The Global Measurement While Drilling Market valued at US $13.47 Billion in 2022 is anticipated to reach a value of US $24.57 Billion in 2030, growing at a CAGR of 7.8%.
Measurement-While-Drilling Market (or M.W.D.) is known to be a form of well logging that includes the measurement tools into the drill string and offers real-time information to aid with steering the drill.
Major factors that are expected to boost the growth of the measurement while drilling (M.W.D.) market in the forecast period are a rise in the onshore and offshore drilling projects and an increase in the number of ultra-deep drilling activities around the world.
Furthermore, the increase in the need for technologically advanced tools that function optimally in high-pressure and high temperature (HPHT) conditions is further anticipated to propel the growth of the measurement while drilling (M.W.D.) market.
The process of measuring while drilling provides bottom-hole pressure, temperature, directional survey data, and drilling parameters in real-time. Advanced telemetry systems are used to convey the downhole data to the surface, allowing the operator to make timely decisions that minimise operational costs and increase efficiency.
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In compared to onshore, the offshore oil and gas sector is predicted to dominate the market and account for 30% of the world's total crude oil production.
Deepwater and ultra-deepwater reserve development is probably going to present an opportunity in the future.
Due primarily to increased exploration and production activity in its tight oil and shale reserves, North America is the largest and fastest-growing market, with the United States as the market leader.
Market Trends:
Producers have been forced to turn to deepwater and ultra-deepwater resources due to shifting economics and the depletion of some shallow offshore resources. Additionally, the cost of doing business in offshore locations has dramatically decreased over the past few years, which is encouraging the sector to steadily increase spending in the future.
ONGC (Oil and Gas Natural Corporation) granted Baker Hughes Co. a contract of USD 1.52 billion in 2018.
The market for well logging techniques like measurement while drilling (MWD) is being driven over time as drilling grows more sophisticated and horizontal and directional drills are used more frequently.
Additionally, the majority of the new discoveries are anticipated to emerge in the next years and fuel demand in the measurement during drilling market as long as crude oil prices remain well above USD 60 per barrel.
Oilfield equipment rental services will positively impact the growth of the market for measurement while drilling. Key industry participants can enhance their drilling capabilities through rental equipment and tools without rising monthly costs. Companies offer measurement while drilling supplies such as mud pulse and gamma-ray measurement while drilling kits, allowing operators to take benefit of new developments at a reasonable price.
Segmental Analysis of Global Measurement While Drilling Market:
Based on Location
•Onshore
•Offshore
The onshore location segment accounted for a revenue share of 56.9.0%, owing to its extreme onshore drilling activities.
Based on Well type
•Horizontal
•Vertical
•Directional
The horizontal drilling segment held the largest revenue share of 26.7%. The segment is anticipated to witness a CAGR of 6.1% over the projected period. It requires accuracy in the visualization of the drilling direction in three dimensions and in the determination of bit location, thereby bolstering the growth of the market for measurement while drilling.
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