08 January 2020
The Sidetracking Market Report 2020-2030: Forecasts by Physical Form (Modular, Openhole, Through Tubing), 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.
In both onshore and offshore projects, sidetracking is implemented. Sidetracking usage in 2019 was strong in onshore applications and will remain unchanged throughout the forecast period. The onshore segment's growth rate will be higher than global market growth over 2020-2030.
The market is fragmented, and it is expected that the degree of fragmentation will remain the same by 2030. The accelerating growth will give market participants immense growth opportunities. Sidetracking businesses will rely more on the growth prospects in the fast-growing segments to make the most of the possibilities while retaining their places in the slow-growing segments.
With an automated feedback mechanism and minimal human interference, oil and gas companies are gradually implementing technology of their oilfield activities to automate processes. Directional drilling processes are also streamlined to improve productivity, output, safety and quality. Directional drilling automation will also reduce the need for continuous monitoring and help to overcome obstacles such as changing geographical conditions and time delay between drilling control systems sensors. The introduction of directional drilling will also improve the efficiency of sidetrack drilling operations, as most sidetrack wells are directional wells.
The decreasing rate of production of mature oil and gas fields has forced operators to adopt techniques like EOR and sidetracking. Such strategies can increase the profitability of existing oil and gas fields for oil and gas operators. Sidetracking helps to maximize the recovery of hydrocarbons by providing easy access to undrained reserves. The need for sidetracking will also increase with growing developments in the oil and gas sector to boost the recovery from mature fields. During the forecast period, this will be one of the major factors driving sidetracking market growth at a CAGR of nearly 6%.
The market for global sidetracking is fragmented. This report provides an overview of the competitive landscape of the industry which provides information on the products offered by various companies to help clients strengthen their market position. In addition, this sidetracking market analysis report also includes information about future trends and challenges that will affect market growth. This will help companies develop strategies to maximize their opportunities for future growth.
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