The market research report, entitled Directional Drilling Services Market shows good possibilities in the Directional Drilling Services Market during the next five-year period and ensures more information regarding market trends. The following summary will give an overview of the drivers, challenges, and key players in the market.
Global Directional Drilling Services Market Forecast:
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.
Directional Drilling Services Market Segmentation:
The report segments based on demographics, geographics, benefits, volume, etc, have different driving factors and identify the most attractive segments and sub-segments. Directional Drilling Services and other resources also allow companies to learn about their target audience so that they can tailor campaigns and increase market share and revenue.
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.
Research Methodology
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.
We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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Stratview Research
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About Stratview Research
Stratview Research is a global market intelligence firm helping its clients’ tract the ever-evolving market scenarios through customised and syndicated reports. The reports offered here are gathered with the help of our wide-ranging and reliable secondary sources and in-depth interviews with the linchpins within the market. Extrapolated through primary and secondary research, Stratview Research’s reports help you remain ahead of the curve by enabling you to understand the current market trends and challenges coming on your way. Our strong team of industry veterans and researchers assure high quality research and strategic insights that help companies worldwide in effective decision making.
