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Directional Drilling Services Market to Exhibit a CAGR of 9.3% by 2027; Rising Dependability on Crude Oil to Stimulate Growth

September 02, 2020 | Energy & Power

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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/directional-drilling-services-market-100867


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:



  • Schlumberger (Texas, US)

  • Baker Hughes (Texas, US)

  • Halliburton (Texas, US)

  • Weatherford (Texas, US)

  • National Oilwell Varco (Texas, US)

  • Nabors Industries (Hamilton, Bermuda)

  • Leam Drilling Systems LLC (Louisiana, United States)

  • Jindal Drilling & Industries Limited (Haryana, India)

  • Gyrodata (Texas, United States)

  • China Oilfield Services Limited (Beijing, China)

  • Phoenix Technology Services (Calgary, Canada)

  • Scientific Drilling (Texas, US)

  • AlMansoori Specialized Engineering (Abu Dhabi, UAE)

  • NewTech Services (Moscow, Russia)

  • Integra (New Jersey, United States)


Further Report Findings:



  • Regional Analysis: The market in Middle East & Africa (MEA) is expected to hold the lion’s share during the forecast period owing to the rising offshore activities and fleet expansion in Qatar, Saudi Arabia, and the United Arab Emirates. For instance, ANDOC announced that it has schemes to expand its rig fleet to support the upstream growth plans.

  • Leading Segment: Measurement While Drilling (MWD) and Logging While Drilling (LWD) are expected to account for a significant share in the global market due to the rising attempts of companies to effectively drill deep formations and achieve real-time monitoring.


The Market for Directional Drilling Services is Segmented into:











































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion)



Segmentation



By Type



  • Conventional

  • Rotary Steerable Systems (RSS)



By Location



  • Onshore

  • Offshore



By Service



  • Measurement While Drilling (MWD)

  • Logging While Drilling (LWD)

  • Rotary Steerable System

  • Mud Motors

  • Others



By Geography



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Norway, Russia, and Rest of Europe)

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

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

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


Directional Drilling Services Market
  • PDF
  • 2019
  • 2016-2018
  • 140

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

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