Oil and Gas Wells Drilling Services Market Global Outlook 2020 : Schlumberger Ltd, Halliburton,Transocean Ltd, Weatherford International Plc


Harrisburg, NC -- (SBWire) -- 10/19/2020 --The report titled "Oil And Gas Wells Drilling Services Market" has recently added by MarketInsightsReports to get a stronger and effective business outlook. It provides an in-depth analysis of different attributes of industries such as trends, policies, and clients operating in several regions. The qualitative and quantitative analysis techniques have been used by analysts to provide accurate and applicable data to the readers, business owners and industry experts.

The global oil and gas wells drilling services market is expected to decline from $208.8 billion in 2019 to $117.8 billion in 2020 at a compound annual growth rate (CAGR) of -43.6%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 4% from 2021 and reach $132.4 billion in 2023.

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Top Companies in the Global Oil And Gas Wells Drilling Services Market: Schlumberger Ltd; Halliburton; Transocean Ltd; Weatherford International plc; Baker Hughes Incorporated and Other

Markets Covered:

1) By Type: Onshore Drilling Services; Offshore Drilling Services

North America was the largest region in the global oil and gas wells drilling services market, accounting for 28% of the market in 2019. Middle East was the second largest region accounting for 16% of the global oil and gas wells drilling services market. Western Europe was the smallest region in the global oil and gas wells drilling services market.

Oil and gas wells drilling companies are adopting 3D visualization systems to reduce project cycle times and increase drilling accuracy.3D visualization system generates a 3D model of a wellbore and real-time drilling data to monitor and optimize drilling process. This system facilitates automatic diagnosis of drilling problems and improves and streamlines collaboration by allowing geoscientists and drilling engineers to virtually locate, see, and test drilling sites, resulting in significant cost savings of up to20% and reduction in non-productive drilling time by 20%. These systems are integrated with asset teams by means of software, thus facilitating precise and accurate placement of drill sites. Major companies offering 3D visualization technology companies include eDrilling, Hexagon, Mechdyne, Landmark.

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What are the market factors that are explained in the report?

-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.

-Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

-Analytical Tools: The Global Oil And Gas Wells Drilling Services Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter's five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.

Customization of the Report: This report can be customized as per your needs for additional data up to 3 companies or countries or 40 analyst hours.

Note: All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.

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