The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Directional Drilling Services Market
It was estimated prior to this unanticipated outbreak that the Directional Drilling Services Market will reach CAGR of 5.2 % during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Directional Drilling Services Market Insights
Directional Drilling Services market is likely to witness an impressive CAGR of 5.2% during the forecast period. The increase in demand for drilling of multiple wells from single sites and the mounting production levels through directional drilling are the major factors that are likely to contribute towards the growth of the directional drilling services market during the forecast period.
Market Share Analysis
Directional Drilling Services Market Share: By Application Type
Based on the application type, the market is segmented as onshore applications and offshore applications. Onshore application is likely to dominate the directional drilling services market during the forecast period, driven by the large number of mature onshore wells, globally.
Directional Drilling Services Market Share: By Drilling Technique Type
Based on the drilling technique type, the directional drilling services market is segmented as conventional methods and rotary steerable system.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 well bores.
Directional Drilling Services Market Share: By Service Type
Based on the service type, the market is segmented 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.
Directional Drilling Services Market Share: By Region
In terms of regions, North America dominated the directional drilling service market in 2019, 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.