Pune, Sept. 05, 2019 (GLOBE NEWSWIRE) -- Increasing demand for onshore exploration activities is expected to boost the global Directional Drilling Services Market value to US$ 18 bn by 2026 from US$ 9 Bn in 2018, reveals Fortune Business Insights in its report, titled “Directional Drilling Market Size, Share and Global Trend By Type (Conventional, Rotary Steerable System), By Service (Logging-While-Drilling, Measurement-While-Drilling, Rotary Steerable System, MUD Motors, Others), By Application (Onshore, Offshore), and Geography Forecast Till 2026.” The report also incorporates valuable analysis of the market trends and key factors that will play an influential role in the forecast period. According to the report, the global Directional Drilling Services Market is projected to register a CAGR of 9.52% till 2026.
Directional drilling is targeted drilling which involves attacking wells from multiple angles and to better access oil and gas reserves. The process uses different instruments such as mud motors, whipstocks, 3D measuring devices, and drillbits. This type of drilling also allows for boring of multiple wells using the same vertical bore, which reduces the environmental impact of the process.
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Ever-Increasing Demand for Oil and Gas to Fuel the Market
The global Directional Drilling Services Market growth is premised on rapid economic development worldwide, which is expected to drive up the demand for hydrocarbons at an exponential rate. This trend will particularly be seen in the developing countries of Asia and Africa that are energy-starved. Countries like India are looking to cut down their oil import bills and are now aggressively exploring hydrocarbon reserves within their territorial and marine boundaries. Since directional drilling methods are highly accurate, they result in decreasing extraction costs, increase efficiency, and allow for greater profits. These factors can significantly boost the global Directional Drilling Services Market revenue till 2026. Moreover, increased shale gas production and tapping of unexplored oil reserves has been made possible through the adoption of directional drilling and hydraulic fracturing techniques.
Minimal Environmental Impact to Benefit the Market
Directional drilling is considered an environment-friendly technology compared to the traditional drilling mechanisms. For example, this type of drilling allows for placing structures or systems underground without the need for excavation. As a result, fragile soil and subterranean ecosystems are not harmed. This benefits the global Directional Drilling Services Market as environment preservation has become high priority, which makes this technology an attractive investment for companies and governments alike. For instance, in 2016, Origin Energy drilled the Amungee NW-1H horizontal well in the Beetaloo basin in the Northern Territory of Australia, bringing no harm to the underground water resources in the region.
The challenge faced by the global Directional Drilling Services Market is that of contamination of groundwater reserves in case of leakages. Furthermore, the process requires specialised equipment and well-trained manpower, which, in turn, requires high initial investment capital. These factors can hinder the global Directional Drilling Services Market expansion during the forecast period.
Focus on Innovation to Elevate Competition in the Market
Key competitors in the global Directional Drilling Services Market are increasingly focusing on research and developing novel technologies to gain an edge in the competitive landscape. For example, in May 2019, ExxonMobil developed the cMist System which has enhanced capabilities in exploring unconventional natural gas reserves. Such innovative products are expected to make the global Directional Drilling Services Market more dynamic.
Fortune Business Insights identifies some of the major players in the market. They include ExxonMobil, Baker Hughes, National Oilwell Varco, Bechtel, Weatherford International, TechnipFMC, Halliburton, Transocean, and others.
North America to Lead the Charge; the Middle East to Dominate the Market
Middle East countries have the largest oil reserves in the world and singularly determine the volume of production and supply of crude oil through the OPEC. Advancements in drilling technologies will be readily adopted by these countries owing to their high incomes and need for greater efficiency. Shale gas discovery in North America is expected to be the major factor driving the market in the region. In Asia-Pacific, rising consumption of oil and gas will be the key in expanding the global directional drilling market services size. Lastly, European countries such as Germany and UK are making rapid progress in developing better directional drilling techniques, which will propel the global Directional Drilling Services Market in the region.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Global Directional Drilling Services Market Analysis (US$ Mn), Insights and Forecast, 2015-2026
- Key Findings
- Market Analysis, Insights and Forecast – By Type
- Conventional
- Rotary Steerable Systems (RSS)
- Market Analysis, Insights and Forecast – By Location
- Onshore
- Offshore
- Market Analysis, Insights and Forecast – By Services
- Measurement While Drilling (MWD)
- Logging While Drilling (LWD)
- Rotary Steerable Systems (RSS)
- Mud Motors
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
- Competitive Analysis
- Strategic Recommendations
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