Global Directional Drilling Market Overview
Market Research Future (MRFR), in its recently published research report, asserts that the global Directional Drilling Market 2020 is booming and expected to grow exponentially over the review period, recording a substantial market valuation and a healthy CAGR in the forecast period (2017-2027).
Directional drilling is an important approach practiced by crude oil manufacturers to reach the toughest wells and optimizing the production from the resource land. Usually, the well is drilled vertically down in the area which is economically infeasible and more inclined to the risk of nonproduction. The directional drilling offers solution for drilling of oil wells at different angles other than vertical angle and assists in reaching better reserves of oil and gas. In spite of the progress in technology, directional drilling has been the key area of interest for oil upstream players owing to the applications involving this procedure.
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Segmental Analysis
Based on land, the global directional drilling market has been segmented into onshore and offshore.
On the basis of type, the global market for directional drilling has been divided into horizontal directional drilling, Directional boring, and oilfield directional drilling.
Based on Services, the directional drilling market has been segmented into LWD, Rotary Steerable Systems, MWD and Motors.
Regional Analysis
The geographic analysis of the global market has been analyzed in major regions, covering the Asia Pacific, North America, Europe, and the rest of the world (Latin America, the Middle East and Africa).
North America dominates the Directional Drillings market. The U.S. accounts for the top market share in the North American region. The advancements in alternative drilling technologies, which have brought in capital for oil and gas drilling activities. Additionally, huge hydrocarbon resources in the U.S. Shale basins and growing offshore drilling in the Gulf of Mexico region, are influencing the demand of the market over the review period.
Asia Pacific has been assessed the second largest market for the Directional Drillings and is poised to expand at a fastest CAGR over the assessment period. Increasing demand for energy owing to urbanization and industrialization from the economies such as China, India, and Indonesia among others propelling the demand of the market.
The Europe directional drilling market is slated to be led by countries such as U.K, Norway, and Russia. The expansion of unconventional oil and gas exploration activities such as shale is supporting the market in the region. It is anticipated to contribute significantly during the forecast period.
Competitive Analysis
The leading market players operating in the global market as identified by MRFR are National Oilwell Varco (U.S.), Cathedral Energy Services Ltd (Canada), Baker Hughes Incorporated (U.S.), Weatherford International Plc. (U.S.), and Halliburton Company (U.S.). Nabors Industries Ltd (Bermuda), Schlumberger Ltd (U.S.), Jindal Drilling & Industries Limited (India), and Gyrodata Incorporated (U.S.) are among others.
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