"Actionable Insights to Fuel Your Growth"

Measurement While Drilling Market Size, Share & Industry Analysis, By Application (Onshore and Offshore {Shallow Water, Deepwater, and Ultra-Deepwater}), and Regional Forecast, 2020-2027

Region : Global | Format: PDF | Report ID: FBI102804

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global measurement while drilling market size stood at USD 1.79 billion in 2019 and is projected to reach USD 2.15 billion by 2027, exhibiting a CAGR of 7.2% during the forecast period.  

COVID-19 Cover

This report covers COVID-19 impact analysis on Measurement While Drilling Market

Request Sample

The world economy is shrinking due to the coronavirus pandemic, which has  severely hit economic activities around the world. Businesses around the world are on a virtual standstill to contain the spread of the virus. It has also crumbled the balance sheet of oil and gas companies. Many companies are experiencing heat due to a sharp fall in crude oil prices in the international market. Oilfield services companies and operators are deferring investment in new projects to mitigate the financial impact of the COVID-19 outbreak. Government entities and international organizations are working together to provide impetus to the hydrocarbon industry through strategic planning, bilateral talks between producers and consumers, and tax incentives to ease the impact. The market is projected to rebound once the economic activities start across the globe. Though the oil and gas industry is crumbling, it will also experience  new opportunities in the post-nCovid-19 period. This will undoubtedly attract investors to invest in exploration and production activities that boost the demand for measurement while drilling.


MARKET TRENDS


Request a Free sample to learn more about this report.


Spurring Demand for Hydrocarbons to Expand  Opportunities


The persistent demand for oil and gas from different industry verticals present wide-ranging lucrative opportunities. All the countries are striving hard to attain economic development and are massively investing in the energy sector to meet the inflating demand. In addition,  population explosion has raised the demand for consumer goods, resulting in industrial expansion. Similarly, the exponential infrastructure and construction activities, predominantly taking place in developing nations, are increasing the demand for hydrocarbons. Following this trend, national oil companies and operators are investing in new projects to meet the demand, which in turn is boosting the MWD market growth.


Sharp Rise in Adoption of Advanced Technologies  to Optimize  Drilling Operations to Fuel the Market


Technological advancement over the years has allowed drilling at deeper levels. Oilfield service companies are drilling deeper to discover enormous hydrocarbon reserves. Specialized equipment and methods used in this process increase operational reliability while enhancing production. MWD system is able to operate in the harshest environments and provide directional survey data (well path), bottom hole temperature, pressure, drilling parameters, and others. Drilling can be done efficiently after observing these parameters to optimize operations.


MARKET DRIVERS


Growing Focus on Directional Drilling to Propel Market Growth


Directional drilling is experiencing massive growth as it opens multiple opportunities to exploit hydrocarbon wells, which is not possible through vertical drilling. For instance, hydraulically fractured horizontal wells accounted for 69% of oil and natural gas wells drilled in the U.S. for the total linear footable drilling in 2018. In addition, the shale gas revolution in the U.S. is likely to boost the demand for measurement while drilling tools and services to analyze wellbore conditions effectively, which will augur well for the measurement while drilling market growth.


Inflating Exploration and Production Activities Set to Augment  the Market


Consistent investment by major operators for exploration and production (E&P) activities to meet the growing demand for hydrocarbons is set to boost the MWD market outlook. Developing nations are increasingly investing in E&P activities to increase domestic production and reduce the foreign exchange on imports of oil. Measurement while drilling offers a unique solution to analyze wellbore parameters to carry out drilling operations effectively. The oilfield service companies are eyeing for optimum utilization of available resources, which is further driving  the market.


MARKET RESTRAINT


Shrinking Investment due to Pandemic Outbreak and Volatile Prices  to Limit  Growth


The economic slowdown caused by the coronavirus outbreak has put the world in a grave crisis. All economic activities are closed due to lockdowns announced by authorities to contain the spread of the COVID-19 infection. Oil and gas companies have been hit hard by this pandemic, with many of them  fearing bankruptcy.  Many companies are cutting down capital and operational expenditure to mitigate the impact. Furthermore, the recent price  war between Russia and Saudi Arabia has made  crude oil prices highly volatile in the international market. Investors are in a traumatic situation and are procrastinating  new projects due to the volatile market. All these factors are significantly reducing the exploration and production activities, restraining the growth of the MWD market.


