In a recent published report, Kenneth Research has updated the market report for Directional Drilling Services Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Directional Drilling Services Market products.
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A report on Directional Drilling Services Market has been added by Kenneth Research into its market research repository. The report provides an extensive analysis of the market by determining the relationship between the dependent and independent variables through correlation and regression for the forecast period, i.e., 2021 2025. The report on Directional Drilling Services Market further provides the supply and demand risks associated with the growth of the market, and consists of macro-economic indicators that are contributing to the market growth. The market is thriving on account of the growing trade on fuel worldwide, backed by the rising demand for energy from the end-users.
According to the statistics by the World Bank, exports of fuel increased from 12.91% of merchandise exports in 2001 to 14.25% of merchandise exports in 2018. Additionally, imports of fuel registered a growth by 1.28x between the years 2001 and 2018. In 2001, the import of fuel was 10.30% of merchandise exports whereas in 2018, it was 13.19% of merchandise exports. On the other hand, the increasing focus of the players in the energy and power industry to lower their cost of operations so as to enhance their profitability, is also anticipated to contribute to the market growth. The natural gas rents, which is defined as the difference between the total cost of production of natural gas and the production value at world prices, decreased significantly from 0.40% of GDP in 2001 to 0.18% of GDP in 2017. Alternatively, the oil rents, which increased from 1.09% of GDP in 2001 to 1.30% of GDP in 2019, portrays the need amongst the players to enhance their focus in reducing the cost of production of oil.
Directional drilling services have changed the oil and gas industry. Oil and gas can be extracted cautiously from the deep ocean floor economically using directional drilling. Directional drilling technology rises the area covered by a single rig, and also helps in saving capital expenditure.
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Increase in demand for petrochemical and chemical products and increasing exploration and manufacturing activities in various locations and deep waters are enhancing the oil & gas segment of the market. Environmental concerns and Volatility of the crude oil for instance oil volatility is 15% and the prices are 100US$ which means the oil prices may either increase or decrease by 15 % in the near future that may affect the prices during the drilling process and these are the key restraining factors for this market.
The growing demand for enhanced drilling services from developing nations such as India & China along with growing demand to drill deeper and farther offshore, mainly in the unconventional reserve area, is projected to be the key growth opportunity factors for this market over the forecast period.
The directional drilling services market has been categorized into type, services, technology, applications and geography. On the basis of type the market is bifurcated into rotary steerable system and conventional.
Based on service the market is categorized into logging while drilling, RSS, motors, measurement while drilling & survey and others. Global directional drilling services market on the basis of technology is categorized into side tracking, well planning, wellbore positioning, automated drilling system, and torque & drag analysis among others. Application segment is bifurcated into offshore and onshore. The onshore segment held the largest market share in the recent years, due to the aging and maturing of onshore fields.
Offshore oilfield activities are anticipated to hold the major chunk of the market over the forecast period owing to the developments of new projects on ultra-deep waters and deep in the recent years and these projects are growing rapidly. For instance, Shell is drilling in Brazil’s pre-salt basins in order to extract oil and anticipated to contain 80 billion barrels of oil reserves that may cost 40 US$ per barrel.
North America dominated the directional drilling services market in the recent years, due to the drilling of horizontal and directional wells in this region. The U.S. is the leading player in this region due to the growth in energy and power actions for shale gas in the Gulf of Mexico. Asia Pacific region is anticipated to hold the major chunk of directional drilling services market over the forecast period 2018-2025.
This region is majorly driven due to the growing energy and power activities majorly in the countries such as India and China. China is one of the key consumers of oil & gas globally, it has planned to rise the natural gas consumptions as it can be a perfect replace coal as a major energy source owing to stringent government regulation.
Whereas Middle East and Africa are the key market players for energy and power of crude oil. This is anticipated to increase in near future due to the rising production of offshore and onshore exploration activities.
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Directional Drilling Services Market: Key Players
The key players in directional drilling services market are Halliburton Company, weatherford International PLC., GE Oil & Gas, Cathedral Energy Services Ltd., Gyrodata Incorporated, Leam Drilling Systems, LLC., Baker Hughes Incorporated, Schlumberger Limited, Nataional Oilwell Varco, Inc., Nabors industries Ltd., Jindal Drilling & Industries Limited, Scientific Drilling International among other key players.
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