in investigating the actual physical properties of the borewell which allows the operator to make changes and reassessment during the process. It also helps to calculate the rate of penetration which is crucial in determining the speed at which the borewell is being drilled. Several methods are used to get real-time formation information and these include electromagnetic logging, acoustic logging, and nuclear magnetic resonance logging among others. These techniques help to optimize the exploration activities and improve the rate of penetration. Many operators seek precise and reliable information for evaluation, that further helps them to take crucial decisions about borewell future production. In addition, ever increasing demand for oil and gas owing to the tremendous growth of industries, rising capital expenditure, and growing urbanization are stimulating the E&P activities around the world. Also, a rise in demand for technical expertise for cost-competitive production of the oil and gas set to propel the industry outlook.
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The U.S. petroleum industry maintains a high level of drilling and spending on drilling-related goods and services, despite the instability in the international crude oil prices. This substantial level of activity is expected to continue in the foreseeable future. The exploration and production activities in the U.S. is stimulated by incessant demand for oil and gas. In addition, the shale gas revolution has remarkably impacted global energy overlooks. The natural gas production in the United States rose by double fold between 2007 and 2017, pushing the natural gas prices down by more than two-thirds during the same period. Oilfield service companies are trying to pace up with the increasing demand by investing in exploration and production activities. United States rig count growth exhibited a 66.66% year-over-year gain from 2016 to 2017 and rig count level could remain steady for the year 2018. According to the World Oil report, in the year 2017, there wasa 12% increase in overall U.S. drilling activity, up-to 27,095 wells drilled as compared with the previous year. Several oilfield service companies are deploying logging-while-drilling systems to get real-time formation information for increasing their overall production. Henceforth, the growing drilling activities in the region coupled with increasing demand for oil and gas is set to boost the market.
“Increasing Demand for Real-Time Formation Evaluation to Optimize the Production Cost”
Oilfield service companies are strategically planning the overall exploration for cost-competitive production of oil and gas. Various techniques are used to enhance the performance of the well to maximize the production. Logging-while- drilling provides precise formation evaluation which is quintessential in making sensible decisions about the future well operations. It not only helps the operator to get actual information of the well but also reduces the complications involved in the production.
“Spurring Surge in Oil And Gas Demand to Boost Market”
The economic growth across the world is driven by the expansion of industries, growing urbanization, technological advancement, and rising capital expenditure among others. Energy is a vital part of the development process and hence various emerging regions witnessing the significance of E&P activities that anticipated the growth of the market.
“Exponential Investment in Onshore Drilling”
Drilling rigs are the key to exploring valuable hydrocarbon reserves and used in a number of stages throughout the life cycle of the oil and gas field. The oilfield companies are deploying rigs onshore and offshore to extract thoil and gas. The Onshore drilling segment accounts for a substantial share in the overall drilling operation in the world. Here, deep drilling requires the earth’s surface as onshore drilling provides superior stability.
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There are many economic benefits in land-based drillings such as availability of shale gas and equipment that can be easily moved from site to site that reduces the production cost. Numerous operators focused on increasing onshore drilling activities due to easily available resources, low cost of drilling, and flexibility over planning. However, offshore drilling is gaining momentum due to the high potential of productivity and undiscovered region. In the upcoming years, the offshore segment is anticipated to grow at a steady rate.
Drilling is a quintessential part of the exploration of hydrocarbon. It not only provides ease of operation but also extracts an ample amount of oil and gas without any complications. Over the years, the consumption of hydrocarbon increased substantially due to extensive industrialization and growing urbanization. Operators around the world are continuously increasing the production of oil and gas to meet the demands. North America is playing a crucial role in the international oil and gas scenario. Specifically, the United States emerges as a net exporter of natural gas owing to the shale gas revolution. Also, several companies in the region are heavily investing in drilling activities, that is likely to drive the market. In Latin America, the Mexican government’s initiative to bolster the sagging production by allowing private companies to invest in drilling activities is driving the regional market. On the other side, Brazil is expected to surpass Norway’s output due to the increase in drilling activities by major companies. Argentina is also playing a key role in developing unconventional resources for venture development projects.