SEGMENTATION


By Application Analysis


To know how our report can help streamline your business, Speak to Analyst


Consistent Investment in Land-Based Exploration to Strengthen the Onshore Segment  


A large share of oil and gas production comes through onshore drilling owing to the ease of operation and availability of resources. Onshore exploration is one of the more reliable and traditional methods of extracting hydrocarbon from wells. The cost of drilling is economical as compared offshore drilling. Furthermore, onshore drilling  offers more options for storage and transport of  oil after it is extracted from the well, whereas, offshore drilling requires special equipment and methods for processing the oil and transporting it after extraction. However, high presence of untapped hydrocarbon reserves is likely to expand  investment in offshore drilling.


REGIONAL ANALYSIS


North America Measurement While Drilling Market Size, 2019 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample


The global market is classified into five regions, viz. North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa. MWD is witnessing steady growth on account of rising demand for advanced technologies for cost-effective drilling operations. North America is experiencing healthy growth on account of exponential directional drilling operations in the United States. In addition, the shale gas revolution bolstering the region’s position in the measurement while drilling market share. However, the United States economy is severely hit by the coronavirus pandemic. Many major cities in the country are in facing the brunt of lockdowns to contain the virus spread. Oil and gas companies have stalled their operations and are delaying  new projects to mitigate the effects of the outbreak. Latin America is expected to observe moderate growth, with activities being mainly concentrated in Brazil, Mexico, and Venezuela.


The coronavirus outbreak has severely hit European countries and economic activities are on a virtual standstill. The key economies in Europe, such as the UK, Germany, Italy, and Russia, are taking precautionary measures to contain the spread of the virus. Though the market has crumbled due to pandemic, it is anticipated to rebound in the forecasted period owing to the consistent demand for hydrocarbons.


Similarly, Asian countries are undergoing tough situations due to the rising number of positive Covid-19 cases. The coronavirus first emerged in China and spread globally, causing shrinking of the global economy. China is partially opening its markets amid pandemic fears and allowing operators to carry out business activities. In contrast, the Indian government announced nationwide lockdown in March to contain the spread of corona pandemic, thereby jamming the economic activities. This will certainly strike the market, but there are a number of opportunities post recovery from the Covid-19 outbreak. The oil baron countries in the Middle East have tentatively agreed to cut the production of oil and gas to ease the crumbling market. All the major companies cutting down capital and operational expenditure to attain a steady position  in the market.


KEY INDUSTRY PLAYERS


Rising Concentration on Optimizing Production Costs to Make Market Competition Fierce


The measurement while drilling market is highly dominated by some of the leading companies in the world. Drilling in complex and high-depth wells is only possible through the application of cutting edge technology. MWD provides real-time information about the formation and drill bit to ease the drilling operation. The unpredictable market scenario and growing demand for the economical production of hydrocarbons offer lucrative opportunities to the companies. Hence, the spurring demand for cutting edge technology to cut down production costs is set to offer healthy completion among the market players.   


List of Key Companies Profiled:



  • Schlumberger (United States)

  • Halliburton (United States)

  • Baker Hughes (United States)

  • Weatherford (Switzerland)

  • Nabors Industries (Bermuda)

  • National Oilwell Varco (United States)

  • Jindal Drilling & Industries Ltd (India)

  • Cathedral Energy Services (Canada)

  • Gyrodata (United States)

  • Cougar Drilling Solutions (Canada)

  • Newsco (United States)

  • Target Well Control (Canada)

  • COSL - China Oilfield Services Limited (China)


KEY INDUSTRY DEVELOPMENTS:



  • March 2020: Italian conglomerate ENI is planning to slash its capital expenditure (CAPEX) by approximately USD 2.2 billion as oil prices crumbled below USD 30/barrel on account of the coronavirus pandemic.

