Directional Drilling Market Estimated to Hit USD 13.87 Billion by 2030, Registering a CAGR of 9.5% - Report by Market Research Future (MRFR)

Increasing Investments in Untapped Oil and Gas Reserves to Boost Directional Drilling Market Growth

/EIN News/ -- New York, US, June 20, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Directional Drilling Market Analysis by Application (Onshore and Offshore), By Well Type (Horizontal, Multilateral, and Extended reach), by Service (Rotary steerable systems, LWD, MWD, and Motors) and by Region - Global Forecast till 2030” valuation is poised to reach USD 13.87 Billion by 2030, registering a 9.5% CAGR throughout the forecast period (2022–2030). 

Directional Drilling Market Overview

The sustained high prices of oil across the world will bolster market growth in the forecast period. Following the surge in need for higher productivity and efficiency of the oil drilling process has fueled the demand for directional drilling.

Directional Drilling Market Report Scope:

Report Metric	Details
Market Size	USD 13.87 Billion
CAGR	9.5%
Base Year	2021
Forecast Period	2022-2030
Historical Data	2020
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Service, Application and Region
Geographies Covered	North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Vendors	Baker Hughes Incorporated (U.S.), National Oilwell Varco (U.S.), Weatherford International Plc. (U.S.), Schlumberger Ltd (U.S.), and Halliburton Company (U.S.). Nabors Industries Ltd (Bermuda), Cathedral Energy Services Ltd (Canada), Jindal Drilling & Industries Limited (India), and Gyrodata Incorporated (U.S.)
Key Market Opportunities	Increasing Investments in Untapped Oil and Gas Reserves to offer Robust Opportunities
Key Market Drivers	Sustained High Prices of Oil to Bolster Directional Drilling Market Growth

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Directional Drilling Market Drivers

Increasing Investments in Untapped Oil and Gas Reserves to offer Robust Opportunities

The expansion of the oil and gas industry has increased global energy demand. Oil and gas have been used extensively in transportation, manufacturing, power generation, and other end-use industries over the years. However, market growth will be aided by the growing demand for unconventional fuels such as coal bed methane, shale gas, and tight gas as a result of growing globalization, urbanization, & massive economic developments. Furthermore, most countries are increasing their capital expenditure in order to meet future energy demand. Most oil and gas companies and investors are drawn to gas, oil, and offshore hydrocarbons because they are the most efficient and reliable energy sources. As a result, the market will benefit from increased interest in recovering untapped oil and gas in the forecast period.

Increasing Focus on Renewable Energy to Remain Market Restraint

The growing emphasis on renewable sources of energy will reduce reliance on oil and gas, which will have an impact on the oilfield services industry, which includes directional drilling. This will stifle market expansion.

Rigid Regulatory Policies to Remain Market Challenge

Over the forecast period, market challenges may include rigid government regulatory policies combined with environmental risks.

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Directional Drilling Market Segments

The global directional drilling market is segmented based on well type, service, and application.

Based on application, the onshore application will dominate the market in the analysis period as the number of exploration events in the onshore region is increasing, and more fields are maturing. Because of the rise in shale gas production in the United States, as well as well intervention activities in its shale basin regions, North America holds the maximum market share for onshore applications.

Based on well type, horizontal will lead the market in the analysis period owing to its importance in higher production rate along with exposure of higher wellbore length.

Based on service, LWD will command the market in the analysis period owing to its cost saving benefits along with obtaining the formation data.

Directional Drilling Market Regional Analysis 

North America to Remain Forerunner in Directional Drilling Market

During the forecast period, North America will lead the directional drilling market. Increasing demand from Canada and the United States for directional and horizontal drilling activities, tight oil and shale gas emerging as a critical new energy supply source in Canada and the United States, advances in technology completion techniques such as hydraulic fracturing and advances in drilling like a long-reach horizontal well bore that is increasing the application of such services, extensive discoveries in the oil and gas industry, and huge potential for exploring oil and gas. Aside from that, the shale gas revolution, an increase in E&P in the Gulf of Mexico, E&P activities from oil sands, and tight reservoirs within Canada are all contributing to market growth.

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North America headed the market and had the biggest share in 2020, thanks to demand from the United States and Canada. The US has one of the world's largest shale gas reserves that are technically recoverable, as well as the world's second-largest tight oil reserves. The region's oil and gas directional drilling activity has been bolstered by technological advancements in hydraulic fracturing & low breakeven prices.

New offshore projects & the re-development of mature fields are driving the directional drilling services market in the United States. Gas output was likely to reach about 47 billion cubic ft per day by 2020, thanks to resurgent drilling activity. Most of the increase in gas production is expected to come from the Marcellus/Utica shale & new oil wells. The province of Alberta, which produces the majority of the country's crude oil and gas, is expected to see the greatest increase in activity. As a result, the market for directional drilling services in Canada is expected to grow at a moderate rate. Thus, the market is expected to be driven by rapid growth in drilling activities and an increase in the number of horizontal wells in the region over the forecast period.

COVID-19 Impact

The COVID-19 epidemic has possessed a significant impact on the oil and gas industry. The world is experiencing an economic crisis as a result of the pandemic. During the pandemic, the price and demand for crude oil fell precipitously, halting activities associated with directional drilling and impeding market growth. In addition, there is a growing demand for energy as the world's population grows and people's living standards rise. It is critical for maintaining production levels & extracting optimal amounts of oil and gas to meet global demand. However, the outbreak has had an impact on the energy sector, which is hampering market growth.

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Directional Drilling Market Competitive Analysis

Dominant Key Players on Directional Drilling Market Covered are:

•  Baker Hughes Incorporated (U.S.)
•  National Oilwell Varco (U.S.)
•  Weatherford International Plc. (U.S.)
•  Schlumberger Ltd (U.S.)
•  Halliburton Company (U.S.)
•  Nabors Industries Ltd (Bermuda)
•  Cathedral Energy Services Ltd (Canada)
•  Jindal Drilling & Industries Limited (India)
•  Gyrodata Incorporated (U.S.)

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