Directional Drilling Services Market trends estimates high demand by 2025
North America region is witnessed to be the largest market in the directional drilling services, owing to the shale gas revolution and increase in E&P in the Gulf of Mexico. Shale gas exploration and production activities have taken major hike in the economies such as the U.S. and Canada, which is immensely boosting the directional drilling services market in this region. Advancement in technology namely long horizontal wellbores and other completion techniques are fueling the growth of directional drilling market in this region. E&P activities from oil sands and tight reservoirs in Canada have further boosted the directional drilling services market in this region. Moreover, according to the U.S Energy Information Administration, 77 percent of the wells in America were horizontal in 2015.
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The Middle East region is anticipated to have a significant market in the directional drilling services market, owing to the new discoveries in oilfield and augment in energy demand in this region. Almansoori is one of the largest company that provides directional drilling services providing 800 wells in this region.Asia Pacific is witnessed to have a high growth rate in the directional drilling services market. The growth of this region is driven by the increase in E&P activities in the emerging economies such as China and India. Therefore, major players such as Africa and the Middle East are looking for investment opportunities in this region.
Directional drilling refers to a process of drilling a well with a preferred deviation to reach the target location. This type of drilling is done for placing the wellbore precisely to get maximum recovery both on land and offshore regions. The main aim of this type of drilling is to cover large areas by the use of the single rig. Maturing and aging onshore oilfields has paved paths to increasing directional drilling in the onshore regions supported by offshore exploration and production activities in deep and ultra-deep regions over the past few decades. This is further backed by augmenting horizontal drilling services to maximize the productivity of the oil and gas well.
The increase in energy demand, urbanization, industrialization, increase in exploration, production activities, and various other factors have led to the increase in demand and growth for directional drilling services market. Declining prices of crude oil stand are the major restraint in the directional drilling services market globally. Stringent government regulations further hinder the growth of directional drilling services market.
The major companies in the global directional drilling services include Halliburton Company, Weatherford International Plc., Schlumberger Limited, Nabors Industries Ltd., National Oilwell Varco, Cathedral Energy Services Ltd., Baker Hughes Incorporated, General Electric Oil & Gas, and Jindal Drilling & Industries Limited.
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