Directional Drilling Market Size, Share, Growth Analysis, By Well Type (Horizontal, Extended reach), By Tool Type (Logging-while drilling (LWD), Measurements-while drilling (MWD)), By Technology (Rotary Steerable Systems, Downhole Motors), By Region - Industry Forecast 2024-2031

North America is expected to dominate the directional drilling market share, due to presence of various key industry players, long-term expertise in exploring complex formations, availability of large unconventional reserves, and good government policies e.g. In December 2019, the US Energy Information Administration (EIA) reported that total proved oil reserves in the country rose to 43.8 billion barrels in 2018 compared to 39.2 billion barrels in 2017, a year earlier. North America led the directional mining services market and was expected to be the largest market by 2020, driven by increasing demand from the US. and Canada. Technically, it is one of the largest recoverable reserves of shale gas in the United States and the second largest reservoir of heavy oil in the world. Technological advances in hydraulic fracturing and low breakout values have supported oil and gas directional drilling activities in the region.

The Asia-Pacific is also expected to exhibit significant growth due to rapidly growing energy demand, increasing E&P activities, dependence on coal reserves and large number of metals and minerals reserves for example World of BP Statistical Review published in June 2020 according to Energy, total coal imports from China at the end of 2019 reached 79.82 exajoules, up from 76.58 exajoules in 2018 and saw an increase of 4.2% year-on-year.

Asia-Pacific could be the secondary market owing to the advancement in drilling technologies such as deep horizontal wells and completion methods, including multistage hydraulic fracturing. Furthermore, the country oil companies (NOCs) to increase domestic production offshore e -Invest &P activities, which drives market growth. In addition, many Asia Pacific countries are increasing their capital expenditures (CAPEX) to meet future energy demand. Europe is expected to grow due to continued investment in offshore areas. Major countries in Europe are investing heavily in exploring new offshore hydrocarbon reserves to boost domestic production. Norway and the United Kingdom have a large market share due to increasing exploration on the Norwegian mainland.