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Logging While Drilling Market Size Worth USD 5.05 Billion by 2026; Incessant Demand for Gas and Oil to Promote Growth

January 07, 2020 | Energy & Power

The logging while drilling market size is anticipated to be worth USD 5.05 Billion by the end of 2026 owing to the rise in exploration activities in oil and gas industry worldwide. Fortune Business Insights in their report titled, “Logging While Drilling Market Size, Share & Industry Analysis, By Application (Onshore, Offshore {Shallow Water, Deepwater, Ultra-Deepwater}), and Regional Forecasts, 2019-2026,” predicts the market to grow from USD 2.82 billion in 2018, with a CAGR of 7.6% during the forecast period of 2019 to 2026.


Increasing Number of Drilling Activities in Oilfields to Help Surge Market Growth


Logging while driving or LWD is an important service that oilfield service companies use for drilling. The energy and power (E & P) activities all around the world are facing major challenges with the fluctuating prices of international crude oil prices. The production capacity of the borewell is determined by properties such as conductivity, saturation, porosity, density, resistivity, and others. LWD is crucial in the investigation of actual physical properties of the borewell allowing the operator to reassess and make changes during the procedure. Logging before drilling also calculates the penetration rate of drilling, thus helping to determine the speed of the borewell drilling. Most of the oilfield service industries are installing logging-while-drilling systems for attaining real-time formation for increasing the overall production. Therefore, the surge in drilling activities is anticipated to boost the logging while drilling market growth during the forecast period.


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


https://www.fortunebusinessinsights.com/industry-reports/logging-while-drilling-lwd-market-101919


Key Segments of Logging While Drilling Market



  • Application – The application segment is further categorized into onshore and offshore sub-segments. Drilling rigs are used for exploring valuable hydrocarbon reserves and utilizing them in several stages, all through the life cycle of the gas and oil field. Gas and oil are extracted by the installation of rigs by oilfield companies in both onshore and offshore settings. As per the report, the onshore drilling segment held a significant share globally owing to the fact that onshore drilling provides superior stability as compared to its offshore counterpart. Besides this, onshore activities drilling has other economic benefits namely availability of shale equipment and gas, ease of mobility from one site to another, and an overall reduction in production cost. Various operators are emphasizing on the rise in onshore drilling activities because of the easy availability of resources, flexibility over planning, and low cost of drilling. On the other side, the high productivity potential of offshore drilling activities, coupled with the vast unexplored region, is anticipated to help increase the logging-while-drilling market revenue for offshore drilling activities in the forecast period.

  • Region –Geographically, the LWD market includes five regions namely Latin America, North America, Asia Pacific, Europe, and the Middle East and Africa. Among these, the largest logging while drilling market share is held by North America, owing to the rise in the production of oil and gas, coupled with the rise in the consumption of hydrocarbon. The US has emerged as the net exporter of natural gas because of the shale gas revolution. Besides this, many companies located in this region are investing huge sums into drilling activities, which ultimately is expected to accelerate the logging while drilling market size in the forthcoming years. However, Asia Pacific is anticipated to emerge as the fastest-growing region because of the increasing drilling activities in developing nations such as Japan, China, and India. China is focusing on developing different segments such as aviation and aerospace, automotive, chemicals, and electrical and electronics. This will help to accelerate the demand for oil and gas, ultimately propelling the logging while drilling market growth in the forecast years. On the other side, the Mexican government is taking initiatives to strengthen the weakening production by permitting investment in drilling activities to private companies. This is anticipated to help gain high Latin America market shares in the near future.


Recent key industry developments of the logging-while-drilling market include



  • February 2019 – A report for the full year and fourth quarter of 2018 was presented by the National Oilwell Varco (NOV) with a revenue generation of USD 2.40 billion in the fourth quarter. This company is further sketching out plans of expanding its global footprint for their logging while drilling and measurement while drilling services.

  • October 2019 – Two major operators in Russia gave two drilling service contracts to Weatherford worth USD 67.4 million. This company is anticipated to provide various services such as geo-data interpretation, measurement while driving (MWD), logging while driving (LWD), and rotary steerable systems (RSS) in different oilfields in Western Siberia.


Additional Oilfield Services Provided by Specific Companies to Intensify Market Competition


Currently, the major vendors holding dominant market share are Weatherford, Halliburton, Baker Hughes, and Schlumberger. This is owing to the fact that they provide oilfield services such as drilling service, workover and completion service, and seismic services. Other logging while drilling market players provide other services besides the ones mentioned above such as measurement while drilling, directional drilling, LWD, and others. All vendors are investing huge sums into research and development activities for minimizing the cost of production and improving the performance of the drilled wells.


Some of the significant players operating in the logging while driving market are mentioned below:



  • COSL- China Oilfield Services Limited

  • Kambi Enterprises Inc.

  • Nabors Industries

  • Weatherford

  • Halliburton

  • APS Technology Inc.

  • National Energy Services Reunited Corp.

  • National Oilwell Varco

  • Scientific Drilling

  • Baker Hughes

  • Schlumberger


The global logging while drilling market is segmented in the following manner:





































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD Billion)



Segmentation



By Application



  • Onshore

  • Offshore

    • Shallow Water

    • Deepwater

    • Ultra-Deepwater





By Region



  • North America (U.S. and Canada)

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

  • 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 Middle East & Africa)


Logging While Drilling (LWD) Market
  • PDF
  • 2018
  • 2015-2017
  • 120

    CHOOSE LICENSE TYPE

  • 4850
    5850
    6850

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