The Global directional drilling market is anticipated to reach USD11.43 billion by 2027, with a CAGR of 5.71%, according to the TechSci Research report titled " Directional drilling market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027". The market was valued at USD8.10 billion in 2021 and is driven by the increasing oilfield exploration activities for discovering new shale reserves and the surging demand for energy. The demand for the drilling process, which has high efficiency and productivity, is rising due to its low installation costs and faster installation, supported by high oil prices, further driving the demand for the global directional drilling market.
Compared to traditional drilling, directional drilling is cheaper as it requires fewer operators, resulting in manpower savings. Additionally, less dirt needs to be restored as directional drilling displaces less dirt. Furthermore, horizontal directional drilling eliminates the need for backhoes and other heavy equipment rentals, which further reduces the overall cost of operation.
The global directional drilling market is segmented by type, component, service, technology, application, field development type, company, and regional distribution. The market can be divided into onshore and offshore applications based on the application, with the demand for offshore projects continuously increasing due to the vast untapped reserves used for developing deep-water projects. Consequently, the application of directional drilling in offshore projects is projected to grow at a CAGR of 6.22% in the forecast period. In November 2021, the offshore oil and gas contracts increased by approximately 6%, with a total of 210 contracts compared to 198 contracts in the previous month.
The market can be segregated into greenfield and brownfield based on field development type. The greenfield development projects in the global directional drilling market are expected to grow at a CAGR of 6.17% in the forecast period as they aim to develop new oil and gas fields. Countries worldwide are investing in the oil & natural gas industry, primarily focusing on greenfield projects. Middle Eastern countries such as Qatar, the UAE, and Saudi Arabia aim to ramp up gas production to meet rising regional demand, fueling the development of greenfield projects.
Browse 215 market Figures spread through 252 Pages and an in-depth TOC on "Global Directional Drilling Market”
Leading players operating in the global directional drilling market include:
- Halliburton Co.
- Schlumberger Limited
- Scientific Drilling International
- Loam Drilling Systems, Inc.
- NOV Inc.
- Baker Hughes Holdings LLC
- Weatherford International plc
- Jindal Drilling & Industries Limited
- Cathedral Energy Services Ltd
- Nabors Industries Ltd.
- Gyrodata Incorporated
Approximately 70% of the global directional drilling market is held by a few players, with Schlumberger Limited leading the market followed by Halliburton Co. in 2021. Schlumberger Limited is an oilfield services company that provides drilling and measurement services, including mud logging for directional drilling.
Halliburton Co. is the largest provider of energy industry products and services worldwide. On November 16, 2021, the company launched the iCruise X Intelligent Rotary Steerable System, an advanced technology drilling platform.
“Due to increasing adoption of directional drilling in the region, North America is the dominant region in the Global Directional Drilling Market accounting for a share of 30.45% in 2021. North America is emerging as the largest market for onshore applications of directional drilling due to the surge in shale gas production in the United States and intervention activities in its shale basin regions. Horizontal wells drilled into tight oil and shale gas deposits continue to account for a growing share of crude oil and natural gas production in the United States and therefore are becoming a profitable market for directional drilling companies.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Directional Drilling Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027, Segmented By Type (Conventional System, Rotary Steerable System), By Component (Drilling Tool Rental, Rig Rental, OCTG Rental, Consumables, Others), By Service (Drilling, Logging-While-Drilling, Measurement-While-Drilling & Survey), By Technology (Wellbore Positioning, Side Tracking, Well Planning, Others), By Application (Onshore v/s Offshore), By Offshore Application (Shallow, Deep, Ultra-deep), By Field Development Type (Greenfield Vs Brownfield), By Region” has evaluated the future growth potential of global directional drilling market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global directional drilling market.
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