Global Directional Drilling Market
The global directional drilling market is also expected to have exponential growth by virtue of recovering global oil prices. North America and Europe regions are expected to dominate the market for directional drilling. The regions are observing a large number of oil exploration activities from Gulf of Mexico and North Sea, which will lead more drilling activities in these regions.
Besides, the large number of mature oil wells from North Sea in Europe and Permian Basin and Bakken in North America are likely to demand new drilling activities thus, driving the directional drilling market. Africa and Middle East are also expected to witness significant growth over the forecast period due to the growing exploration activities coupled with increasing demand for fuel from growing nations.
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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.
Global Directional Drilling Market – Overview
Directional drilling is the science of deviating a wellbore along a planned path to a target located a given lateral distance and direction from vertical. Directional drilling can be used to reach targets that cannot be drilled with a vertical well. For example, it may not be possible to get a drilling permit for a well located within a populated area or within a park. However, a well could be drilled just outside of the populated area or park and then steered directionally to hit the target.
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 (2017 – 2027).
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.
However, environmental risks and strict government regulations as well as increasing focus on renewable energy may hinder the market growth of the market.
Directional Drilling Global Market – Competitive Analysis
Characterized by the presence of several well-established and small players, the global Market of Directional Drilling appears to be highly competitive. 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 News
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.
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.
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Directional Drilling Market – Segmentation
Global Directional Drilling Market is segmented in to two key dynamics for an easy grasp and enhanced understanding.
Segmentation:
Based on land, the market has been segmented into onshore and offshore. Onshore dominates the technology segment of global Directional Drillings market. Directional drilling is used in more onshore applications due to the high number of maturing fields. Offshore segment is expected to be the fastest growing segment during the forecast period.
On the basis of type, the market has been segmented into Directional boring, horizontal directional drilling, and oilfield directional drilling.
Based on Services, the market has been segmented into Rotary Steerable Systems, LWD, MWD and Motors. Rotary steerable directional drilling services segment is expected to grow significantly during the forecast period. It is primarily driven by factors like the rising need to access difficult reservoirs. Advantages like high efficiency and lower overall costs of directional drilling foster growth in this segment.
Segmentation by Region: Comprises Geographical regions – North America, Europe, Asia Pacific, Middle East & Africa and South America.
Global Directional Drilling Market – Regional Analysis
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.
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.
The Europe directional drilling market is expected to be dominated by countries such as U.K, Norway and Russia. The development of unconventional oil and gas exploration activities such as shale, is driving the market in the region. It is expected to contribute significantly during the forecast period.
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