Directional drilling is an essential practice carried out by crude oil producers to reach the harshest wells and optimizing the production from the resource land. Typically the well is drilled vertically down in the land which is more prone to the risk of nonproduction and is economically infeasible. The directional drilling provides the solution for drilling of oil wells at multiple angles other than vertical angle and help reach better reserves of oil and gas. Despite the advancements in technology, directional drilling has been the prime area of interest for oil upstream players because of the applications involving this technique, which include drilling at more than one angles in the fields, recovering oil and gas from the untapped source.Furthermore, the process allows the drilling of multiple wells from the parent wellbore, which helps diminish the environmental impacts of drilling. With its advantages in both, onshore and offshore well drilling, directional drilling hold significance in oilfield service business.
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).
Top Key Players:-
- Gyrodata Incorporated
- Hughes Incorporated
- National Oilwell Varco
- Weatherford International Plc.
- Schlumberger Ltd
- and Halliburton Company
- Nabors Industries Ltd
- Cathedral Energy Services Ltd
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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.
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.
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.
Segmentation by Region: Comprises Geographical regions – North America, Europe, Asia Pacific, Middle East & Africa and South America
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.
Table Of Contents
1 Executive Summary
2 Market Introduction
3 Market Insights
4 Research Methodology
5 Market Dynamics
5.2.1 Increase In Shale Oil And Gas Development
5.2.2 Advancement In Drilling Technologies
5.2.3 Rising Demand For Oil And Gas In Developing Countries
5.2.4 Drivers Impact Analysis
5.3.1 Increased Focus On Renewable Energy
5.3.2 Stringent Regulatory Policies
5.4.1 Gradual Recovery Of Oil Prices
5.5 Value Chain Analysis
5.6 Porter’s Five Forces Model
5.6.1 Threat Of New Entrants
5.6.2 Bargaining Power Of Suppliers
5.6.3 Bargaining Power Of Buyers
5.6.4 Threat Of Substitutes
5.6.5 Intensity Of Rivalry
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.