Directional drilling handles the deviation and trajectory of the well during drilling process. It swerves a wellbore and discover the oilfields over a targeted location. Increasing demand for energy due to the urbanization & industrialization, shale gas revolution, and oilfield discoveries in offshore as well as onshore are the key factors driving the directional drilling service market. Directional drilling services have changed the oil and gas industry. Oil and gas can be extracted cautiously from the deep ocean floor economically using directional drilling. Directional drilling technology rises the area covered by a single rig, and also helps in saving capital expenditure.
Increase in demand for petrochemical and chemical products and increasing exploration and manufacturing activities in various locations and deep waters are enhancing the oil & gas segment of the market. Environmental concerns and Volatility of the crude oil for instance oil volatility is 15% and the prices are 100US$ which means the oil prices may either increase or decrease by 15 % in the near future that may affect the prices during the drilling process and these are the key restraining factors for this market. The growing demand for enhanced drilling services from developing nations such as India & China along with growing demand to drill deeper and farther offshore, mainly in the unconventional reserve area, is projected to be the key growth opportunity factors for this market over the forecast period.
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The directional drilling services market has been categorized into type, services, technology, applications and geography. On the basis of type the market is bifurcated into rotary steerable system and conventional. Based on service the market is categorized into logging while drilling, RSS, motors, measurement while drilling & survey and others. Global directional drilling services market on the basis of technology is categorized into side tracking, well planning, wellbore positioning, automated drilling system, and torque & drag analysis among others. Application segment is bifurcated into offshore and onshore. The onshore segment held the largest market share in the recent years, due to the aging and maturing of onshore fields. Offshore oilfield activities are anticipated to hold the major chunk of the market over the forecast period owing to the developments of new projects on ultra-deep waters and deep in the recent years and these projects are growing rapidly. For instance, Shell is drilling in Brazil’s pre-salt basins in order to extract oil and anticipated to contain 80 billion barrels of oil reserves that may cost 40 US$ per barrel.
North America dominated the directional drilling services market in the recent years, due to the drilling of horizontal and directional wells in this region. The U.S. is the leading player in this region due to the growth in energy and power actions for shale gas in the Gulf of Mexico. Asia Pacific region is anticipated to hold the major chunk of directional drilling services market over the forecast period 2018-2025. This region is majorly driven due to the growing energy and power activities majorly in the countries such as India and China. China is one of the key consumers of oil & gas globally, it has planned to rise the natural gas consumptions as it can be a perfect replace coal as a major energy source owing to stringent government regulation. Whereas Middle East and Africa are the key market players for energy and power of crude oil. This is anticipated to increase in near future due to the rising production of offshore and onshore exploration activities.
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Directional Drilling Services Market: Key Players
The key players in directional drilling services market are Halliburton Company, weatherford International PLC., GE Oil & Gas, Cathedral Energy Services Ltd., Gyrodata Incorporated, Leam Drilling Systems, LLC., Baker Hughes Incorporated, Schlumberger Limited, Nataional Oilwell Varco, Inc., Nabors industries Ltd., Jindal Drilling & Industries Limited, Scientific Drilling International among other key players.
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