Directional Drilling Services Market Size, Share, Growth Analysis, By Type(Conventional, and Rotary Steerable Systems (RSS)), By Location(Onshore, and Offshore), By Well Type(Horizontal, Multilateral, and Extended Reach), By Region - Industry Forecast 2024-2031

Drivers

Increasing Oil & Gas Exploration Activity

• Surging demand for energy from a rapidly expanding world population has resulted in high investments in the oil & gas industry to increase oil & gas exploration activity, which is projected to be a key factor driving directional drilling services demand outlook.

Advancements in Drilling Technology

• Drilling systems are becoming more and more advanced by the day as drilling technology advances around the world. Availability of novel drilling fluids and technologies that allow drilling companies to monitor real-time measurements whilst drilling are some examples how advancements could bolster market growth in the future.

Restraints

Regulatory Challenges

• Drilling operations if not carried out properly could lead to severe damages to the environment as well as the ecosystem in the drilling area and this is why governments around the world are implementing stringent regulations to monitor responsible drilling, which could slow down directional drilling services market growth in the future.

Volatile Oil & Gas Pricing

• While majority of drilling services are required in the oil & gas industry, the volatile nature of oil & gas prices could hamper directional drilling services market growth potential in the future. Moreover, increasing focus on sustainability and adoption of electric vehicles could also destabilize the oil & gas industry and hurt the demand for directional drilling services.