These Players are Receiving Contracts, Launching New Products, in the Directional Drilling Services Market
The directional drilling services market is expected to grow from an estimated USD 8.33 Billion in 2016 to USD 10.30 Billion by 2021, at a CAGR of 4.34% from 2016 to 2021. Increasing energy demand due to industrialization & urbanization, ongoing shale gas developments are the prime factors driving the directional drilling services market.
The directional drilling services market is dominated by a few major players, given their market presence across regions and brand recognition. These players are receiving contracts, launching new products, and adopting the strategy of horizontal integration by acquiring one or more peers in order to sustain in the competitive environment. Baker Hughes Incorporated (U.S.), Halliburton Company (U.S.), Schlumberger Limited (U.S.), Weatherford International plc. (Switzerland), National Oilwell Varco, Inc. (U.S.), Nabors industries ltd. (Bermuda), Cathedral Energy Services Ltd (Canada), Jindal Drilling & Industries Limited (India), National Oilwell Varco, Inc. (U.S.) , General Electric Oil & Gas (U.K.), Gyrodata (U.S.) , Scientific drilling international (U.S.), LEAM drilling systems LLC are some of the other important players.
In terms of market, by service, the Measurement While Drilling (MWD) & survey segment of the directional drilling services market is projected to grow at a faster pace during the forecast period, following motors & Rotary Steerable System (RSS) segment. The RSS occupies the lion’s share of the directional drilling market as it is a highly advanced technology. These systems have demonstrated the capability to provide more inclination control than steerable motors because of their ability to provide continuous orientation control.
In terms of directional drilling types, rotary steerable types are gaining traction in the market at a decent rate as compared to conventional directional drilling. Consequently, in the near future, conventional directional drilling is expected to lose its market share to rotary steerable directional drilling.
North America is the largest growing market for directional drilling services. Within the region, the U.S. accounted for a majority share in the directional drilling services market in 2016. Apart from U.S., Canada is also growing at a very fast rate. The region is currently focusing on shale gas exploration which is further boosting the demand for directional drilling in the region.
Directional drilling is advancing beyond conventional mud motors applications. Given the growing demand for energy, and the depletion of existing reservoirs, untapped reservoirs with typical geological structures are quickly becoming a crucial alternative. However, these resources cannot be tapped effectively with the existing vertical well technology; companies need to adopt directional drilling technologies to explore the most difficult structures across the globe.
Related Reports:
Directional Drilling Services Market by Application (Onshore, and Offshore), Type (Conventional, and Rotary Steerable System), Service (LWD, MWD & Survey, RSS, Motors), and Region - Global Forecast to 2021
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