Global Directional Drilling Market Report 2018 provides actionable intelligence on factors that have been driving demand; key trends that are impacting the Directional Drilling market; challenges that affect the market dynamics along with the market size, a SWOT analysis of the key vendors, and various segments.
Competitor Analysis: by product types, market share, applications, sales, and revenue.
- Anadarko Petroleum Corporation
- Apache Corporation
- BP PLC
- Chevron Corporation
- Exxon Mobil Corporation
- Royal Dutch Shell plc.
- Halliburton Co
- Schlumberger Ltd.
- Weatherford International plc
- Baker Hughes
- Inc. (a GE Company)
- Nabors Industries Ltd.
- China Oilfield Services Limited
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Description of Directional Drilling Market: The demand for directional drilling department was significantly affected by the global oil prices downturn that started in 2014. The global Exploration and Production (E&P) companies responded to the oil price decline with budget cuts or project delays, with an expected overall 40% decline in CapEx spending. However, the pressing need for production optimization in the current ‘lower for longer’ oil price scenario supplements the demand for directional drilling, which allows drilling from a single rig in multiple locations and in areas where regular drilling activities remain as a challenge. Furthermore, rising demand to drill deeper and farther offshore, particularly in the unconventional reserve area, is expected to further supplement the demand for directional drilling services during 2018 – 2023 (henceforth referred to as forecast period). On the flip side, the oil & gas operators are expected to adopt a wait and watch policy based on oil & gas prices, for the commissioning of the E&P projects, resulting in a slight decline in demand for the directional drilling services.
Quest for Offshore Oil & Gas – Driving the Directional Drilling Market
As traditional onshore reserves are depleting, offshore resources are expected to play a more significant role in securing the growing demand for oil & gas. The increasing interest in shelf resources is illustrated by the fact that over the past 20 years, the number of significant shelf discoveries has been higher than the number of significant onshore discoveries. The shelf production is expected to account for approximately 30% of the global output, with about 27% of the offshore reserve are below 300 meters and is expected to increase further deeper. The Middle Eastern countries are expected to invest heavily in offshore development to counter their declining onshore reserves and maintain global production share from the offshore fields. The rising investment for the development of the offshore oil & gas reserves is expected to supplement the demand for directional drilling services.
North America to Dominate the Market Growth
The US shale investments were estimated to jump around 53 % in 2017, following a 44% plunge between 2014 and 2016, as per International Energy Agency (IEA). The shale gas production in the United States is expected to more than double from 37 Bcf/d in 2015 to 79 Bcf/d by 2040. Similarly, growth is also expected in Canada as well. To meet up with the rising demand for natural gas across the globe, E&P activities are expected to further increase, particularly in the North American offshore waters, such as US GOM region, which, in turn, would supplement the demand for directional drilling services during the forecast period.
Saudi Arabia to Hold a Significant Demand despite Oil Prices Downturn
Despite facing constant stiff competition from the shale producers of the North American region in the midst of lower crude prices, Saudi Arabia is expected to register a moderate demand for directional drilling services, during the forecast period. The economy of Saudi Arabia is highly dependent on the oil & gas upstream sector, and the oil exports account for approximately 40% of the country’s GDP and 90% of the total export earnings. E&P activities in the country are expected to continuously remain high, particularly in the offshore region, thereby increasing the demand for directional drilling services. In July 2017, Saudi Aramco announced an investment of USD 300 billion in the oil & gas sector over the next decade, which is expected to supplement the demand further.
Directional Drilling Market report passes on a fundamental overview of the Market including its definition, applications, and advancement. Furthermore, the Industry report investigates the ecumenical Major Directional Drilling Market players in detail. Directional Drilling Market report gives key bits of Cautiousness and subsisting status of the Players and is a basic Source obviously and heading for Companies and people energized by the Industry.
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The Global demand for Directional Drilling Market is forecast to report strong development driven by consumption in major evolving markets. More growth opportunities to come up between 2018 and 2025 compared to a few years ago, signifying the rapid pace of change.
Directional Drilling Market Historic Data (2012-2018):
- Industry Trends: Status and Outlook.
- Competitive Landscape: By Manufacturers, Development Trends.
- Product Revenue for Top Players: Market Share, Growth Rate, Current Market Situation Analysis.
- Market Segment: By Types, By Applications, By Regions/ Geography.
- Sales Revenue: Market Share, Growth Rate, Current Market Analysis.
Directional Drilling Market Forecast (2018-2023):
- Market Size Forecast: Overall Size, By Type/Product Category, By Applications/End Users, By Regions/Geography.
- Key Data (Revenue): Market Size, Market Share, Growth Rate, Growth, Product Sales Price.
Directional Drilling Market Influencing Factors:
- Market Environment: Government Policies, Technological Changes, Market Risks.
- Market Drivers: Growing Demand, Reduction in Cost, Market Opportunities and Challenges.
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