Growth in the US drilling products & services market will average 3% per year between 2014 and 2019 to reach over $70 billion, despite significant down years in 2015 and 2016. Operational and cost efficiencies developed during the oil price crash will allow for a healthy rebound in upstream activity when oil prices recover in coming years, supporting overall gains in drilling product and service expenditures.
This report segments the drilling products and services industry by products and services and region. Data is provided in millions of dollars.
Drilling services (including contract drilling, logging and measuring, directional drilling, and other services) will remain the largest segment through the forecast period, accounting for over 55% of the market. However, the fastest demand growth will be for drilling fluids, which will see a shift toward higher value fluids that can efficiently drill the long horizontal wells which have come to dominate overall upstream oil and gas activity in the US.
The US market is segmented by region. Regional markets covered in the study include:
The Southern US, which includes the single largest state market of Texas, will continue to account for well over half of all drilling product and services spending. However, the Eastern US will see the fastest advances among these regions, benefiting particularly from upstream activity in the Marcellus Shale natural gas play.
The study also includes profiles of drilling product manufacturers and service providers. Important suppliers include:
Helmerich & Payne
National Oilwell Varco