What is the global market size of Directional Drilling Market?

Global Directional Drilling Market size was valued at USD 7.3 billion in 2022 and is poised to grow from USD 8.31 billion in 2023 to USD 20.53 billion by 2031, growing at a CAGR of 13.8% in the forecast period (2024-2031).

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

Report ID: SQMIG15F2167 | Region: Global | Published Date: November, 2024
Pages: 184 | Tables: 90 | Figures: 74

Directional Drilling Market Insights

Global Directional Drilling Market size was valued at USD 11.8 billion in 2022 and is poised to grow from USD 12.93 billion in 2023 to USD 26.93 billion by 2031, growing at a CAGR of 9.60% during the forecast period (2024-2031).

The increasing use of various tools and equipment in the oil and gas industry across the globe, coupled with the discovery of new potential reservoirs, is expected to boost the market demand to meet the tremendous growth in demand is being addressed, companies are focusing on investing in research and manufacturing activities.

Directional drilling services include techniques to drill wells more efficiently and increase production by allowing the wells to be drilled sideways. The technology offers many advantages, such as flexibility, minimum site restoration, minimum soil disturbance, low risk of geological distortion and fast installation with low cost, which means quality for the market. Increased E&P activities in various areas with advanced technological changes drilling more wells from a single location to provide more resources with less downtime are planned to stimulate the industry and create the need for directional well drilling.

Directional Drilling Market Report Snapshots

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The competitive environment of the global Directional Drilling market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. The global market competitive landscape provides detailed information from competitors. Detailed information includes company overview, company financials, earnings, market potential, investment in research and development, new market strategy, global presence, manufacturing regions and locations of production, manufacturing capacity, company strengths and weaknesses, product launches, product expansion and expansion, application authority. 'The Charles Machines Works, Inc. (Ditch Witch) ', 'Barbco, Inc. ', 'The Toro Company ', 'Vermeer Corporation ', 'VMT Gmbh Gesellschaft Fur Vermessungstechnik ', 'Ellingson Companies ', 'Laney Directional Drilling Co. ', 'Schlumberger Ltd ', 'Weatherford International PLC ', 'Halliburton Company ', 'Baker Hughes Company ', 'China Oilfield Services Limited ', 'PHX Energy Services Corp. '

Increasing Investment in Untapped Oil and Gas to Accelerate Market Growth

Factors such as technological advances enable the deepwater and ultra-deepwater industry, and many new markets, such as Gabon, Senegal, Guyana, Trinidad and Tobago, Egypt, and the Mexican side of the Gulf of Mexico are strongly encouraging development. This is expected to create important opportunities for operating countries in the near future.

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.

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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

Directional Drilling Market Insights

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