Energy & Environment Industry Today
Directional Drilling Worldwide Market Size, Share, Regional analysis, Key Players Profiles, Business Development Strategies and Future Insights 2023
Directional Drilling Market – Overview:-
Global increasing demand for energy has resulted in rapid increase in the offshore drilling activities to meet the increasing demand, which ultimately has provided significant boost to the directional drilling market. Moreover, increasing need for higher productivity and efficiency of oil drilling process, there has been an increase in the demand for directional drilling. In addition, maturity of onshore drilling sites has led to the exploration of numerous untapped offshore resource sites also fuel the demand of the market.
According to a recent study report published by the Market Research Future, The global market of directional drilling is booming and expected to gain prominence over the forecast period. The global directional drilling market is forecasted to demonstrate an exponential growth by 2027, surpassing its previous growth records in terms of value with a whooping, CAGR during the estimated period (2018 – 2027).
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Directional Drilling Global Market - Competitive Analysis
Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position. These key players compete based upon pricing, and services. Vendors operating in the market strive to deliver the best quality services based on innovative technologies, and best practices. These Key Players make a substantial investment for R&D and to secure a guaranteed resource for the customers. Directional Drilling market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in to intensified competition further.
Industry Major Key Players:
The key players in directional drilling market are Baker Hughes Incorporated (U.S.), National Oilwell Varco (U.S.), Weatherford International Plc. (U.S.), Schlumberger Ltd (U.S.), and Halliburton Company (U.S.). Nabors Industries Ltd (Bermuda), Cathedral Energy Services Ltd (Canada), Jindal Drilling & Industries Limited (India), and Gyrodata Incorporated (U.S.) are among others.
In October 2016, GDC contracted the Great Wall Drilling Company Limited to drill directional geothermal wells in Menengai. Under this contract Great wall was expected to drill 16 directional wells in Menengai.
In August 2017, Greka Drilling Limited, the largest independent and specialized unconventional oil & gas driller in Asia, was awarded two new drilling contracts from PetroChina Huabei Oilfield Limited, a subsidiary of CNPC. The contract for the Fanzhuang Block is for one year with a scope of 16 wells consisting of vertical/directional production wells as well as exploration wells.
Major points of TOC:-
List Of Tables:-
Table 1 Global Directional Drilling Market: By Region, 2018-2023
Table 2 North America Directional Drilling Market: By Country, 2018-2023
Table 3 Europe Directional Drilling Market: By Country, 2018-2023
Table 4 Asia Pacific Directional Drilling Market: By Country, 2018-2023
Table 5 RoW Directional Drilling Market: By Country, 2018-2023
Table 6 Global Directional Drilling Market, By Application, By Regions, 2018-2023
Table 7 North America Directional Drilling Market, By Application, By Country, 2018-2023
Table 8 Europe Directional Drilling Market, By Well Type Type, By Country, 2018-2023
Table 9 Asia Pacific Directional Drilling Market By Application, By Country, 2018-2023
Table 10 RoW Directional Drilling Market By Application, By Country, 2018-2023
To be continued.......
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Global Directional Drilling Market - Regional Analysis
Asia Pacific is the second largest market for the Directional Drillings and is expected to grow at a highest CAGR during the forecast period. Increasing demand for energy due to urbanization & industrialization from the countries such as India, China, and Indonesia among others driving the demand of the market.
North America dominates the Directional Drillings market. The U.S. accounts for the largest market share in the North American region. The advancements in unconventional drilling technologies, which have attracted capital for oil and gas drilling projects. Additionally, Vast hydrocarbon resources in the U.S. Shale basins and continuous offshore drilling in the Gulf of Mexico region, are driving the demand of the market.