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“The global market for guidance drilling services is expected to grow to USD 15 Bn by 2030”, says Visiongain

19 December 2019
Energy

The Directional Drilling Market Report 2020-2030: Forecasts by Type (Conventional, Rotary Steerable System), by Service {Logging While Drilling (LWD), Measurement While Drilling (MWD) & Survey, Rotary Steerable System (RSS), Motors}, By Application (Onshore, Offshore), by Region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa), and analysis of leading companies operating in this industry.

Directional drilling services have gained significant momentum over the past few years to improve training reach, drill multiple wells from the same vertical wellbore, and minimize the environmental impact of wells. The United States is the world's largest market for directional drilling services, and about 90% of the onshore rigs operating in U.S. in 2018 were directional drilling and horizontal drilling rigs.

Directional drilling is an innovative exploration method that may well deviate from the intended path to meet the goals of the reservoir. Since it has many benefits over a standard vertical well, directional drilling is commonly used around the world today. The shapes of the oil and gas reservoir have a lateral length greater than a vertical length so that directional drilling has more opportunities to reach potential sands. Ultimately, the directional wells can be used to extract hydrocarbon reserves.

The key factor driving the market for directional drilling is the increasing worldwide oil prices. The demand for directional drilling has been raised in order to improve the reliability and increase the productivity of the oil drilling system. The maturity of onshore drilling sites has led to various offshore resource sites being explored. The drilling contractors of the oil and gas companies look forward to the directional drilling technique in order to gain greater control over the direction of the holes in the new sites.

North America is the field that dominated the market for directional drilling. The reason attributing to this market growth is that most of the onshore dams were mined in the horizontal and longitudinal fields. Already adding to market growth are the rising shale gas discoveries in developed countries such as Canada and the US. Europe and the Asia-Pacific region follow North America. The growing demand for the region's oil and gas reserves adds to the region's market growth.

The global market for guidance drilling services is expected to grow from USD 9 billion in 2019 to over USD 15 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 6% over the forecast period. The major driving forces on the market for Directional Drilling Services include rising energy demand, continuing shale gas growth, and new oilfield discoveries.

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun@visiongain.com or call her on +44 (0) 207 336 6100.

About Visiongain
Visiongain is one of the fastest growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.

Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.

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