Directional Drilling Services Market Size, Share, Growth and Forecast 2022-2028

 

The directional drilling services market refers to the industry that provides drilling services for oil and gas wells in a non-vertical direction. This allows for greater access to oil and gas reserves that would otherwise be difficult to reach. Directional drilling involves drilling at an angle, horizontally or vertically, to reach the desired target.

Market Overview:

The global directional drilling services market was valued at USD 8.65 billion in 2020 and is projected to reach USD 12.51 billion by 2028, growing at a CAGR of 4.5% from 2021 to 2028. The market is primarily driven by the increasing demand for oil and gas, coupled with the need for efficient drilling technologies to explore and produce hydrocarbons in unconventional oil and gas reserves.

Market Segmentation: The directional drilling services market can be segmented on the basis of technology, application, and region.

Based on technology, the market can be segmented into:

1. Rotary Steerable Systems (RSS)
2. LWD (Logging-While-Drilling)
3. MWD (Measurement-While-Drilling)
4. PDM (Positive Displacement Motors)
5. Others

Based on application, the market can be segmented into:

1. Onshore
2. Offshore

Regional Analysis:

The market is analyzed across four key regions: North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America dominates the directional drilling services market, accounting for the largest share in 2020, owing to the presence of a large number of shale gas and tight oil reserves in the region. The Asia Pacific region is expected to witness significant growth during the forecast period, driven by increasing demand for oil and gas in emerging economies such as China and India.

Key Players:

Some of the major players in the directional drilling services market include Baker Hughes Company, Schlumberger Limited, Halliburton Company, National Oilwell Varco, Inc., Weatherford International plc, Nabors Industries Ltd., Gyrodata Incorporated, Scientific Drilling International, Inc., Cathedral Energy Services Ltd., and Jindal Drilling & Industries Limited.

Conclusion:

The directional drilling services market is expected to witness significant growth during the forecast period, driven by increasing demand for oil and gas and the need for efficient drilling technologies to explore and produce hydrocarbons in unconventional oil and gas reserves. The market is highly competitive, with the presence of a large number of players. The development of advanced technologies, such as rotary steerable systems, logging-while-drilling, and measurement-while-drilling, is expected to create significant opportunities for market growth in the coming years.

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