The report "Directional Drilling Services Market by Application (Onshore & Offshore), Type (Conventional & Rotary Steerable System), Service (LWD, MWD & Survey, RSS, Motors, and Others), and Region - Global Forecast to 2021", MarketsandMarkets: The directional drilling services market is projected to reach USD 10.3 billion by 2021 from USD 8.3 billion in 2016, at a CAGR of 4.3%.
Browse 75 market data tables and 45 figures spread through 164 pages and in-depth TOC on “Directional Drilling Services Market by Application (Onshore & Offshore), Type (Conventional & Rotary Steerable System), Service (LWD, MWD & Survey, RSS, Motors, and Others), and Region - Global Forecast to 2021"
The directional drilling services market is expected to register a CAGR of 4.3% from 2016 to 2021. The increasing demand for energy mainly supports the growth in this market due to industrialization & urbanization, ongoing shale gas revolution, and oilfield discoveries. Directional drilling is the practice of controlling the trajectory and deviation of the well during drilling operations to meet its predetermined reservoir location or target. All the desired reservoirs are not accessible through vertical drilling practices because of the presence of faults, salt domes, or buildings; therefore, directional drilling is carried out. It also enables operators to drill multiple wells from a single location or reach multiple producing zones from a single well.
The onshore segment will continue to lead the directional drilling services market, by application, during the forecast period
The directional drilling services market is segmented by application into onshore and offshore. The onshore segment accounted for the largest share of the directional drilling services market in 2016. The development of onshore maturing oilfields, along with the shift in focus on unconventional reserves, drives the onshore directional drilling market. Drilling is easier in onshore regions as offshore regions have a higher risk of accidents, spills, and fires.
The rotary steerable system is the fastest-growing segment of the directional drilling services market, by type
The directional drilling services market is segmented by type into conventional and rotary steerable system. In 2016, rotary steerable system type was the fastest-growing market registering the highest CAGR during the forecast period. The rotary steerable system is a comparatively new directional drilling technique and is preferred over the conventional ones as it offers remote steering, which provides improved well trajectory control resulting in reduced drilling time and the smoother wellbore. Also, these services are cost-effective compared with conventional type drilling services. These factors are driving the rotary steerable system market.
North America will continue to dominate the directional drilling services market through 2021
The directional drilling services market is segmented into six major regions, namely, Asia Pacific, North America, South America, Europe, the Middle East, and Africa. In 2016, North America accounted for the largest market share for directional drilling services, followed by Asia Pacific. The US accounted for the majority share in the North American directional drilling services market in 2016. Factors such as technological advancements in drilling (long-reach horizontal wellbores) and completion techniques (multistage hydraulic fracturing) are increasing the supply of crude oil in North America, thereby driving the directional drilling services market in this region.
The presence of a few major global leading players makes the directional drilling market competitive. The key players in the directional drilling services market are Baker Hughes Incorporated (US), Halliburton Company (US), Schlumberger Limited (US), Weatherford International plc. (Switzerland), and National Oilwell Varco, Inc. (US).
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