The directional drilling services global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Directional Drilling Services Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The directional drilling services market size has grown strongly in recent years. It will grow from $14.69 billion in 2023 to $15.91 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to oil and gas exploration boom, offshore exploration and production, complex reservoir geology, cost-efficiency and time savings, horizontal drilling adoption, environmental and regulatory considerations, deepwater exploration challenges.
The directional drilling services market size is expected to see strong growth in the next few years. It will grow to $21.52 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to renewable energy infrastructure, growing demand for natural gas, geopolitical factors and energy security, economic viability of unconventional resources, focus on emissions reduction. Major trends in the forecast period include technological advancements in directional drilling, focus on wellbore positioning and surveying, automation and robotics, collaboration and partnerships, geosteering and reservoir navigation.
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Scope Of Directional Drilling Services Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Directional Drilling Services Market Overview
Market Drivers –
An increase in the production of oil and gas from unconventional reserves is expected to propel the growth of the directional drilling services market going forward. Oil and gas production refers to the broad process of converting crude oil and natural gas extracted from wells into usable petroleum products for consumers. Directional drilling helps in the production of oil and gas by not only drilling vertically but also at other angles to better access and extract oil and gas reserves. For instance, in August 2022, according to the short-term energy outlook report published by the U.S. Energy Information Administration (EIA), a US-based, principal agency of the U.S. Federal Statistical System responsible for collecting energy information, global petroleum and other liquids production in 2020, reached 98.33 million barrels per day, that increased to 95.68 million barrels per day in 2021. Therefore, an increase in the production of oil and gas is driving the growth of the directional drilling services market.
Market Trends –
Technological advancement is a key trend gaining popularity in the directional drilling services market. Major players in directional drilling services are focused on technological advancements to sustain their marketplace. For instance, in August 2021, Schlumberger, a US-based, oilfield services company, launched autonomous directional drilling (ADD), which includes solutions to steer autonomously through any section of the wellbore. The new technology outlines ways to steer autonomously through any part of the wellbore and uses a downhole automated control system that is intelligent and dynamic and can instantaneously analyze and respond to data. The technology advancements allow for a self-steering bottom hole system that can drill through any good section. The current versions of ADD feature the auto-vertical, auto-tangent, and auto-curve functions.
The directional drilling services market covered in this report is segmented –
1) By Services: Logging-while-Drilling (LWD), Rotary Steerable System (RSS), Measurement While Drilling (MWD) and Survey, Drag Analysis, Well Bore Positioning, Other Services
2) By Well Type: Horizontal, Multilateral, Extended Reach
3) By Application: Onshore, Offshore
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Regional Insights –
North America was the largest region in the directional drilling services market in 2023. Asia-Pacific was the second-largest region in the directional drilling services market report. The regions covered in the directional drilling services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the directional drilling services market report are Baker Hughes Incorporated, Cathedral Energy Services Limited, Crescent Directional Drilling LP, Halliburton Company, Jindal Drilling and Industries Limited, Leam Drilling Systems Inc., Nabors Industries Limited, National Energy Services Reunited Corporation, NewTech Services Holding Limited, NOV Inc., Phoenix Technology Services Corp., PHX Energy Services Corporation, Schlumberger Limited, Scientific Drilling International Inc., Weatherford International PLC, Boart Longyear Group Ltd., Ensign Energy Services Inc., Foraco International SA, Gyrodata Inc., Noble Corporation Plc, Patterson-UTI Energy Inc., AKITA Drilling Ltd., Archer Limited, Baker Hughes Company, Helmerich & Payne Inc., Horizon Drilling Inc., Independence Contract Drilling Inc., Odfjell Drilling Ltd., Parker Drilling Company, Precision Drilling Corporation, Savanna Energy Services Corp., Trinidad Drilling Ltd., Western Energy Services Corp., Xtreme Drilling Corp.
Table of Contents
1. Executive Summary
2. Directional Drilling Services Market Characteristics
3. Directional Drilling Services Market Trends And Strategies
4. Directional Drilling Services Market – Macro Economic Scenario
5. Global Directional Drilling Services Market Size and Growth
….
31. Global Directional Drilling Services Market Competitive Benchmarking
32. Global Directional Drilling Services Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Directional Drilling Services Market
34. Directional Drilling Services Market Future Outlook and Potential Analysis
35. Appendix
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