Global Measurement While Drilling (MWD) Market Industry Trends and Forecast, 2018-2028: Rising Energy Demand and Technological Advances Drive MWD Market Growth

News provided by

Nov 13, 2023, 20:45 ET

DUBLIN, Nov. 13, 2023 /PRNewswire/ -- The "Measurement While Drilling Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.

The global measurement while drilling market is anticipated to grow at a steady pace in the forecast period, 2024-2028. The anticipated expanding oil and gas exploration operations are linked to the sizeable growth. Heavy reliance on conventional fuels has resulted from ever rising energy demand. As a result, the expanding tendency has prompted the major market participants to step up their exploration efforts for unconventional sources like tight and shale gas.

Market Growth Drivers:

Rising Energy Demand: Escalating energy requirements driving the need for oil and gas explorations.
Technological Advancements: Innovations like Schlumberger's GyroSphere MEMS gyro-while-drilling service elevating drilling efficiency.
North American Dominance: The region's market is propelled by robust shale gas production and stable oil prices.

Market Projections:

Consistent Expansion: The MWD market is expected to grow steadily through the forecast period.
US Market Estimation: The market size in the US stood at USD 1.2 billion in 2019.

Market Trends:

Increased Drilling Activity: A significant uptick in North American rig counts signals a thriving market.
Shale Gas Developments: Canada's leverage of its shale reserves indicates a promising outlook for MWD market growth.

Market Restraints:

Economic Downturns: The recent oil and gas industry slump had a negative impact, but recovery trends are now visible.

Segmentation and Analysis:

Location-Based Insights: Differentiation between onshore and offshore activities, including deepwater and ultra-deepwater.
Well Type Specifics: Horizontal, directional, and vertical drilling market segmentation.

Key Market Participants:

Schlumberger Limited
Halliburton Energy Services, Inc.
Baker Huges Company
Weatherford International plc
Nabors Corporate Services, Inc.
National Oilwell Varco
Cathedral Energy Services
Gyrodata
Cougar Drilling Solutions
Newsco.
Target Well Control
COSL - China Oilfield Services Limited

Report Offerings:

In-depth market segmentation.
Comprehensive regional analysis.
Industry trends and growth drivers.

For more information about this report visit https://www.researchandmarkets.com/r/npzwm4

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets