The Worldwide Directional Drilling Industry is Expected to Reach $11.4 Billion by 2027

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Jun 30, 2022, 11:30 ET

DUBLIN, June 30, 2022 /PRNewswire/ -- The "Global Directional Drilling Market, By Type (Conventional System, Rotary Steerable System), By Component, By Service, By Technology, By Application, By Offshore Application, By Field Development Type, By Region, Competition Forecast and Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.

The Global Directional Drilling Market is anticipated to grow at a steady rate with a CAGR of 5.71% in the forecast period to reach USD11.43 billion by 2027. Growing energy requirements, quick installation ability, and increased adoption of automation technology in directional drilling are the primary factors driving the demand for the Global Directional Drilling Market.

The surge in investments in offshore exploration activities and the growing focus on the extraction of shale gas reserves by leading authorities to fulfill the ever-increasing energy requirements of consumers is impacting the market demand positively. The presence of abundant unconventional oil & gas reserves and the need to efficiently procure energy from these reserves by using advanced extraction technologies such as directional drilling techniques are expected to bolster the Global Directional Drilling Market demand. Also, the increasing usage of automation technology in directional drilling to optimize the oil & gas extraction process and obtain real-time updates to improve accuracy is expected to drive the market demand through the next five years. However, high operating costs of directional drilling process may restrain the growth of the Global Directional Drilling Market in the forecast period.

The Global Directional Drilling Market is segmented into type, component, service, technology, application, field development type, region, and company. On the basis of regional analysis, North America dominated the market in 2021, accounting for the largest market share of 30.45%, and is expected to maintain its dominance throughout the forecast period. Early adoption of modern technology by the oil & gas industry and the ongoing technological advancements in drilling such as multi-stage hydraulic fracturing are expected to create lucrative opportunities for market growth. In the United States and Canada, the demand for shale gas and tight oil is growing at an impressive rate, and they are being considered the vital energy reserves for the region's growth.

Halliburton Co., Schlumberger Limited, Scientific Drilling International, Leam Drilling Systems, Inc., NOV Inc., Baker Hughes Holdings LLC, Weatherford International plc, Jindal Drilling & Industries Limited, Cathedral Energy Services Ltd, Nabors Industries Ltd., Gyrodata Incorporated are the major market players operating in the Global Directional Drilling Market.

Years considered for this report:

Historical Years: 2017-2020
Base Year: 2021
Estimated Year: 2022E
Forecast Period: 2023F-2027F

Objective of the Study:

To analyze the historical growth in the market size of the Global Directional Drilling Market from 2017 to 2021.
To estimate and forecast the market size of the Global Directional Drilling Market from 2022E to 2027F and growth rate until 2027F.
To classify and forecast the Global Directional Drilling Market based on type, component, service, technology, application, field development type, region, and company.
To identify the dominant region or segment in the Global Directional Drilling Market.
To identify drivers and challenges for the Global Directional Drilling Market.
To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Global Directional Drilling Market.
To identify and analyze the profiles of leading players operating in the Global Directional Drilling Market.
To identify key sustainable strategies adopted by the market players in the Global Directional Drilling Market.

Key Topics Covered:

1. Product Overview

2. Research Methodology

3. Impact of COVID-19 on Global Directional Drilling Market

4. Executive Summary

5. Voice of Customer
5.1. Brand Awareness
5.2. Factors Considered for Choosing Directional Drilling Vendor
5.3. Major Challenges Related to Directional Drilling

6. Global Directional Drilling Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Type (Conventional System, Rotary Steerable System)
6.2.2. By Component (Drilling Tool Rental, Rig Rental, OCTG Rental, Consumables, Others)
6.2.3. By Service (Drilling, Logging-While-Drilling, Measurement-While-Drilling & Survey)
6.2.4. By Technology (Wellbore Positioning, Side Tracking, Well Planning, Others)
6.2.5. By Application (Onshore v/s Offshore)
6.2.5.1. By Offshore Application (Shallow, Deep, Ultra-deep)
6.2.6. By Field Development Type (Greenfield Vs Brownfield)
6.2.7. By Region
6.2.8. By Company (2021)
6.3. Market Map

7. North America Directional Drilling Market Outlook

8. Asia-Pacific Directional Drilling Market Outlook

9. Europe Directional Drilling Market Outlook

10. Middle East & Africa Directional Drilling Market Outlook

11. South America Directional Drilling Market Outlook

12. Market Dynamics
12.1. Drivers
12.2. Challenges

13. Market Trends and Developments

14. Company Profiles
14.1. Halliburton Co.
14.2. Schlumberger Limited
14.3. Scientific Drilling International
14.4. Leam Drilling Systems, Inc.
14.5. NOV Inc.
14.6. Baker Hughes Holdings LLC
14.7. Weatherford International plc
14.8. Jindal Drilling & Industries Limited
14.9. Cathedral Energy Services Ltd
14.10. Nabors Industries Ltd.
14.11. Gyrodata Incorporated

15. Strategic Recommendations

For more information about this report visit https://www.researchandmarkets.com/r/ufqelz