North America Logging While Drilling Market Size, 2018
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The economic progress in recovering hydrocarbon in Norwegian Continental Shelf, coupled with the consistent investment by major companies are anticipated to bode well for the market. Operators in the region showed a keen interest in new acreage during the bidding of the licensing round. As per the World Oil Reports, Norwegian drilling activities rose by 2.4% in 2018 and is expected to bolster the market growth. Norwegian drilling activities rose by 2.4% in 2018 by World Oil reports that set to bolster the growth of the market. Similarly, the UK, Germany, and Italy among others are consistently investing in drilling activities to reduce the dependency on oil imports. Russia is likely to dominate the European market owing to the rise in exploration and production activities.
Asia Pacific is one of the fastest-growing regions in the world with emerging economies such as India, China, and Japan, among others. China is strategically developing in various segments such as chemicals, automotive, electrical & electronics, aviation and aerospace that tremendously increased the demand for oil and gas. The major companies in China are enormously investing in exploration and production activities to meet the growing demand for hydrocarbon, and this is likely to bolster the market. Also, the Indian government and private entities showing a keen interest in reducing the dependency on imports of oil set to drive the market. In Middle East & Africa, the oil magnate nations such as Saudi Arabia, UAE, Oman, Kuwait, Algeria, Angola, and Egypt among others are projected to boost the market in the forecast period.
“Schlumberger, Halliburton, and Baker Hughes Continues to Dominate Market”
The market is mainly dominated by leading companies in the oilfield services such as Schlumberger, Halliburton, Baker Hughes, and Weatherford among others. These companies have a strong presence across various geographical regions. They provide oilfield services such as seismic service, drilling service, completion and workover service, production service, procession and separation service along with several other requirements by the operator. Also, there are other LWD market players that provide drilling services including directional drilling, logging-while-drilling, measurement while drilling and other services. The companies are continuously venturing to invest in research and development to minimize the production cost and improve the performance of the well. Accordingly, oilfield service companies are likely to see exciting growth in the upcoming years.
Ever since the oil price crash in 2014, the global oil & gas consumption has grown at a rapid pace owing to the expansion of industries and commercial sector. Trades and disputes between China and the U.S could weigh on the growth of the oilfield services. Meanwhile, the U.S. shale gas continues to be the biggest source of production growth year after year, owing to the rising investment in exploration and production activities. In addition, various regions are likely to increase the drilling activities to meet the growing demand for oil and gas. Several industry players are venturing interest in minimizing the overall production cost with the help of technological advancement. Logging while drilling is one of the key services to get real-time information from well that helps to make a crucial decision in the exploration and production process. Numerous factors affect the performance of the well such as porosity and resistivity of the rock, grain size, grain shape, and formation, etc. Logging-while-drilling is very useful to get the information of these factors which help to calculate the rate of penetration, essential for determining the speed of drilling of the well. Henceforth, LWD is projected to gain significant value in the market.
The report provides detailed information regarding various insights into the market. Some of them are growth drivers, restraints, competitive landscape, regional analysis, and challenges. It further offers an analytical depiction of the logging while drilling market trends and estimations to illustrate the forthcoming investment pockets. The logging while drilling market growth is quantitatively analyzed from 2019 to 2026 to provide the financial competency of the market. The information gathered in the report has been taken from several primary and secondary sources.
An Infographic Representation of Logging While Drilling (LWD) Market
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Along with this, the report provides an elaborative analysis of the LWD market dynamics and competitive landscape. Various key insights presented in the report are the price trend analysis, recent industry developments in this market, such as mergers & acquisitions, the regulatory scenario in crucial countries, macro, and microeconomic factors, SWOT analysis, and key industry trends, competitive landscape and company profiles.
Value (USD Billion)
Fortune Business Insights says that the logging while drilling market was valued at USD 2.82 billion in 2018.
The global logging while drilling market is forecasted to reach USD 5.05 billion in 2026.
The logging while drilling market is expected to grow at a CAGR 7.6% in the forecast period.
The logging while drilling market in North America was valued at USD 1.13 billion in 2018.
The onshore segment is projected to dominate the market owing to incessant drilling operations across the world.
Incessant investment in drilling operations to meet the growing demand for oil and gas likely to bolster the market growth. Though, alternate technology such as wireline logging that provides cost-effective solutions is set to retard the market.
Schlumberger, Halliburton, Baker Hughes, Weatherford, and Scientific Drilling among others are some of the top companies in the logging while drilling market.
It is a tool to get real-time formation information to make critical decisions about future well operations. Logging while drilling also provides significant facts about well such as porosity, resistivity, acoustic waveform, hold direction and weight on the bit which is important in calculating the speed at which the well is being drilled.
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