Global Directional Drilling Market 2017-2021
About Directional Drilling
Directional drilling is the practice of deviating the wellbore along a planned path to a specific location (also known as target location). The target location is predetermined and is at a given lateral distance and direction from the vertical. Directional drilling is carried out as vertically as possible from a given true vertical depth (TVD).
Technavio’s analysts forecast the global directional drilling market to grow at a CAGR of 4.88% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global directional drilling market for 2017-2021. To calculate the market size, the report considers the services market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Directional Drilling Market 2017-2021
Technavio recognizes the following companies as the key players in the global directional drilling market: Baker Hughes, Halliburton, Schlumberger, and Weatherford
Other Prominent Vendors in the market are: Cathedral Energy Services, Directional Technologies, Ensco, Gyrodata, Jindal Drilling and Industries, LEAM Drilling Systems, MOTIVE DRILLING TECHNOLOGIES, Nabors Industries, National Oilwell Varco, Seadrill, SCIENTIFIC DRILLING INTERNATIONAL, and TRANSOCEAN.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Technological innovations. The exploration and production of oil and gas are rising in the offshore region. Drilling operations are expanding in deep and ultra-deepwater exploration where the environmental conditions are more challenging. Thus, it becomes crucial to use technology that aids in reaching the target zones and the scope for human error is reduced. For instance, the deployment of motive directional drilling guidance system in oil and gas exploration has pioneered the use of cognitive computing that guides directional drilling process.”
According to the report, one of the major drivers for this market is Rise in the development of unconventional oil and gas resources. Unconventional oil and gas resources such as shale oil, tight oil, and coal bed methane are not only costly to produce but are also difficult to recover. Operational efficiencies and technological advances have made unconventional resource exploitation feasible and more profitable. Shale gas boom in the US saw the rise in unconventionally produced natural gas supply. Huge discovery of oil sands in Canada has created a wealth of opportunity for oil production. As the world energy focus shifts toward natural gas and heavy oil, unconventional sources such as shale have seen growth.
Further, the report states that one of the major factors hindering the growth of this market is Fluctuations in oil and gas prices. A phase of low crude oil prices has been witnessed that has put additional pressure on oil and gas service providing companies. Most of the companies have experienced this phase of low revenue that directly affects the financial aspect of the company. However, integrated oil companies were still able to absorb most of the pressure as the revenue was generated from the downstream sector, but upstream companies have been affected the most by oil price volatility.
Baker Hughes, Halliburton, Schlumberger, Weatherford, Cathedral Energy Services, Directional Technologies, Ensco, Gyrodata, Jindal Drilling and Industries, LEAM Drilling Systems, MOTIVE DRILLING TECHNOLOGIES, Nabors Industries, National Oilwell Varco, Seadrill, SCIENTIFIC DRILLING INTERNATIONAL, and TRANSOCEAN.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook