LONDON--(BUSINESS WIRE)--The global directional drilling market is expected to post a CAGR of over 7% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Increasing investments in offshore projects will drive the directional drilling market growth in the forthcoming years. Offshore drilling projects involve higher capital investments and receive returns on investments over an extended period. Moreover, the cost involved in offshore oil and gas projects has decreased over the years due to technological advances. As a result of the reduction in breakeven costs of offshore oil and gas drilling developments, investments in these projects will increase, which in turn, will boost the market growth.
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As per Technavio, the growing trend of integrated directional drilling technologies will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global Directional Drilling Market: Growing Trend of Integrated Directional Drilling Technologies
There has been an increasing focus on adopting advanced oil and gas equipment to reduce the total drilling time and the cost of drilling to enhance the profitability of companies. This also improves the productivity of oil and gas drilling activities. Technological improvements in the modern oil and gas drilling equipment will thus, contribute to the directional drilling market growth in the forthcoming years.
“Companies such as Nabors Industries Ltd. provide an integrated RSS called OrientXpress, which enables measurement-while-drilling technology, to optimize drilling performance and support geo-steering for downhole measurements,” says a senior analyst at Technavio.
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Global Directional Drilling Market: Segmentation Analysis
This market research report segments the global directional drilling market by application (onshore and offshore) and geographical regions (North America, Europe, APAC, South America, and MEA).
North America led the market in 2018, followed by APAC, Europe, MEA, and South America, respectively. During the forecast period, North America is expected to maintain its dominance over the global market. This is due to the increasing number of oil and gas drilling activities in the US and Canada.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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