![]() The region's oil and gas directional drilling activity has been bolstered by technological advancements in hydraulic fracturing & low breakeven prices. The US has one of the world's largest shale gas reserves that are technically recoverable, as well as the world's second-largest tight oil reserves. North America headed the market and had the biggest share in 2020, thanks to demand from the United States and Canada. ![]() Aside from that, the shale gas revolution, an increase in E&P in the Gulf of Mexico, E&P activities from oil sands, and tight reservoirs within Canada are all contributing to market growth. Increasing demand from Canada and the United States for directional and horizontal drilling activities, tight oil and shale gas emerging as a critical new energy supply source in Canada and the United States, advances in technology completion techniques such as hydraulic fracturing and advances in drilling like a long-reach horizontal well bore that is increasing the application of such services, extensive discoveries in the oil and gas industry, and huge potential for exploring oil and gas. North America to Remain Forerunner in Directional Drilling Marketĭuring the forecast period, North America will lead the directional drilling market. ![]() Because of the rise in shale gas production in the United States, as well as well intervention activities in its shale basin regions, North America holds the maximum market share for onshore applications.īased on well type, horizontal will lead the market in the analysis period owing to its importance in higher production rate along with exposure of higher wellbore length.īased on service, LWD will command the market in the analysis period owing to its cost saving benefits along with obtaining the formation data.ĭirectional Drilling Market Regional Analysis The global directional drilling market is segmented based on well type, service, and application.īased on application, the onshore application will dominate the market in the analysis period as the number of exploration events in the onshore region is increasing, and more fields are maturing. Over the forecast period, market challenges may include rigid government regulatory policies combined with environmental risks.īrowse In-depth Market Research Report (190 Pages) on Directional Drilling Market: Rigid Regulatory Policies to Remain Market Challenge The growing emphasis on renewable sources of energy will reduce reliance on oil and gas, which will have an impact on the oilfield services industry, which includes directional drilling. Increasing Focus on Renewable Energy to Remain Market Restraint As a result, the market will benefit from increased interest in recovering untapped oil and gas in the forecast period. Most oil and gas companies and investors are drawn to gas, oil, and offshore hydrocarbons because they are the most efficient and reliable energy sources. Furthermore, most countries are increasing their capital expenditure in order to meet future energy demand. However, market growth will be aided by the growing demand for unconventional fuels such as coal bed methane, shale gas, and tight gas as a result of growing globalization, urbanization, & massive economic developments. Oil and gas have been used extensively in transportation, manufacturing, power generation, and other end-use industries over the years. The expansion of the oil and gas industry has increased global energy demand. Sustained High Prices of Oil to Bolster Directional Drilling Market Growth Increasing Investments in Untapped Oil and Gas Reserves to offer Robust Opportunities ![]() Nabors Industries Ltd (Bermuda), Cathedral Energy Services Ltd (Canada), Jindal Drilling & Industries Limited (India), and Gyrodata Incorporated (U.S.) (U.S.), Schlumberger Ltd (U.S.), and Halliburton Company (U.S.). North America, Europe, Asia-Pacific, and Rest of the World (RoW)īaker Hughes Incorporated (U.S.), National Oilwell Varco (U.S.), Weatherford International Plc. Revenue Forecast, Competitive Landscape, Growth Factors, and Trends Following the surge in need for higher productivity and efficiency of the oil drilling process has fueled the demand for directional drilling.ĭirectional Drilling Market Report Scope: Report Metric The sustained high prices of oil across the world will bolster market growth in the forecast period. New York, US, J(GLOBE NEWSWIRE) - According to a comprehensive research report by Market Research Future (MRFR), “ Directional Drilling Market Analysis by Application (Onshore and Offshore), By Well Type (Horizontal, Multilateral, and Extended reach), by Service (Rotary steerable systems, LWD, MWD, and Motors) and by Region - Global Forecast till 2030” valuation is poised to reach USD 13.87 Billion by 2030, registering a 9.5% CAGR throughout the forecast period (2022–2030).
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