Global Directional Drilling Market, By Service (Rotary Steerable System and Conventional), By Well T

Published Date: | Report Code : EQ1940881

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Market Dynamics:

The Directional Drilling Market is expected to promise high growth owing to increasing demand from various countries for energy and fuel in recent years. Increasing demand from applications including onshore and offshore is expected to drive the growth of the directional drilling market. This market has witnessed the number of key developments by major companies including   Hughes, Halliburton, Schlumberger. Weatherford, Cathedral Energy Services, and others with a focus on organic as well as inorganic growth strategies.  Developing regions including the Asia Pacific and the Middle East have been among the high potential markets with high growth in some of the key economies.

Directional drilling is described as a practice of monitoring a good bore’s direction and deviation to a predetermined subterranean destination or place. Directional drilling techniques have been employed for almost 100 years now. Techniques, such as multilateral, horizontal, and extended reach drilling (ERD) are enhanced oil recovery (EOR) methods that can increase the yield of a downhole dramatically. It is possible for ERD specialists to drill for more than 10 kilometers/6.2 miles. Discoveries in the oil & gas industry, along with shale operations and increasing demand from growing countries for energy and fuel combined by enhanced globalization and urbanization are leading drivers for market growth.

One of the main factors driving the directional drilling market is increasing oil prices globally. The demand for directional drilling has increased mainly to enhance the effectiveness and boost the productivity of the oil drilling process. The maturity of onshore drilling locations has resulted in numerous offshore resource sites being explored. To gain higher control on the direction of the holes at new sites, drilling contractors of oil & gas companies are adopting directional drilling techniques.

Segment Insights:

Another factor driving the market for directional drilling is its capacity to recover drilling equipment and drilling spear from the hole. Therefore, when metals cannot be left out in the directional drilling method of the hole, they are used. The increasing demand for deep and ultra-deepwater oil & gas reserves has increased the demand for the directional drilling technique. Based on good type, the directional drilling market has been segmented into horizontal, multilateral, and extended reach. Among these, the horizontal segment is expected to account for the largest market share due to their significance in more production rate and exposure of greater wellbore length.

Based on the application, the offshore segment is expected to grow at the highest rate. Increasing investments in offshore projects will drive market growth in directional drilling during the forecast period. Offshore projects involve higher capital investments and receive returns on investments over an extended period. However, the cost involved in offshore oil & gas projects has decreased over the years due to technological advancements. The declining breakeven costs of offshore oil & gas drilling projects will further increase investments in these projects, in turn, boosting directional drilling market growth. As traditional onshore reserves are depleting, offshore resources are expected to play a significant role in securing the growing demand for oil & gas. The increasing interest of the companies in shelf resources is illustrated by the fact that over the past 20 years, the number of significant shelf discoveries has been higher than the number of significant onshore discoveries. The shelf production is expected to account for approximately 30% of the global output, with approximately 27% of the offshore reserve are below 300 meters and is expected to increase further deeper. The Middle Eastern countries are expected to invest heavily in offshore development to counter their declining onshore reserves and maintain global production share from offshore fields.

North America and Europe are expected to lead the market for directional drilling. These regions are observing a large number of oil exploration activities in the Gulf of Mexico and the North Sea, which will lead to more drilling activities in these regions. Besides, a large number of mature oil wells from the North Sea in Europe and Permian Basin and Bakken in North America are likely to fuel the demand for new drilling activities, thus driving the directional drilling market. This market in Africa and the Middle East is also expected to witness significant growth during the forecast period due to growing exploration activities coupled with increasing demand for fuel from growing nations. 

Key Factors Impacting Market Growth:

  • Increasing demand from various countries for energy and fuel
  • Increasing oil prices globally
  • New offshore resource sites being explored
  • Capacity to recover drilling equipment and drilling spear from the hole

Key Developments:

  • In May 2017, Hilong (China) was awarded Pakistan oil service integrated technical service contract from the United Energy Pakistan Limited for 1+8 deep well comprehensive technical services, including directional drilling.
  • In June 2017, Schlumberger (US) was awarded a multiwell contract for ISM operations in the Ororo field, including directional drilling services.
  • In January 2018, Patterson-UTI Energy (US) announced an agreement to acquire a directional drilling services company, Multi-Shot, LLC.
  • In January 2018, the National Iranian Drilling Company secured directional drilling works for the South Pars field phase’s 17/18 project in Iran. 

Regional Analysis:

Major regions for the directional drilling market are estimated to North America, Western Europe, and the Asia Pacific. North America and Western Europe have been traditional markets for industrial fasteners owing to the strong presence of the industrial sector. The industrial sector has been one of the key contributors to the economies in these regions. Major applications including onshore and offshore. These industries have an established base resulting in stable market demand. Moreover, most of these industries have been witnessing a transition in terms of product development and production methods. These factors are expected to drive the demand for the industrial fasteners market in North America and Western Europe region. Major markets by country in these regions include the US, Germany, France, UK, Canada, Spain, and others. 

The Asia Pacific and the Middle East region has witnessed tremendous growth of the industrial sector in recent years. Major companies operating in this market have made strategic developments to improve market presence in these regions. In addition to this, some of the fastest growing economies including China and India have been major markets for various end-use industries including building & construction, automotive, healthcare, manufacturing, and so on. Among these applications including onshore and offshoreis are estimated to register high demand for compressor valves market during the forecast period. On the other hand, the Middle East region has witnessed diversification in terms of industrial outlook in recent decades. UAE, Saudi Arabia, Qatar, and others have been instrumental in promoting the development of various industries including building & construction, pharmaceuticals, automotive, and so on. This is expected to drive the growth of the directional drilling market directly or indirectly in the region. Eastern Europe consisting of Russia and Turkey promises a stable demand for the directional drilling market during the forecast period. The rest of the World including South America and Africa are estimated to be a developing market with strong potential in the strategic future.

Companies Covered: SPX Corporation, Hamon & CIE International SA, Baltimore Aircoil Company Inc., Brentwood Industries, Inc., Spig S.P.A., Evapco Inc., Enexio Management GmbH, Mesan Group, Babcock & Wilcox, Benchmarking, Delta Cooling Towers, Evapco, International Cooling Tower, Paharpur, and Star Cooling Towers

Market Segmentation:

By Type:

  • Wet
  • Dry
  • Hybrid

By Design:

  • Natural Draft
  • Forced Draft
  • Induced Draft

By End User:

  • Power Generation
  • Petrochemical and Oil & Gas
  • Iron & Steel and Metallurgy
  • Paper Mills

By Region:

  • North America
    • By Country (US, Canada, Mexico)
    • By Type
    • By Design
    • By End User
  • Western Europe
    • By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
    • By Type
    • By Design
    • By End User
  • Eastern Europe
    • By Country (Russia, Turkey, Rest of Eastern Europe)
    • By Type
    • By Design
    • By End User
  • Asia Pacific
    • By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
    • By Type
    • By Design
    • By End User
  • Middle East
    • By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
    • By Type
    • By Design
    • By End User
  • Rest of the World
    • By Region (South America, Africa)
    • By Type
    • By Design
    • By End User

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