Global Directional Drilling Services Market

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

Q: What is the global market size of Directional Drilling Services Market?

Global Directional Drilling Services Market size was valued at USD 7.62 billion in 2022 and is poised to grow from USD 8.68 billion in 2023 to USD 24.41 billion by 2031, growing at a CAGR of 13.8% in the forecast period (2024-2031).

Q: Which region accounted for the largest share in Global Directional Drilling Services Market?

The North American region holds a dominant share of the global directional drilling services market. North America, particularly the United States and Canada is witnessing robust demand for directional drilling services. The ongoing shale gas exploration projects are fueling the market growth in North America. The growing popularity of well pad development is further increasing the need for directional drilling services. The operators in North America seek to maximize reservoir recovery, and directional drilling allows for the precise targeting of specific zones within reservoirs

Report ID: SQMIG20G2046 | Region: Global | Published Date: March, 2024
Pages: 202 | Tables: 88 | Figures: 72

Directional Drilling Services Market News

Schlumberger, a renowned provider of drilling services and products, announced the launch of its new autonomous directional drilling services in August 2021. The launch was part of Schlumberger’s efforts to bolster digital transformation and enhance drilling process efficiency.

In March 2021, Enteq Technologies, a leading name in the energy technology space, announced the launch of a new directional drilling system named SABER Tool. The system uses internally directed pressure differential to function smoothly.

Directional Drilling Services Market Report Snapshots

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Directional Drilling Services Market size was valued at USD 7.62 billion in 2022 and is poised to grow from USD 8.68 billion in 2023 to USD 24.41 billion by 2031, growing at a CAGR of 13.8% in the forecast period (2024-2031).

Directional drilling service providers can focus on providing custom services to different industries that will help them maximize their business potential on a scale. Companies can also leverage automated drilling systems and use advanced drilling technologies to maximize their revenue generation potential. Directional drilling services market players can also utilize specialized drilling equipment to improve the efficacy of their services and give the best experience to their users. Collaborations, alliances, and partnerships could also be attractive strategies that allow directional drilling service companies to enter new markets and expand their business presence on a level. 'Nabors Industries Ltd.', 'Halliburton Company', 'Scientific Drilling', 'Schlumberger Limited', 'NewTech Services', 'Jindal Drilling & Industries Limited', 'Baker Hughes Incorporated', 'Leam Drilling Systems LLC', 'General Electric Oil & Gas', 'Gyrodata', 'National Oilwell Varco', 'China Oilfield Services Limited', 'Weatherford International Plc', 'Phoenix Technology Services', 'Integra', 'Cathedral Energy Services Ltd'

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.

Use of Advanced Drilling Technology: Companies providing directional drilling services could focus on incorporating automated and advanced drilling technologies to improve their business scope and revenue generation potential going forward. Integration of advanced drill bits with automated drilling machines could help companies maximize their productivity and profitability in the long run. Directional drilling service providers need to leverage advanced drilling technology to enhance their business potential over the coming years.

The North American region holds a dominant share of the directional drilling services market. North America, particularly the United States and Canada is witnessing robust demand for directional drilling services. The ongoing shale gas exploration projects are fueling the market growth in North America. The growing popularity of well pad development is further increasing the need for directional drilling services. The operators in North America seek to maximize reservoir recovery, and directional drilling allows for the precise targeting of specific zones within reservoirs

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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

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