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August 29, 2019 | Energy & Power
The Global Direction Drilling Services Market is poised to showcase a staggering growth trajectory on account of increasing number of discoveries of potential oil and gas reserves. According to the report published by Fortune Business Insights, titled “Directional Drilling Services: Global Market Analysis, Insights, and Forecast, 2018-2026”, the market value of directional drilling services in 2018 was above US$ 9 bn and is anticipated to reach US$ 18 bn as 2026 ends.
Directional drilling is steadily gaining global attention owing to the increasing exploration and production (E & P) activities of both the private and public sectors. It is a more efficient and accurate technique compared to the conventional drilling methods as it allows maximizing output by drilling multiple wells in a lateral manner from a single location.
Greater Economic Benefits to Make Onshore Location a Lucrative Option
Onshore drilling offers a variety of advantages which is likely to fuel the global directional drilling services market revenue during the forecast period. For example, onshore drilling activities enable digging of several wells from a single location which brings down the production costs and maximizes profit. New technologies, fewer environmental risks, and ease of drilling are the other crucial factors that will create vast opportunities in the global market in the coming decade.
Effective Monitoring of Underground Conditions to Boost LWD and MWD Techniques
Advanced techniques such as Logging While Drilling (LWD) and Measurement While Drilling (MWD) allow for real-time monitoring of downhole conditions, minimizing the risks involved in such activities. The LWD and MWD systems are contained in the bottom hole assembly (BHA) where data is collected and transmitted to the surface station for final interpretation. This can aid the operators to make informed decisions and help them in drilling the well as accurately as possible, driving the global directional drilling services market growth. When these techniques employed in association with Rotary Steerable Systems (RSS), the entire process becomes even more accurate and efficient.
Competitors Look to Mark Their Presence on a Global Scale
In late 2018, Baker Hughes announced that it will be involved in setting up a new Oilfield Services facility in Saudi Arabia with the aim to accelerate the E&P activities in the region. The facility will have three OFS lines, including pressure pumping, wireline services, and drilling services. Such expansion activities by private companies is expected to significantly boost the global directional drilling services market size. “Innovation will also play a key role in the development of the market,” says a lead analyst at Fortune Business Insights. For example, Weatherford launched its Magnus Rotary Steerable System in April 2018 that is equipped with real-time bottomhole-assembly diagnostics technology.
Some of the major players in the global market include Leam Drilling Systems, China Oilfield Services Limited, NewTech Services, Weatherford, Jindal Drilling & Industries Limited, National Oilwell Varco, Phoenix Technology Services, Baker Hughes, and others.
Asia-Pacific to Emerge as a Promising Market; North America to Hold a Dominant Share
Among regions, North America is projected to hold a dominant portion of the global directional drilling services market share as a result of advanced exploration technologies and abundant availability of offshore and onshore reserves. The market in Asia-Pacific is expected grow rapidly owing to fast-rising energy demands and increasing E&P activities by the public and private sector entities. The two most notable regions will be the Middle East and Africa and Latin America on account of vast oil reserves, presence of oil and gas at shallower depths, and large offshore assets.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/directional-drilling-services-market-100867
The global directional drilling market is segmented as follows:
· Rotary Steerable Systems (RSS)
· Measurement While Drilling (MWD)
· Logging While Drilling (LWD)
· Rotary Steerable Systems (RSS)
· Mud Motors
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Norway, Russia, and Rest of Europe)
· Asia Pacific (China, India, Indonesia, Thailand, Australia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico, Argentina, Chile, Peru, and Rest of Latin America)
· Middle East & Africa (Saudi Arabia, UAE, Qatar, Kuwait, Oman, Algeria, and Rest of the Middle East & Africa)