  • March 2020: Dagang Nexchange Bhd (DNeX) secured a Pan Malaysia umbrella contract from Petronas Carigali for the provision of drilling services. Under the contract terms, DNeX is responsible for providing directional drilling, measurement while drilling, and logging while drilling equipment and services to Petronas.

  • October 2019:Weatherford signed multiple contracts worth USD 67.4 million for drilling services with a major operator in Russia. The company will provide logging while drilling (LWD), measurement while drilling (MWD), rotary steerable systems (RSS), drilling, and geo-data interpretation services.


FUTURE OUTLOOK


The volatile nature of the hydrocarbon industry and the recent coronavirus outbreak have deferred all new projects to cope up with the situation. Many countries have announced  nationwide lockdowns to contain the spread of the nCovid-19 infection. However, the lockdown has hit hard the global economy  and crumbled the financials of different industry verticals. The oil production war between Saudi Arabia and Russia has caused crude oil prices to plummet to their lowest. However, the recent meeting held by OPEC+ reached to tentative agreement to trim oil production by 10 million barrels per day (BPD) to ease the economic impact of the coronavirus on global demand. Governments are also offering packages to mitigate the severe threat caused by the pandemic. Therefore, in a couple of years, the market will rebound to steady-state with new opportunities and investments.


REPORT COVERAGE


The measurement while drilling market report offers an elaborative analysis of numerous factors affecting this market. These include opportunities, growth drivers, threats, key developments, and restraints. In addition to this, it further helps in analyzing, segmenting, and defining the market based on different segments such as casing type and application. It strategically analyzes several strategies such as product innovations, mergers, alliances, joint ventures, and acquisitions adopted by players in the industry. The report also includes a qualitative analysis of the impact of COVID-19. It includes key initiatives taken by  governments to provide impetus to the crumbling hydrocarbon industry, potential opportunities, and challenges due to pandemic and others. 


An Infographic Representation of Measurement While Drilling Market

To get information on various segments, share your queries with us



Besides this, the report provides a comprehensive analysis of market dynamics, emerging trends, and the competitive landscape of the MWD market. Key insights offered in the report are the adoption trends of residential industry analysis by individual segments, recent industry developments such as partnerships, mergers & acquisitions, consolidated SWOT analysis of key players, Porter’s five forces analysis, and key industry trends.


REPORT SCOPE AND SEGMENTATION





































 ATTRIBUTE



 DETAILS



Study Period



  2016-2027



Base Year



   2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion)



Segmentation



By Application



  • Onshore

  • Offshore

    • Shallow Water

    • Deepwater

    • Ultra-Deepwater





By Region



  • North America (U.S. and Canada)

  • Europe (UK, Germany, Norway, Italy, Russia, and Rest of Europe)

  • Asia-Pacific (China, India, Indonesia, Thailand, Australia, and Rest of Asia-Pacific)

  • Middle East & Africa (Saudi Arabia, UAE, Oman, Kuwait, Algeria, Angola, Egypt,  and Rest of the Middle East & Africa)

  • Latin America (Brazil, Mexico, Argentina, Venezuela, and Rest of Latin America)



Frequently Asked Questions

As per Fortune Business Insights study, the global market is forecasted to reach USD 2.15 billion by 2027 at a CAGR of 7.2% (2020 -2027).

In 2019, the global market size was USD 1.79 billion and is anticipated to reach USD 2.15 billion by 2027 growing at a steady CAGR of 7.2% during the forecast period (2020 -2027).

The onshore segment is set to lead the market on account of persistent investment.

The market size in North America stood at USD 0.67 billion in 2019.

Spurring demand for advanced technology to optimize drilling operation is driving the market.

Schlumberger, Baker Hughes, Halliburton, and Weatherford International are some of the top players in this market.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
Measurement While Drilling Market Size, Share and Global Industry Trend Forecast till 2026
  • May, 2020
  • 2019
  • 2016-2018
  • 110

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . More info.
X