Pune, Jan. 08, 2020 (GLOBE NEWSWIRE) -- The Logging While Drilling Market size is anticipated to be worth USD 5.05 by 2026, owing to the increasing onshore and offshore drilling activities. The market value was USD 2.82 billion in 2018 and is expected to rise remarkably, exhibiting a CAGR of 7.6 % within the forecast period of 2019 to 2026. This information is published in a recent report by Fortune Business Insights, titled, “Logging While Drilling Market Size, Share & Industry Analysis, By Application (Onshore, Offshore (Shallow Water, Deepwater, Ultra-Deepwater)), and Regional Forecast, 2019-2026.” The report discusses various growth trajectories of the market in detail.

Highlights of the Report

• The report offers a 360-degree overview of the Logging While Drilling Market, primarily emphasizing on growth drivers, restraints, trends, challenges, and opportunities of the market.
• It provides elaborative information about the competitive landscape of the market, names of market vendors, market segmentation on the basis of application, type, and others, and current logging-while-drilling market trends and industry developments.
• The report also throws light on strategies such as company collaborations, mergers and acquisitions, product launches, installation of new machinery, and up-gradation of the older versions, investments in research and development, and other strategies adopted by the market players.

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Increasing Demand for Energy and Power Activities to Drive Market

Logging while drilling systems or LWD are used for obtaining real-time formation evaluation while drilling. The production capacity of the borewell to be drilled is determined by its physical properties such as density, conductivity, porosity, resistivity, saturation, and others. Thus, logging-while-drilling investigates the actual physical properties of the borewell, which further helps the operator to estimate the rate of penetration, reassess and make changes in the entire process. All the above factors help to improve and fasten drilling activities for both onshore and offshore purposes. Thus, the factors mentioned above are anticipated to promote market growth in the forecast duration.

Additionally, the rise in industrialization and urbanization all over the world is propelling the demand for energy and power activities. The surge in deep-water and unconventional energy and power activities will also help earn high logging-while-drilling market revenues. Furthermore, the accelerating demand for technical expertise for cost-competitive oil and gas production is further expected to fuel the Logging While Drilling Market growth.

North America to Remain Dominant Despite Fluctuating Crude Oil Prices

From a geographical perspective, Fortune Business Insights foresees the global Logging While Drilling Market to be segmented into the regions of Latin America, Europe, North America, Asia Pacific, and the Middle East and Africa. As per current LWD market trends, North America is holding a significant position in the overall oil and gas sector worldwide with market size of USD 1.13 billion in 2018. Despite the fluctuating prices of crude oil, the U.S. is investing huge sums on drilling-related goods and services. Companies having their base in this region are focusing on investing huge sums in drilling activities in the region. The production and exploration activities in the U.S. are stimulated by the continuous demand for oil and gas. Additionally, the market has also been positively impacted by the shale gas revolution, thus making this region emerge dominant.

As per the World Oil Report, there is a 12% surge in the overall drilling activity in the U.S. up to 27, 095 wells in 2017 as compared to the previous year. Thus, the surge in drilling activities in oil and gas reserves is further anticipated to help this region continue dominance in the forecast period as well.

On the other side, the market in Europe is anticipated to grow at a significant rate on account of the economic progress of recovering hydrocarbon in the Norwegian Continental Shelf. This, coupled with consistent investments by major companies, will help the market witness high Logging While Drilling Market shares in the coming years. Russia is expected to dominate the Europe market, accounting for the increasing production and exploration activities.

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Key Industry Developments

Some of the key industry developments in the Logging While Drilling Market includes:

July 2019 – A 3D reservoir mapping was introduced by Halliburton. This is a new logging while drilling system that uses advanced reservoir mapping process called 3D inversion for scanning overlooked features such as water zones, faults, local structural variations, and alter the path of optimal landing in a well.

October 2019 – Two drilling service contracts worth USD 67.4 million was given to Weatherford from two major operators in Russia. Weatherford will be providing services such as measurement while drilling (MWD), drilling, Logging-while-drilling, rotary steerable systems (RSS), and geo-data interpretation services in different oilfields in the Western Siberia.

Player’s Efforts to Improve Well Performance and Deduct Production Cost Resulting in Huge Investments in Research and Development

Schlumberger, Weatherford, Baker Hughes, and Halliburton, are holding a significant position in the market. The strong presence of these companies in various geographies is a major factor helping them hold dominant Logging While Drilling Market share. Companies are focusing on minimizing the cost of production and performance improvement by investing huge sums into research and development. This is further expected to increase the Logging While Drilling Market size in the forecast period.

List of the significant players operating in the Logging While Drilling Market are listed below:

• National Energy Services Reunited Corp.
• Nabors Industries
• Baker Hughes
• APS Technology Inc.
• Kambi Enterprises Inc.
• Scientific Drilling
• Halliburton
• COSL- China Oilfield Services Limited
• National Oilwell Varco
• Weatherford
• Schlumberger

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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
  • Value Chain Analysis
• Global Logging While Drilling Market Analysis (USD Billion), Insights and Forecast, 2015-2026
• Key Findings / Summary
• Market Analysis, Insights and Forecast – By Application
  • Onshore
  • Offshore
    • Shallow Water
    • Deepwater
    • Ultra-Deepwater
• Market Analysis, Insights and Forecast – By Region
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East and Africa

Continued…!!!

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