The directional drilling services market is on a promising trajectory towards USD 19.0 billion by 2034. Booming global demand is driving the growth of the directional drilling services market. Enhancing efficiency, reducing environmental impact and expanding the scope of oil and gas exploration are driving industry momentum.
NEWARK, Del., Feb. 20, 2024 (GLOBE NEWSWIRE) — The directional drilling services market is expected to be valued at… 10.3 billion US dollars In 2024. The market is expected to advance at a healthy rate over the forecast period, with a Compound annual growth rate of 6.3%. By 2034, the market is expected to reach value 19.0 billion US dollars.
The continued geographical expansion of the petroleum sector benefits companies operating in the industry due to increasing demand. Many developing countries depend on the progress of their countries' oil and gas industries for development. With developed countries already relying on oil and gas to an increasing extent, the directional drilling services market is driven by demand in both developed and developing countries.
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The increasing number of oil and fuel reserves is creating more applications for directional drilling services. New oil fields, oil wells and unconventional reserves are increasing market demand. The ever-increasing need for shale gas and crude oil is also contributing to increased demand for directional drilling services.
As with other markets in the oil sector, the directional drilling services market has to deal with increasing regulatory pressures. Standards imposed by regulatory authorities limit the scope of directional drilling services because they restrict the number of areas that can be drilled. Deteriorating geopolitical conditions are also playing a role in hindering the growth of the directional drilling services market.
“As companies seek new avenues for growth, offshore drilling is on the rise. The discovery of new oil reserves is fueling this trend, driving the adoption of offshore drilling. Through offshore and onshore drilling, companies aim to expand their presence in the drilling services market Directional. – He says Nikhil Kaitwadi (Associate Vice President, Future Market Insights, Inc.)
Key Takeaways from the Directional Drilling Services Market
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Conventional drilling is the most common type on the market. From 2024 to 2034, conventional directional drilling services are expected to advance at a CAGR of 6.0%.
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An onshore location is the best location when it comes to directional drilling services. For the forecast period, onshore drilling is expected to advance at a CAGR of 5.8%.
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Japan is one of the most promising countries in the market. Japan's compound annual growth rate during the forecast period is expected to reach 7.7%.
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China is another Asian country poised to be a profitable market. For the period 2024-2034, China's CAGR is 7.4%.
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The market is expected to register a CAGR of 6.6% in the US during the forecast period.
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Competition analysis in the directional drilling services market
The market is highly competitive, with service providers ranging from local companies to multinational corporations. Collaborative strategies are being adopted, with the common goal of improving drilling machines. Some of the prominent companies in the market include Schlumberger, Baker Hughes, Halliburton, and Weatherford.
Key companies in the directional drilling services market
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Schlumberger
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Baker Hughes
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Halliburton
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Weatherford
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National Oilwell Varco
Recent developments in the directional drilling services market
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In August 2023, OCU Gropu, in an effort to improve its drilling services, invested approximately US$950,000 in equipment.
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In November 2021, Nabors Industries Ltd. Partnership agreement with Chesapeake Energy Corporation.
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Written by:
Nikhil Kaitwadi (Associate Vice President, Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered more than 1,500 assignments for clients, mostly in the automotive, chemicals, industrial equipment, oil and gas, and services industries.
Its core competency revolves around developing research methodology, creating a unique analysis framework, and statistical data models for price analysis, competition mapping, and market feasibility analysis. His experience also extends widely beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decisions.
Nikhil holds an MBA in Marketing and Information Technology and a postgraduate degree in Mechanical Engineering. Nikhil has authored numerous publications and quoted in magazines like EMS Now, EPR Magazine and EE Times.
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