Directional Drilling Market to grow by USD 5.01 billion from 2022-2027, APAC to account for 37% of market growth - Technavio

NEW YORK, Sept. 13, 2023 /PRNewswire/ -- The directional drilling market size is expected to grow by USD 5.01 billion from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of 9.24% during the forecast period, according to Technavio Research. The market is segmented by Application (Onshore and Offshore) and Geography (North America, APAC, Europe, Middle East and Africa, and South America). APAC will contribute 37% to the growth of the global market during the forecast period. Another region driving the growth of the horizontal directional drilling market is North America. The main in developing the directional drilling technique for shale extraction is the US. This is because the country had a large number of shale reserves. Furthermore, the government encourages the exploration and production (E&P) of non-conventional energy sources. Canada is the second largest adopter of unconventional oil and gas drilling in the region. Additionally, the government of the US is implementing a strategic approach toward offshore oil and gas production. Hence, such factors drive the growth of the directional drilling market in the region during the forecast period. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Read FREE PDF Sample Report

Company Profile:

Barbco Inc., CHTC Jove Heavy Industry Co., Granite Construction Inc., H.H. Drill Tech Drilling Machinery Co. Ltd., Halliburton Co., Herrenknecht AG, Jiangsu Dilong Heavy Machinery Co. Ltd., Jindal Drilling and Industries Ltd., Nabors Industries Ltd., NOV Inc., Prime Drilling GmbH, Radius HDD Direct LLC, Schlumberger Ltd., Scientific Drilling International, Terra AG, Tracto Technik GmbH and Co. KG, Vermeer Corp., Xinyu FeiHu Pipeline Technical Equipment Co. Ltd., Xuzhou Construction Machinery Group Co. Ltd., Goodeng International.

Barbco Inc.: The company offers directional drilling services and products such as Barbco horizontal directional drill.

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Directional Drilling Market: Segmentation Analysis

By Segment - The offshore segment has significant growth during the forecast period. These services are available in different sizes and power capabilities that are perfectly suited to a particular drilling environment. The segment growth can be attributed to factors such as rated water depth, leg length (for jack-up rigs), lifting capacity, drilling depth, top drive system, accommodation, the number of mud pumps, and the ability and power of mud pumps to circulate drilling fluids. Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View a FREE PDF Sample Report

"Besides analyzing the current market scenario, our report examines historic data from 2017 to 2021"- Technavio

Directional Drilling Market: Driver & Trend:

• Rise in demand for oil and gas worldwide
• Rising investments in the upstream oil and gas sector
• Growing activities related to horizontal wells

Growing oil and gas consumption drives the growth of the directional drilling market. The growth of oil and gas consumption is expected to increase in the future is attributed to factors such as the increasing industrialization and urbanization in developing countries such as India and China. The increasing fuel consumption in emerging countries such as China and India is also expected to increase the demand for natural gas. For instance, according to the IEA, demand for oil and gas will continue to grow until 2040, while natural gas use is expected to increase by 45% by 2040. Hence, such factors drive the growth of the directional drilling market during the forecast period.
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The deepwater and ultra-deepwater drilling market size is estimated to grow at a CAGR of 4.97% between 2022 and 2027. The market size is forecast to increase by USD 3,708.2 million. This deepwater and ultra-deepwater drilling market report extensively covers market segmentation by application (deepwater drilling and ultra-deepwater drilling), type (drillships and semisubmersible), and geography (North America, APAC, Europe, Middle East and Africa, and South America). The increasing demand for oil and gas is notably driving the market growth.

The geothermal drilling market size is estimated to grow at a CAGR of 4.31% between 2022 and 2027. The market size is forecast to increase by USD 205.01 million. This geothermal drilling market report extensively covers market segmentation by application (binary plants and steam plants), area (below 1000m and 1000-2000m), and geography (APAC, North America, Europe, South America, and Middle East and Africa). Volatility in oil prices and increase in electricity prices boost demand for geothermal energy is the key factor driving the growth of the market. 

What are the key data covered in this directional drilling market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the directional drilling market between 2022 and 2027.
• Precise estimation of the directional drilling market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across North America, Europe, Asia, and ROW
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of directional drilling market vendors.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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SOURCE Technavio