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The global directional drilling services market size is expected to reach USD 13.87 billion by 2027. The growing adoption of advanced techniques for drilling multiple wells with minimal downtime is expected to promote the healthy growth of the market, mentioned in a report, titled “Directional Drilling Services Market Size, Share & COVID-19 Impact Analysis, By Type (Conventional and Rotary Steerable Systems (RSS)), By Location (Onshore and Offshore), By Service (Measurement While Drilling (MWD), Logging While Drilling (LWD), Rotary Steerable System, Mud Motors, and Others), and Regional Forecasts, 2020-2027.” The market size stood at USD 10.38 billion in 2019 and is expected to exhibit a CAGR of 9.3% between 2020 to 2027.
Contract Won by WEATHERFORD for Directional Drilling to Intensify Development
Weatherford International plc, an Irish-domiciled multinational oil, and gas company announced that it has signed a three-year contract with the Abu Dhabi Company for Offshore Petroleum Operations Limited. The $220 million will encompass directional drilling services in the offshore production of ADNOC Offshore in the UAE. Moreover, the contract also includes the Weatherford Magnus® rotary steerable system in both re-entry wells and new wells. Through this contact, the company will address operators’ need for speed without sacrificing directional control. It will also include unique design elements for maximizing reservoir exposure and monetizing the value of the well. The increased reliability and improved utilization of curved directional drilling are expected to have a tremendous impact on the market owing to the accuracy of the wellbore in placement and quality delivery.
Rising Focus on Untapped Oil & Gas Reserves to Aid Expansion
The rising oil & gas demand has resulted in advanced exploration activities, which, in turn, will bode well for the market. The never-ending need for oil in power generation, manufacturing goods, transportation will enable speedy expansion of the market. Likewise, the substantial demand for shale gas, tight gas, and coal bed methane owing to the rising
globalization and socio-economic development will encourage the market in the forthcoming years. The increasing reliability of hydrocarbons, oil, and gas will impel manufacturers to invest in untapped reserves, which, in turn, will drive the market.
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Adoption of Advanced Technologies in Drilling by Companies to Consolidate Business
The constant efforts of companies towards developing advanced technologies and services for directional drilling applications in the oil & gas industry will spur competition among major players. The prominent players are adopting strategies such as mergers & acquisitions, product development, and collaborations to strengthen its position in the market. The rising concentration on efficient services and solutions in oil & gas development & transportation will further aid the development of the market in the foreseeable future.
The Report Lists the Main Companies in the Directional Drilling Services Market:
Further Report Findings:
The Market for Directional Drilling Services is Segmented into:
Value (USD Billion)