Directional Drilling Services Market to Surpass $10.30 Billion by 2021

The global directional drilling services market to grow from USD 8.3 billion in 2016 to USD 10.3 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 4.34% during the forecast period.


Northrook, IL -- (SBWire) -- 01/29/2020 --The directional drilling services market is projected to reach USD 10.3 billion by 2021 from USD 8.3 billion in 2016, at a CAGR of 4.3% from 2016 to 2021. Directional drilling is the practice of controlling the trajectory and deviation of the well during drilling operations to meet its predetermined reservoir location or target. All the desired reservoirs are not accessible through vertical drilling practices because of the presence of faults, salt domes, or buildings; therefore, directional drilling is carried out. It also enables operators to drill multiple wells from a single location or reach multiple producing zones from a single well.

Increasing demand for energy due to urbanization & industrialization, ongoing shale gas revolution and new oilfield discoveries are the major factors driving the Directional Drilling Services Market across the globe.

The onshore segment will continue to lead the directional drilling services market
The directional drilling services market is segmented by application into onshore and offshore. The onshore segment accounted for the largest share of the directional drilling services market in 2016. The development of onshore maturing oilfields, along with the shift in focus on unconventional reserves, drives the onshore directional drilling market. Drilling is easier in onshore regions as offshore regions have a higher risk of accidents, spills, and fires.

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The rotary steerable system is the fastest-growing segment of the directional drilling services market
the directional drilling services market has been classified based on the following segments, namely, rotary steerable system (RSS), Logging While Drilling (LWD), Measurement While Drilling (MWD) & survey, motors and others (includes directional drilling technologies and systems such as well bore positioning, automated drilling systems, side tracking, well planning, hydraulics, torque, and drag analysis). In 2016, rotary steerable system type was the fastest-growing market registering the highest CAGR during the forecast period. The rotary steerable system is a comparatively new directional drilling technique and is preferred over the conventional ones as it offers remote steering, which provides improved well trajectory control resulting in reduced drilling time and the smoother wellbore. Also, these services are cost-effective compared with conventional type drilling services. These factors are driving the rotary steerable system market.

North America: The leading market for directional drilling services
In this report, the directional drilling services industry has been analyzed with respect to the following regions, namely, Asia-Pacific, North America, South America, Europe, the Middle East, and Africa. North America is currently the largest market for directional drilling services, and the Middle East is projected to grow at the highest CAGR during the forecast period. North America accounted for the largest market share for directional drilling services, followed by Asia Pacific. In North America, most of the directional and horizontal wells are drilled in onshore reservoirs. The growth of the directional drilling services market can be attributed to factors such as ongoing shale gas developments in countries like U.S. and Canada. Shale gas is emerging as an important new source of energy supply in the U.S. and Canada. Technological advancements in drilling (long-reach horizontal well bores) and completion techniques (multi-stage hydraulic fracturing) are increasing the outlook for the supply of crude oil in North America.

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Key Market Players
Baker Hughes Incorporated (US), Halliburton Company (US), Schlumberger Limited (US), Weatherford International, PLC (Switzerland), National Oilwell Varco, Inc. (US), Nabors Industries, Ltd. (Bermuda), Cathedral Energy Services Ltd. (Canada), Jindal Drilling & Industries Limited (India), Gyrodata Incorporated (US), Scientific Drilling International (US), Leam Drilling Systems, LLC.(US)

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