The global directional drilling market is estimated to reach $29.11 billion by 2019, with a projected CAGR of 11.7%, signifying substantial increase in demand during next five years.
Dallas, TX -- (SBWIRE) -- 02/20/2015 -- The report "Directional Drilling Market by Applications (Onshore & Offshore), Services (Rotary Steerable Systems, LWD, MWD & Survey, Motors, Others), Types (Conventional & Rotary Steerable Systems), & Region - Global Forecast to 2019", defines and segments the global directional drilling market with an analysis and forecast of the market size. The directional drilling market will grow from an estimated $16.71 billion in 2014 to $29.11 billion by 2019 at a CAGR of 11.7% from 2014 to 2019.
Browse 74 market data tables and 53 figures spread through 174 pages and in-depth TOC on "Directional Drilling Market - Global Forecast to 2019"
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Directional drilling is a technique used in drilling non-vertical wells it can be completely horizontal, or at any specific angle. The demand for energy has been skyrocketing over the years, and many of the existing reservoirs are depleting with time driving the need for exploring new one. Many new reservoirs are situated in the offshore areas, which are challenging to drill conventionally because of complex geologic structures. Directional drilling plays a vital role in drilling these kinds of structures increasing the market opportunities for the technique.
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North America & Asia-Pacific: Leading market for Directional Drilling services
North America is the leading region in the directional drilling market in 2013, closely followed by Asia-pacific. Significant investments are being made in countries like the U.S. and Canada. China, India, and other Asian countries are also gaining pace in the exploration of oil and gas from complex geological structures such as shale using directional drilling. Europe stood third in terms of market size in the total directional drilling market; it is followed by regions like South America, Africa and the Middle East.
Rotary Steerable Systems (RSS): Largest services market
Rotary Steerable System (RSS) occupies the lion's share of the directional drilling market as it is a highly advanced technology. These systems have demonstrated the capability to provide more inclination control than steerable motors because of their ability to provide continuous orientation control. In terms of directional drilling types, rotary steerable types are gaining traction in the market at a decent rate as compared to conventional directional drilling. Consequently, in the near future, conventional directional drilling is expected to lose its market share to rotary steerable directional drilling.
Directional drilling is most frequently adopted in offshore applications. However, in the North American region, most of the directional wells are drilled onshore. As per the study, in the next five years, the onshore application is expected to gain additional share in the global market whereas the offshore application share is set to decline. However, the offshore application of directional drilling services is set to constitute a major part of the overall market which is due to the increase in the offshore drilling activity particularly in the deepwater and the ultradeep water regions. Meanwhile, the increase in onshore application will be largely due to the high prevalence of shale gas exploration and production throughout the world.
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