Directional Drilling Services Market to Witness Robust Growth by 2028

Stratview Research has published a new report on the Directional Drilling Services Market, segmented by Application Type (Onshore Applications, Offshore Applications), by Drilling Technique Type (Conventional Methods, Rotary Steerable System), by Service Type (LWD, MWD & Survey, RSS, and Motors), and by Region (North America, Europe, Asia-Pacific, and Rest of the World). This report provides critical insights into the market dynamics and enables strategic decision-making for the existing and new market players.

Market Highlights

The directional drilling services market was estimated at USD 8.5 billion in 2021 and is likely to grow at a CAGR of 5.31% during 2022-2028 to reach USD 12.28 billion in 2028.

What is directional drilling?

Directional drilling is a drilling technique that involves controlling the direction and deviation of a wellbore to a targeted location. Directional drilling allows the drilling of multiple wells from a single site and provides access to such oil and gas-producing zones which can’t be reached with normal vertical-drilling practices.

Market Drivers

The growth of the directional drilling services market is primarily driven by-

• The increase in demand for drilling multiple wells from single sites,
• The mounting production levels through directional drilling.

Segmentation –

This report studies the Directional Drilling Services market and has segmented the market in a few ways, keeping in mind the concentration of all the stakeholders across the value chain. Following are the ways in which the market has been segmented in the report:

Based on the application type, the market is segmented into onshore applications and offshore applications. Onshore application is likely to dominate the market during the forecast period, driven by a large number of mature onshore wells, globally.

Based on the drilling technique type, the directional drilling services market is segmented into conventional methods and rotary steerable systems. The rotary steerable system is expected to be the faster-growing technique during the forecast period due to the various advantages offered by it, such as reduced drilling time and smoother wellbores.

Based on the service type, the market is segmented into LWD, MWD & Survey, RSS, and motors. The Measurement-While-Drilling (MWD) & Survey segment is estimated to register the highest growth during the forecast period owing to the ability to incessantly monitor wellbore and the real-time directional survey of downhole conditions.

In terms of regions, North America dominated the directional drilling service market in 2021 and is expected to lead the market during the forecast period as well. The region’s market is driven by the growing share of tight oil and shale gas and the use of multi-stage hydraulic fracturing completion technique. Europe and Asia-Pacific are also expected to offer considerable growth opportunities during the forecast period.

Key Players

• Baker Hughes, a GE Company LLC
• Halliburton Company
• National Oilwell Varco, Inc.
• Schlumberger Limited
• Weatherford International PLC.

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