NEW YORK, Feb. 1, 2017 /PRNewswire/ --
"Directional drilling services market projected to grow at a CAGR of 4.34% from 2016 to 2021"
The directional drilling services market is projected to reach USD 10.30 billion by 2021, growing at a CAGR of 4.34% during the forecast period. Increasing energy demand due to industrialization & urbanization, shale gas developments, advancement are set to drive the market growth for directional drilling services across the world.
"Onshore applications account for a largest share of the directional drilling services market"In terms of market, by application, the directional drilling services market in this report has been classified based on the following segments, namely, Onshore & Offshore. Directional drilling is most frequently adopted in onshore applications. This segment is primarily driven by high number of maturing fields in onshore regions and high prevalence of shale gas exploration and production throughout the world. Moreover, the ease of mobility is high in onshore regions which allows for multiple usages of directional drilling services, and is expected to create new revenue pockets for the directional drilling services market during the forecast period.
"Middle East segment: The fastest growing segment of the directional drilling services market"
In terms of market, by region, the Middle East segment is expected to be the fastest growing segment of the directional drilling services market during the forecast period. The increasing demand for energy due to urbanization and industrialization, new oilfield discoveries is continuously increasing which will further boost the demand for directional drilling services in the region. Apart from the Middle East, North America is also the biggest market for directional drilling services.
Measurement While Drilling (MWD) & survey segment: The fastest growing segment of the directional drilling services market.
MWD is the technique of measuring the well bore inclination from the vertical, which is useful for controlling the well trajectory during drilling. The use of MWD also allows the operator to measure the well bore inclination with respect to the magnetic north, which can further provide real-time position updates. The market MWD is expected to grow at a highest CAGR from 2016 to 2021, These techniques are expected to act as catalysts for the growth of the directional drilling market in the North America, Asia-Pacific, which would further boost the MWD & survey segment market.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject matter experts, corporate-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
The distribution of primary interviews is as follows:
By Company Type: Tier 1- 43%, Tier 2- 33%, and Tier 3- 24% By Designation: D Level - 35%, C Level - 25%, and Engineer level- 40% By Region: Asia-Pacific- 45%, Europe- 30%, Americas- 15%, and RoW- 10%Note: RoW = Rest of the world,
The tier of the companies is defined based on their total revenue, as of 2013: Tier 1 = >USD 10 billion, Tier 2 = USD 1 billion to USD 10 billion, and Tier 3 =
Leading players in this industry have been profiled, along with their recent developments and other strategic activities. These include Weatherford (Ireland), Baker Hughes (U.S.), Schlumberger (U.S.), Halliburton (U.S.), Gyrodata (U.S.), and GE Oil and Gas (U.S.), among others.
The report segments the market on the basis of application- onshore & offshore; type- conventional & Rotary steerable system; service- Rotary Steerable Systems (RSS), Logging while drilling (LWD), Measurement while drilling (MWD) & Survey, Motors, and Others; and region- Asia-Pacific, North America, South America, Europe, the Middle East and Africa. Each region has been further analyzed based on key country-level markets.
Why buy this report?
1. The report identifies and addresses key markets for directional drilling which is useful for suppliers and OEMs to review production and distribution plans
2. The report helps manufacturers to understand the pulse of the market and provides insights on drivers, restraints, and challenges. The report includes analysis for key countries by type of application, i.e., onshore and offshore. It analyzes historical trends and also forecast for 2021 assisting in strategic decision making
3. The report will help OEMs to better understand their competitor's strategies and will help in making strategic decisions. It also presents competition by analyzing recent market developments such as key contracts, expansions, and new product launches from the key global market players. It helps understand the competition strategies and plan respective initiatives
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