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    Directional Drilling Services Market Growth & Forecast Analysis

    Directional Drilling Services Market Growth & Forecast Analysis
    Report code - SROG127 Delivery - 2 Weeks
    Directional Drilling Services Market Size, Share, Dynamics, Growth, & Forecast An See more...

    Market Insights

    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.

    Directional-Drilling-Services-Market-Insights

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    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 Highlights

    Market Size in 2021

    USD 8.5 billion

    Market Size in 2028

    USD 12.28 billion

    Market Growth (2022-2028)

    5.31% CAGR

    Base Year of Study

    2021

    Trend Period

    2016-2020

    Forecast Period

    2022-2028

    Segments Covered

    By Application Type (Onshore Applications, Offshore Applications),

    By Drilling Technique Type (Conventional Methods, Rotary Steerable System),

    By Service Type (LWD, MWD & Survey, RSS, and Motors),

    By Region (North America, Europe, Asia-Pacific, and the Rest of the World).

    Key Players

    Some of the major players in the market are-

    • Baker Hughes, a GE Company LLC
    • Halliburton Company
    • National Oilwell Varco, Inc.
    • Schlumberger Limited
    • Weatherford International PLC.

    Market Drivers

    The growth of the directional drilling services market is primarily driven by-

    • The increase in demand for drilling multiple wells from single sites,
    • The mounting production levels through directional drilling.

    Directional-Drilling-Services-Market-Snapshot

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    Segment Analysis

    By Application Type

    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.

    By Drilling Technique Type

    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.

    By Service Type

    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.

    Regional Insights

    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.

    Directional-Drilling-Services-Market-Regional-Insights

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    Market Scope & Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The market is segmented into the following categories. 

    By Application Type

    • Onshore Applications
    • Offshore Applications

    By Drilling Technique Type

    • Conventional Methods
    • Rotary Steerable System

    By Service Type

    • Rotary Steerable System (RSS)
    • Logging-While-Drilling(LWD)
    • Measurement-While-Drilling (MWD) & Survey
    • Motors (MUD Motors) 

    By Region

    • North America (Country Analysis: the USA, Canada, and Mexico) 
    • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

    Directional-Drilling-Services-Market-Segmentation

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    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

    Report Features

    Market Segmentation

    4

    Regions Covered

    4

    Countries/Sub-Regions Covered

    17

    No. of Figures & Tables

    >150

    Company Profiles

    10

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Market Segmentation

    • Current market segmentation of any one of the services type by application type.  

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    Frequently Asked Questions (FAQs)

    The market was estimated at USD 8.5 billion in 2021.

    The market is likely to reach USD 12.28 Billion in 2028.

    The market is expected to witness an impressive growth of 5.31% CAGR.

    Baker Hughes, a GE Company LLC, Halliburton Company, National Oilwell Varco, Inc., Schlumberger Limited, and Weatherford International PLC are among the key players in the market.

    North America is expected to lead the market.

    Onshore application is expected to remain dominant in the market in the coming years.

    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 cant be reached with normal vertical-drilling practices.