Directional Drilling Services Market Poised to Exhibit 7.5% Growth driven by Increasing Shale Gas Exploration

Directional Drilling Services Market
Directional Drilling Services Market 


Directional drilling services Market involve precisely drilling and directing wellbores non-vertically and horizontally towards the target reservoir formation. These services aid in reaching reservoirs located deep underground or beneath obstacles, reduce surface footprint requirements. Directional drilling allows operators to locate and develop oil and gas reservoirs, maximizing production from existing wells while minimizing environmental impact.

The Global Directional drilling services Market is estimated to be valued at US$ 1.83 Bn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the directional drilling services are B. Braun Melsungen AG, Fresenius Kabi, Leventon, S.A.U, Ambu A/S, Baxter International Inc., Halyard Health, and Nipro Corporation. These companies are focusing on expanding their geographic presence to take advantage of growing demand.

The growing demand for petroleum products along with increasing shale gas exploration and production activities are major drivers for Directional drilling services Market Demand With continuous depletion of conventional reserves, oil and gas operators are increasingly adopting directional drilling techniques to extract hydrocarbon reserves from unconventional sources.

Globally the directional drilling services market is expanding with rising investments in upstream oil and gas projects especially in North America and Middle Eastern regions. Key players are actively collaborating with national oil companies to undertake complex offshore and onshore horizontal and diagonal drilling projects.

Market key trends

One of the key trends observed in the Directional Drilling Services Market Size And Trends is growing adoption of measurement-while-drilling (MWD) and logging-while-drilling (LWD) technologies. These technologies help in real-time monitoring of drilled wells and allow for drilling optimization. MWD/LWD mitigates drilling risks, improves efficiency, and supports horizontal and extended reach drilling activities.

Porter's Analysis

Threat of new entrants: Low capital requirements and access to used equipment have made threats of new entrants high. However, established operators hold most of the drilling contracts, creating barriers.

Bargaining power of buyers: Since directional drilling service providers hold technologies and expertise, bargaining power of oil & gas operators buying these services is moderate. However established operators can negotiate prices.

Bargaining power of suppliers: Key suppliers of tools, equipment and technologies hold some bargaining power given specialized nature and control over new product development. However, availability of alternatives limits this power.

Threat of new substitutes: No close substitute exists for directional drilling. However, improvements in horizontal drilling may pose a threat in future.

Competitive rivalry: Intense competition exists among providers given fragmented nature. Companies differentiate based on technologies, expertise, HSSE standards and project execution abilities.

Geographical regions

North America currently holds the major share of the directional drilling services market in terms of value, led by increasing complexity of shale oil & gas fields in the US. The market in the Middle East and Africa is also sizable given large reserves.

Asia Pacific region is expected to witness the fastest growth in the directional drilling services market during the forecast period. This can be attributed to rising exploration and production activities as well as developing infrastructure in countries like China and India.

About Author

Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.(LinkedIn: https://www.linkedin.com/in/vaagisha-singh-8080b91)

Comments

Post a Comment

Popular posts from this blog

Micro-mobility Charging Infrastructure: Enabling the Growth of Shared Electric Transportation

Image
Micro-mobility Charging Infrastructure Micro-mobility modes like e-scooters and e-bikes are growing rapidly as a means for short urban trips. However, a critical factor in expanding their use is developing robust charging infrastructure to power these shared electric vehicles. An optimized charging network can help micro-mobility services scale up reliably while reducing their environmental impact. Charging Operations Managing large fleets of chargers and ensuring electric Micro-Mobility Charging Infrastructure  power requires efficient charging logistics. Companies operate networks of dedicated chargers that scooters and bikes can be docked at for a quicker recharge compared to slower at-home charging. Charging stations are usually located near high traffic areas like transit stations or parks to maximize accessibility and convenience for riders. Chargers may be owned by operators or deployed through partnerships with property owners at locations like parking garages, office...
Read more

Antihyperlipidemic Drugs: Medications That Help Lower Cholesterol And Lipid Levels

Image
Antihyperlipidemic Drugs Hyperlipidemia, commonly known as high cholesterol, refers to abnormally elevated levels of any or all lipids and lipoproteins in the blood. When left untreated, it can increase the risks of many serious health conditions like heart disease and stroke. To help manage hyperlipidemia and reduce these health risks, doctors often prescribe antihyperlipidemic drugs. Also known as lipid-lowering agents, these medications work to lower cholesterol and lipid levels in the blood. Let's take a closer look at some commonly used antihyperlipidemic drugs and how they work. Statins Statins are considered the first-line treatment for Antihyperlipidemic Drugs   They work by interfering with the liver's ability to produce cholesterol. Some commonly prescribed statins include atorvastatin (Lipitor), rosuvastatin (Crestor), simvastatin (Zocor), and pravastatin (Pravachol). Statins have been shown to effectively lower LDL ("bad") cholesterol levels by 20-60% dep...
Read more