Global directional drilling market expected to exceed US $26 billion by 2019, says Technavio

Renewable energy


This industry research report segments the global directional drilling market by services and equipment (rotary steerable, MWD and LWD, motors, directional surveys, survey, and others), by type of directional well (horizontal well, extended reach well, multilateral well, and directional well), by application (offshore and onshore), and by geography (APAC, EMEA, and the Americas). Key vendors are Baker Hughes, Gyrodata, Halliburton, Schlumberger, and Superior Drilling Products.

Technavio has released updated information with the publication of its new market research report, global directional drilling market, which is expected to grow at a CAGR of around 11% between 2015 and 2019. The augmented global energy demand coupled with the emergence of unconventional oil and gas resources is boosting this market’s growth. The Americas dominate the global market for directional drilling, account for more than 62% of the total market share. The growing focus on shale gas resources and opening up of new avenues of offshore exploration, such as the Arctic and the US Atlantic, are expected to result in this region’s high market share during the forecast period.

“The use of big data analytics is gaining prominence in the oil and gas industry for various exploration and production processes. These advanced analytics are increasingly used to enhance the productivity in unconventional and conventional drilling and midstream operations. Unconventional resources’ exploration necessitates expensive drilling technologies such as directional drilling and hydraulic fracturing,” says Navin Rajendra, Lead Analyst, Energy, Technavio Research.

Several companies are relying on directional drilling techniques, such as ER wells, to extract offshore oil and gas reserves. ER wells are drilled diagonally from onshore platforms, and allow a larger area access compared to vertical drilling. Moreover, the directional drilling technology minimises the expenses by reducing the number of platforms required for one field.

The key players in the global directional drilling market are Baker Hughes, Gyrodata, Halliburton, Schlumberger, and Superior Drilling Products. This market is expected to grow at a rapid rate during the forecast period, as the market vendors strive to innovate, improve, and optimize drilling operations in the environment of low oil prices.

A more detailed analysis is available in the Technavio report, Global Directional Drilling Market 2015-2019.

We can customize this reports by other regions and specific segments upon request.

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