Pune, Maharashtra Feb 6, 2019 (Issuewire.com) - According to the new market research report Directional Drilling Services Market by Application (Onshore, and Offshore), Type (Conventional, and Rotary Steerable System), Service (LWD, MWD & Survey, RSS, Motors), and Region - Global Forecast to 2021", published by MarketsandMarkets™, The directional drilling services market is expected to grow from an estimated USD 8.33 Billion in 2016 to USD 10.30 Billion by 2021, at a CAGR of 4.34% from 2016 to 2021. Factors driving the directional drilling services market include increasing demand for energy, ongoing shale gas developments, and new oilfield discoveries.
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The directional drilling services market in this report has been classified based on the following segments, namely, rotary steerable system (RSS), Logging While Drilling (LWD), Measurement While Drilling (MWD) & survey, motors and others (includes directional drilling technologies and systems such as wellbore positioning, automated drilling systems, sidetracking, well planning, hydraulics, torque, and drag analysis). The RSS segment dominated the directional drilling services market in 2016 due to the increase in the horizontal drilling activities associated with the development of shale gas mainly in countries such as China. According to the 12th five-year plan in China, the country planned on increasing its natural gas consumption to 9,200 Bcf by 2015 as it looks to replace coal as a chief energy source. Hence, the market size of the RSS is the largest.
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North America is expected to Lead the Directional Drilling Services Market By 2021
North America is currently the largest market for directional drilling services, and the Middle East is projected to grow at the highest CAGR during the forecast period. In North America, most of the directional and horizontal wells are drilled in onshore reservoirs. In North America, the growth of the directional drilling services market can be attributed to factors such as ongoing shale gas developments in countries like U.S. and Canada. U.S. accounted for the majority share in North America in 2016. Technological advancements in drilling (long-reach horizontal well bores) and completion techniques (multi-stage hydraulic fracturing) are increasing the outlook for the supply of crude oil in North America.
To provide an in-depth understanding of the competitive landscape, the Directional Drilling Services Market includes profiles of companies namely Baker Hughes Incorporated (U.S.), Halliburton Company (U.S.), Schlumberger Limited (U.S.), Weatherford International plc. (Switzerland), National Oilwell Varco, Inc. (U.S.), Nabors industries ltd. (Bermuda), Cathedral Energy Services Ltd (Canada), Jindal Drilling & Industries Limited (India), General Electric Oil & Gas (U.K.), Gyrodata (U.S.) , Scientific drilling international (U.S.), LEAM drilling systems LLC, among others.
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Some of the leading players in the directional drilling services market include Baker Hughes Incorporated (U.S.), Halliburton Company (U.S.), Schlumberger Limited (U.S.), Weatherford International plc. (Switzerland), National Oilwell Varco, Inc. (U.S.), among others. New product launch was the most common strategy adopted by the top players in the market, constituting more than one-third of the total development share. It was followed by new expansions, contracts & agreements, mergers & acquisitions, and, respectively.
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