Pune, May 22, 2020 (GLOBE NEWSWIRE) -- The global measurement while drilling market size is projected to reach USD 2.15 billion by 2027, exhibiting a CAGR of 7.2% during the forecast period. Rising demand for energy worldwide will be the central growth driver for this market, states Fortune Business Insights™ in its recent report, titled “Measurement While Drilling Market Size, Share & Industry Analysis, By Application (Onshore and Offshore {Shallow Water, Deepwater, and Ultra-Deepwater}), and Regional Forecast, 2020-2027”. According to the US Energy Information Agency (EIA), between 2018 and 2050, global energy consumption is expected to rise by 50%, with majority of this rise emanating from the developing countries in Asia. The International Energy Agency (IEA) estimates that world energy demand will rise by 1% annually till 2040, with nearly 35% of this demand being likely to be met by hydrocarbons. This implies that the demand for advanced drilling techniques such as measurement while drilling (MWD) is set to increase at a substantial pace in the next couple of decades, which benefits the MWD market growth in the long-run.
As per the findings of the report, the value of this market stood at USD 1.79 billion in 2019. Besides this, the report provides the following:
- Panoramic overview of the industry trends and outlook;
- Detailed examination of the impact of the COVID-19 outbreak on the market;
- In-depth research into the market drivers, restraints, and segments; and
- Comprehensive study into the competitive landscape and regional prospects of the market.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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Market Restraint
Eruption of the COVID-19 Pandemic to Diminish Global Energy Demand
While the long-term prospects for the global energy sector are promising, the coronavirus outbreak has thwarted the growth trajectory of this market in 2020. Governments in most countries have imposed nationwide lockdowns, which has brought production activities to a grinding halt and has deflated the demand for fossil fuel-driven energy generation. The Global Energy Review report published by the IEA has revealed that world energy demand is set to fall by 6% in 2020, which is equal to the loss of the entire energy demand of India, the world’s third largest energy consumer. Further, developed economies are slated to experience the steepest decline, with the US set to witness a 9% fall and the European Union (EU) a fall of 11% during this year. Moreover, the IEA’s calculations show that worldwide lockdown is bringing down global energy demand by 1.5% each month, which will prove fatal for the measurement while drilling market growth. This is because the demand for hydrocarbon-based energy is critically dependent on a wide variety of economic activities, especially in urban areas.
Regional Analysis
Shale Gas Revolution to Augment the Market in North America
North America generated USD 0.67 billion in revenue in 2019 and is envisaged to dominate the measurement while drilling market share in the coming years, primarily owing to the discovery of shale gas in the region. However, the COVID-19 infection has crippled economic activity in the US, thus severely impacting energy demand and hampering the market growth in the region for 2020. The strongest economies of Europe – UK, France, Italy, and Germany – are battling the coronavirus through lockdowns and curtailed business activities, thus stymieing the growth of the market in the continent. Similarly, the rapid economic growth in India has been stalled by this pandemic, forcing the country to go under lockdown, which is expected to have challenging ramifications for the global energy industry in 2020.
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Competitive Landscape
Optimization of Production Processes to be the Central Focus for Market Players
Competitors in this market are developing new techniques and exploring new technologies to optimize their production processes to make their operations cost-effective and energy-efficient. Implementing these strategies has become all the more important today in the wake of the COVID-19 outbreak, which has deeply hurt the finances of most companies in the energy sector.
Industry Developments:
- March 2020: The Malaysian investment company, Danang NeXchange (DNeX), bagged a contract from Petronas Carigali for drilling operations. Under the contract, DNeX will provide Petronas with services and equipment for logging while drilling, measurement while drilling, and directional drilling.
- September 2019: Halliburton launched its novel measurement while drilling technology called QuickPulse™ Automated Directional Gamma Service that delivers reliable and accurate downhole information at extended depths to operators. The technology is aimed at reducing well-time and making informed decisions about geo-steering to enhance asset value.
List of Players Covered in the Measurement While Drilling Market Report:
- COSL - China Oilfield Services Limited (China)
- Newsco (United States)
- Gyrodata (United States)
- Jindal Drilling & Industries Ltd (India)
- Nabors Industries (Bermuda)
- Baker Hughes (United States)
- Schlumberger (United States)
- Target Well Control (Canada)
- Cougar Drilling Solutions (Canada)
- Cathedral Energy Services (Canada)
- National Oilwell Varco (United States)
- Weatherford (Switzerland)
- Halliburton (United States)
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Detailed 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
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Oil and Gas Industry
- Steps Taken by Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunity and Challenges due to Outbreak
- Global Measurement While Drilling Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- 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 & Africa
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Have a Look at Related Research Insights:
Oilfield Services Market Size, Share and Industry Analysis By Service (Seismic Service, Drilling Service, Completion & Workover Service Production Service, Processing & Separation Service, Others), By Application (Onshore, Offshore), and Regional Forecast, 2019-2026
Logging While Drilling (LWD) Market Size, Share & Industry Analysis, By Application (Onshore, Offshore {Shallow Water, Deepwater, Ultra-Deepwater}), and Regional Forecast, 2019-2026
Coiled Tubing Services Market Size, Share & Industry Analysis, By Service (Well Intervention {Well Completion, Well Cleaning}, Drilling), By Application (Onshore and Offshore), and Regional Forecast, 2019-2026
Well Cementing Market Size, Share & Industry Analysis, By Type (Primary Cementing and Remedial Cementing), By Application (Onshore and Offshore), and Regional Forecast, 2019-2026
Directional Drilling Services Market Size, Share and Industry Analysis By Location (Onshore, Offshore), By Type (Conventional, Rotary Steerable Systems (RSS)), By Service (Measurement While Drilling (MWD), Logging While Drilling (LWD), Rotary Steerable Systems (RSS), Mud Motors, Others) and Geography Forecast, 2019 - 2026
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