Stratview Research has published a new report on the Directional Drilling Services Market, segmented by Application Type (Onshore Applications, Offshore Applications), by Drilling Technique Type (Conventional Methods, Rotary Steerable System), by Service Type (LWD, MWD & Survey, RSS, and Motors), and by Region (North America, Europe, Asia-Pacific, and Rest of the World). This report provides critical insights into the market dynamics and enables strategic decision-making for the existing and new market players.
Market Highlights
Directional Drilling Services Market is likely to witness an impressive CAGR of 5.2% during the forecast period.
Market Drivers
The increase in demand for drilling of multiple wells from single sites and the mounting production levels through directional drilling are the major factors that are likely to contribute towards the growth of the directional drilling services market during the forecast period.
Covid Impact
Covid-19 has impacted the market dynamics, competition, and global supply chain of every possible market one can think of. The revenues for many, have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operations and strategy will sustain and beat the competition.
Segmentation –
This report studies the Directional Drilling Services market and has segmented the market in a few ways, keeping in mind the concentration of all the stakeholders across the value chain. Following are the ways in which the market has been segmented in the report:
Based on the application type, the market is segmented into onshore applications and offshore applications. Onshore application is likely to dominate the directional drilling services market during the forecast period, driven by a large number of mature onshore wells, globally.
Based on the drilling technique type, the directional drilling services market is segmented as conventional methods and rotary steerable systems. The rotary steerable system is expected to be the faster-growing technique during the forecast period due to the various advantages offered by it, such as reduced drilling time and smoother wellbores.
Based on the service type, the market is segmented into LWD, MWD & Survey, RSS, and motors. The Measurement-While-Drilling (MWD) & Survey segment is estimated to register the highest growth during the forecast period owing to the ability to incessantly monitor wellbore and the real-time directional survey of downhole conditions.
In terms of regions, North America dominated the directional drilling service market in 2021 and is expected to lead the market during the forecast period as well. The region’s market is driven by the growing share of tight oil and shale gas and the use of multi-stage hydraulic fracturing completion technique. Europe and Asia-Pacific are also expected to offer considerable growth opportunities during the forecast period.
Key Players
Baker Hughes, a GE Company LLCHalliburton CompanyNational Oilwell Varco, Inc.Schlumberger LimitedWeatherford International PLC.About Stratview Research-
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