Drilling Services Market to Record CAGR of 7.46% Over 2025-2032; Increasing Energy Demand Driven By Development of New Commercial and Industrial Infrastructures to Fuel Market Growth

The global drilling services market size was valued at USD 16.48 billion in 2024 and is predicted to reach USD 17.82 billion in 2025. The market is anticipated to touch USD 29.49 billion by 2032, recording a CAGR of 7.46% over 2025-2032.

Fortune Business Insights™ presents this information in its latest report titled “Drilling Services Market Size, Share & Industry Analysis, By Service (Directional Drilling {Logging While Drilling (LWD), Measurement While Drilling (MWD), Rotary Steerable System (RSS), Mud Motors, and Others} and Non-Directional Drilling), By Application (Onshore and Offshore {Shallow Water, Deepwater, and Ultra-Deepwater}), By End-User (Oil & Gas, Mining, Water Exploration, and Others), and Regional Forecast, 2025-2032”.

Drilling services encompass a range of activities aimed at creating holes in the ground or other materials for the extraction of resources and construction purposes. The global market for these services is expected to observe strong demand during the forecast period, driven by the increasing global energy demand and the rising need for resource exploration and production.

However, the COVID-19 pandemic had a negative impact on the global market, affecting various industries. It significantly disrupted the demand for hydrocarbons and hindered mining operations, which in turn impeded market growth.

PV Drilling and Baker Hughes (M) Sdn Signed a MoU to Strengthen Their Partnership in Drilling and Well Services

In February 2025, PV Drilling and Baker Hughes (M) Sdn entered into a Memorandum of Understanding (MoU) to strengthen their partnership in drilling and well services. This agreement seeks to improve collaboration between the two companies in Asia Pacific, coinciding with PV Drilling's strategy to expand its service offerings, adopt advanced technologies, and deliver innovative technical solutions.

Increasing Energy Demand Driven By Development of New Commercial and Industrial Infrastructures to Fuel Market Growth

Many countries around the world have experienced a notable rise in overall energy consumption in recent years. The development of new commercial and industrial infrastructures is driving both developed and developing markets to address this substantial energy demand, which in turn stimulates market growth. Furthermore, significant investments in various sectors, including mining, manufacturing, commerce, and construction, have led both private and public authorities to enhance their efforts to meet increasing consumer demand during peak hours.

However, the introduction of significant renewable power generation targets by governments and organizations aimed at reducing carbon emissions may pose challenges to the global drilling services market growth.

Major Players to Introduce Cutting-edge Drilling Solutions to Stay Competitive

The global market exhibits a highly competitive structure, with international players commanding a significant share. Schlumberger, Halliburton, Baker Hughes, and Weatherford International are among the major players that are leading the market with their outstanding service offerings, innovative technologies, and strong global presence. These players are spending heavily on R&D activities to introduce cutting-edge drilling solutions, such as innovative drilling methods, automation, and digitalization, to stay ahead of market competition.

Notable Industry Development

• March 2025: Halliburton Co. and Sekal AS introduced the world’s first automated on-bottom drilling system, merging Halliburton’s LOGIX automation and remote operations with Sekal’s Drilltronics and the rig automation control system. The system was implemented for a well-operated Equinor ASA situated on the Norwegian Continental Shelf and included an integrated closed-loop control solution.

List of Key Companies Profiled in the Report

• Schlumberger (U.S.)
• Baker Hughes (U.S.)
• Petrofac (U.K.)
• Nabors Industries (U.S.)
• Halliburton (U.S.)
• Weatherford (Switzerland)
• TechnipFMC (U.K.)
• China Oilfield Services Limited (China)
• Epiroc (Sweden)
• Patterson UTI (U.S.)
• Valaris (U.K.)
• Seadrill (Bermuda)
• Precision Drilling Corporation (Canada)
• Petrofac (U.K.)
• International Drilling Services LLC (Oman)

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

https://www.fortunebusinessinsights.com/drilling-services-market-104784

Further Report Findings

• North America is expected to lead the global drilling services market share in the coming years. This growth is driven by the strong presence of numerous major players, advanced expertise in drilling complex formations, supportive government policies, and the launch of new projects. The U.S. is a significant contributor to the drilling services market due to the availability of extensive shale formations in regions such as the Permian Basin, Eagle Ford, and Marcellus.
• The European drilling services market includes a mix of well-established offshore sites in the North Sea and a growing interest in geothermal energy.
• In terms of services, directional drilling is expected to be the leading segment in the market. The growth of this segment can be linked to the increasing demand for drilling advanced wells in unconventional formations and the identification of new reserves in intricate reservoirs.

Table of Segmentation