The global directional drilling services Market is estimated to be valued at US$ 8.31 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Directional drilling services aid in drilling oil and gas wells in desired angles and directions. These services help in precise drilling of horizontal and lateral wells, thus maximizing production from reservoirs.
Market key trends:
Adoption of integrated drilling systems is one of the key trends witnessed in the directional drilling services market. Integration of measurement-while-drilling (MWD), logging-while-drilling (LWD), rotary steerable systems, and drill-bit steering technologies help drill horizontal and lateral wells more efficiently and economically. This integration allows real-time assessment of downhole conditions and modifies drilling parameters accordingly to ensure wellbore placement and directional control.
Segment Analysis
The directional drilling services market is segregated into onshore and offshore. The onshore segment currently dominates the market due to increasing adoption of horizontal and directional drilling in shale oil & gas exploration. Onshore wells account for over 85% of total wells drilled globally each year, thereby making onshore the largest segment.
Key Takeaways
The global directional drilling services market analysis is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing utilization of directional drilling techniques in complex oil & gas reservoirs.
Regional analysis
North America is expected to dominate the global market over the forecast period, with the US accounting for the major share. This is attributed to increasing development of unconventional oil & gas reserves such as tight oil through directional drilling. Asia Pacific is likely to emerge as the fastest growing regional market owing to rising oil & gas exploration activities in China, India and Southeast Asian countries.
Key players
Key players operating in the directional drilling services market are Baker Hughes, a GE company, Halliburton, Schlumberger Limited, and National Oilwell Varco, Inc. Baker Hughes, a GE company and Schlumberger Limited collectively account for over 50% of the global market share.
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