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Measurement While Drilling Market to Rise at 7.2% CAGR till 2027; Increasing Focus on Exploring Offshore Hydrocarbon Reserves to Boost the Market

May 21, 2020 | Energy & Power

The global measurement while drilling market size is projected to reach USD 2.15 billion by 2027, spurred by the rising preference for directional drilling techniques, finds Fortune Business Insights™ in its new report, titled “Measurement While Drilling Market Size, Share & Industry Analysis, By Application (Onshore and Offshore {Shallow Water, Deepwater, and Ultra-Deepwater}), and Regional Forecast, 2020-2027”. The report states that the market value stood at USD 1.79 billion in 2019 and is anticipated to register a CAGR of 7.2% from 2020 to 2027.


However, the COVID-19 outbreak has put the market dynamics in doldrums as the demand for oil and gas has declined sharply owing to nationwide lockdowns and downturn in business activities worldwide. Oil prices reached historic low in April, turning negative for a short period of time. With most drilling projects being stalled or shelved, the demand for drilling equipment and services such as measurement while drilling (MWD) has plummeted.


CAODC Requests Federal Government to Take Measures to Save the Oilfield Services Sector


In early April 2020, the Canadian Association of Oilwell Drilling Contractors (CAODC) called on the Federal Government to extend support to oilfield service sector to prevent its collapse from the twin blows of the Russia-Saudi Arabia oil price war and the COVID-19 pandemic. In order to survive this unforeseen situation, the CAODC has asked the government to defer payroll deductions and HST and GST remittances by six months and purchase proceedings from services and drilling rig companies at a discounted value. This is one of the many examples across the globe where organizations representing companies in the oil & gas sector are taking concerted efforts to stave off the sector from this unprecedented crisis.


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


https://www.fortunebusinessinsights.com/measurement-while-drilling-market-102804


Efficiency-boosting Properties of MWD to Stoke Adoption


While the MWD market growth prospects have been dampened this year, the market outlook for the post-pandemic phase appears optimistic owing to the numerous advantages offered by the measurement while drilling. For example, MWD integrates measurement tools from logging while drilling (LWD) equipment into its drill-string and enables operators to get real-time information from the well-site. Utilizing accelerometers, magnetometers, and gyroscopes, MWD, along with real-time drilling information, provides directional data, drillbit information, and wellbore position. Most importantly, it makes geo-steering in complex wells more convenient and efficient. Thus, once the currently stalled drilling projects restart, the demand for this advanced drilling technique is set to skyrocket as the pent-up demand for energy is likely to explode once the pandemic abates.


Companies to Focus on Navigating through the Financial Crisis Created by the Pandemic


Key players in this market are devising strategies to soften the impending financial blow that this pandemic is likely to have on the global energy industry in 2020. As a consequence, companies are curtailing their capital and revenue expenditure to shore up their finances as well as exploring avenues to maintain their revenue streams. While large player such as Baker Hughes and Halliburton as relatively well-placed to tackle this crisis, smaller players are unlikely to survive during these troubled times.


Industry Development:



  • March 2020: Eni, the Italian oil & gas MNC, announced the cutting of its operational and capital expenditure (OPEX & CAPEX) for the next couple years, citing the sudden dip in commodity prices worldwide. The company will reduce its CAPEX by USD 2.2 billion in 2020 and OPEX by Eur400 million.


List of Companies Profiled in the Measurement While Drilling Market Report:   



  • Target Well Control (Canada)

  • Cougar Drilling Solutions (Canada)

  • Cathedral Energy Services (Canada)

  • National Oilwell Varco (United States)

  •  Weatherford (Switzerland)

  • Halliburton (United States)

  • COSL - China Oilfield Services Limited (China)

  • Newsco (United States)

  • Gyrodata (United States)

  • Jindal Drilling & Industries Ltd (India)

  •  Nabors Industries (Bermuda)

  • Baker Hughes (United States)

  • Schlumberger (United States)


Further Report Findings:



  • The onshore segment is envisaged to lead the market share during the forecast period owing to the cost- and operational-efficiency of onshore drilling activities.

  • With a market size of USD 0.67 billion in 2019, North America is expected to command the measurement while drilling market share on account of the shale gas revolution in the region.

  • However, in all the regions studied in the MWD market report, market growth is expected to be subdued owing to the exponential spread of the COVID-19 infection.


Table of Segmentation:





































 ATTRIBUTE



 DETAILS



Study Period



2016-2027



Base Year



2019



Forecast Period



2020-2027



Historical Period



2016-2018



Unit



Value (USD Billion)



By Segmentation



By Application



  • Onshore

  • Offshore


    • Shallow Water

    • Deepwater

    • Ultra-Deepwater




By Region



  • North America (U.S. and Canada)

  • 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 the Middle East & Africa)

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


Measurement While Drilling Market
  • PDF
  • 2019
  • 2016-2018
  • 110

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

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