LONDON--(BUSINESS WIRE)--The global sidetracking market is expected to post a CAGR of nearly 6% during the period 2019-2023, according to the latest market research report by Technavio.
Oil and gas companies are increasing the use of techniques such as enhanced oil recovery (EOR) and sidetracking to enhance oil and gas recovery and boost productivity from mature fields. Sidetracking ensures easy reach to undrained reserves and maximizes hydrocarbon recovery. With increasing investments in the oil and gas sector to improve the recovery from mature fields, the growth of the market will accelerate during the forecast period.
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As per Technavio, automation in directional drilling will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Sidetracking Market: Automation in Directional Drilling
Oil and gas companies are automating drilling processes to improve productivity, efficiency, safety, and the quality of drilling processes. Automation of directional drilling enables oil and gas companies to achieve fine-tuned processes with highly integrated feedback mechanisms that can operate with minimal human intervention. The integrated feedback mechanism responds to any deviation from the planned operation procedure and allows drilling operators to achieve optimal conditions during drilling operations.
“Apart from the automation in directional drilling, rising oil and gas field efficiency using Big Data analytics and innovations in rotary steerable systems are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Sidetracking Market: Segmentation Analysis
This market report segments the global sidetracking market by application (onshore and offshore) and geography (APAC, Europe, MEA, North America, and South America).
The European region led the market in 2018, followed by North America, MEA, APAC, and South America respectively. During the forecast period, the European region is expected to maintain its dominance over the global market. This is due to a rise in the number of oil and gas E&P activities in the North Sea.
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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