DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "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" report to their offering.
The directional drilling services market is projected to grow at a CAGR of 4.34% from 2016 to 2021 to reach USD 10.30 Billion by 2021.
Increasing demand for energy due to industrialization & urbanization, ongoing shale gas revolution, oilfield discoveries are the major factors for driving the market.
Directional drilling is the practice of controlling the trajectory and deviation of the well during drilling operations, along a planned path to explore the oil from a targeted position in the typical geologic structural oilfields.
The report segments directional drilling services on the basis of its types which include conventional and rotary steerable system. Conventional type is the fastest growth markets for directional drilling services.
In terms of services, MWD & survey hold the largest market share in the directional drilling services market. In terms of applications, the market is dominated by onshore applications but offshore applications are expected to gain traction as well in the foreseeable future.
In this report, segment based on application has been categorized into two major types: onshore and offshore. Based on applications, onshore is the fastest growing segment. Directional drilling is used in more onshore applications due to the high number of maturing fields.
In this report, the directional drilling services market has been analyzed with respect to the following regions, namely, Asia-Pacific, North America, South America, Europe, the Middle East, and Africa. North America is currently the largest market for directional drilling services, and the Middle East is projected to grow at the highest CAGR during the forecast period.
U.S. accounted for the majority share in North America in 2016. Shale gas is emerging as an important new source of energy supply in the U.S. and Canada. Technological advancements in drilling (long-reach horizontal well bores) and completion techniques (multi-stage hydraulic fracturing) are increasing the outlook for the supply of crude oil in North America. The figure given below shows the regional scenario of the directional drilling services market from 2016 to 2021.
Declining spending due to low crude oil prices, increased focus on renewable energy are key restraints for the growth of the directional drilling services market
Some of the leading players in the directional drilling services market include Baker Hughes Incorporated (U.S.), Halliburton Company (U.S.), Schlumberger Limited (U.S.), Weatherford International plc. (Switzerland), National Oilwell Varco, Inc. (U.S.), among others.
- Increase in Energy Demand
- Shale Gas Development
- Advancement in Drilling Technologies
- Declining Oil Spending Due to Low Crude Oil Price
- Increasing Focus on Renewable Energy
- New Oilfield Discoveries
- Lifting of Iranian Oil Export Sanctions
- Stringent Regulatory Policies
- Baker Hughes Incorporated
- Cathedral Energy Services Ltd.
- Ge Oil & Gas
- Gyrodata Incorporated
- Halliburton Company
- Jindal Drilling & Industries Limited
- Leam Drilling Systems, LLC.
- Nabors Industries Ltd.
- National Oilwell Varco, Inc.
- Schlumberger Limited
- Scientific Drilling International
- Weatherford International PLC.
For more information about this report visit http://www.researchandmarkets.com/research/m5rspx/directional