FELTON, California, October 17, 2018 /PRNewswire/ --
The global directional drilling services market size is expected to reach USD 13.45 billion by 2025. Increasing oil and gas exploration activities owing to high demand for energy in light of growth in manufacturing sectors is expected to drive the market over the forecast period. Technological advancements, which are attracting service providers, are also likely to contribute to the market growth. For instance, Motive Drilling Technologies, Inc. designed an automated decision-making through directional drilling bit guidance system and has applied it to 2 million feet drillings for various companies in North America. The system used provided better efficiency and accuracy in lesser time.
The drilling operators are increasingly investing in research and development to deliver innovative software drilling technologies in terms of instruments and software tools and services. NABORS has developed various drilling software including Navigator Directional Platform, which improves directional drilling process through visualization, tracking, and steering program. It provides data acquisition and supports modelling and visualization of the drilled and planned well paths from remote operating centers, thereby improving operational safety and efficiency and drilling performance. Thus, the advent of such systems is expected to have a positive impact on the directional drilling services market over the forecast period.
The directional drilling services have gain momentum over time owing to the unconventional reserves with more complex well geometries. To enhance the rate of penetration in certain harder-to-reach reserves are driving the demand for rotary steerable systems. Various benefits including longer laterals and greater intermediate reaches of these systems have revolutionized the drilling process. The RSS technologies service segment accounted for about USD 3.5 billion of the directional drilling market in 2012 and is expected to witness significant growth during the next few years. The RSS technology enables the use of Logging While Drilling (LWD) to provide full borehole images. This factor is also expected to drive the segment.
Owing to the precise directional control, the RSS technology has been widely used for various projects across the globe, such as in water-injection wells in Abu Dhabi and Saudi Arabia. In terms of technology, Measurement-While-Drilling (MWD) is expected to gain momentum over the forecast period owing to unique requirements from the land-based drilling applications. This technology offers reliable and precise wellbore placement along with high drilling efficiency, which is expected to be the key driving-factor for the segment. Moreover, technological advancements in MWD are projected to drive the market directional drilling services. For instance, NABORS AccuSteer MWD system provides various innovative features, such as near-bit continuous inclination, torque- and bend-on-bit, resistivity weight, and azimuthal gamma.
Browse full research report with TOC on "Directional Drilling Services Market Size And Forecast, By System [Conventional, RSS & Others], By Technology (LWD, MWD & Survey, RSS, Motors), By Application (Onshore, Offshore) And Segment Forecast, 2015 - 2025" at: https://www.hexaresearch.com/research-report/directional-drilling-services-market
Other innovations, such as features facilitating reduction in side tracks and solutions for geological challenges, are also expected to drive the MWD segment, which in turn is expected to boost the demand for directional drilling services. Offshore is expected to be the major application segment in near future owing to the exhaustion of onshore sources. The oil and gas manufacturers have increased their spending to discover oil and gas resources in offshore areas.
For instance, in August 2018, the Woodside Energy Ltd. discovered natural gas in offshore Myanmar with its Aung Siddhi prospects. In the same year, Exxon Mobil Corp., stated a rise in resource estimation for offshore Guyana owing to the discovery of recoverable resources. The above-mentioned trends in the oil and gas sector are expected to drive the market further.
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Hexa Research has segmented the directional drilling services market report based on system, technology, application and region:-
- Segmentation by System
• Rotary Steerable System (RSS) & Others
- Segmentation by Technology
• MWD & Survey
- Segmentation by Application
- Segmentation by Region
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
- Key Countries Market
• Saudi Arabia
- Key Players Analyzed:
• Baker Hughes Incorporated
• Halliburton Company
• Weatherford International PLC
• Schlumberger Limited
• Scientific Drilling International
• GE Oil & Gas
• National Oilwell Varco, Inc.
• Nabors Industries Ltd.
• Jindal Drilling & Industries Limited
• Gyrodata Incorporated
About Hexa Research
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
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SOURCE Hexa Research