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Drilling Services Market to Register 8.6% CAGR till 2027; Promising Advancements in Drilling Technologies to Stimulate Market Growth: Fortune Business Insights™

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Pune, India, March 18, 2021 (GLOBE NEWSWIRE) — The global drilling services market share, size is projected to reach USD 17.44 billion by 2027, exhibiting a CAGR of 8.6% during the forecast period. Escalating energy demand across the world will be the principal force behind the progress of this market, shares Fortune Business Insights™ in its report, titled “Drilling Services Market Size, Share & COVID-19 Impact Analysis, By Service (Directional Drilling {Measurement While Drilling, Logging While Drilling, Rotary Steerable System, Gyro Drilling, Magnetic Drilling, and Others} and Non-Directional Drilling), By Application (Onshore and Offshore {Shallow Water, Deepwater, and Ultra-Deepwater}), By End-User (Oil & Gas, Mining, Water Exploration, and Others), and Regional Forecast, 2020-2027”.According to the International Energy Outlook 2019 of the US Energy Information Administration (EIA), global energy consumption is set to increase by nearly 50% between 2018 and 2050. The astronomical rise in energy demand, as per the EIA, will be driven by the rapidly developing nations of Asia over the next three decades. Furthermore, the International Energy Agency (IEA) predicts that oil production will keep rising till 2030 and nearly 35% of the energy demand will be met by gas. Drilling services are, therefore, likely to experience soaring demand as governments and private players compete against each other to meet the skyrocketing demand for hydrocarbon-based energy in the forthcoming years.
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Highlights of the Report:Market Penetration: Comprehensive information on the product portfolios of the top players in the Drilling Services Market.Product Development/Innovation: Detailed insights on the upcoming technologies, RandD activities, and product launches in the Drilling Services MarketCompetitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the Drilling Services MarketMarket Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographiesMarket Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Drilling Services MarketRegional InsightsIncreasing Oil Production in the US to Aid the North America Market GrowthNorth America is expected to dominate the drilling services market share during the forecast period owing to the rising production level of oil & gas in the US and Canada. Moreover, drilling technologies are being extensively employed in the US to discover shale gas reserves, which will put the US at the forefront of the hydrocarbon industry. In 2019, the North America market size stood at USD 4.93 billion.In Asia Pacific, the Drilling Services Market is anticipated to experience prolific growth on account of the abundant availability of mineral and metal reserves spread across the region, which will stoke the demand for drilling services. On the other hand, the market in the Middle East & Africa is likely to undergo speedy expansion due to the rich presence of oil reserves in this region.Click here to get the short-term and long-term impact of COVID-19 on this Drilling Services Market.
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Restraining FactorSharp Decline in Oil Demand amid COVID-19 to Stall Market GrowthThe drilling services market growth is confronting unprecedented challenges thrown in its way by the outbreak of the COVID-19 pandemic. According to the IEA, world energy demand dropped by 5% in 2020, with oil demand contracting by 8% and coal demand by 7%. The major reasons for this historic decline in fossil fuel energy sources include the speedy adoption of remote working facilities when the pandemic broke out, nationwide lockdowns, and a sudden dip in electricity demand as commercial spaces were temporarily closed down.The cumulative effects of these developments can be seen on oil prices, which were already volatile due to the Saudi-Russia oil supply war. In April 2020, for instance, crude oil prices went into negative territory on account of the precipitous fall in oil demand. In December 2020, as the new coronavirus strain gripped the world, oil prices dropped by 3%. Weak investments and delays in exploration projects amid the COVID-19 pandemic will, thus, limit the adoption of drilling services in the oil and gas industry.
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Competitive LandscapeKey Players to Concentrate on Obtaining Profitable Drilling ContractsThe advanced drilling services and solutions offered by some of the prominent players in this market are enabling these companies to secure highly profitable contracts from diverse entities. These contracts are allowing the players to expand their business and operational horizons and augment their presence in regional markets.Industry Developments:November 2020: Seadrill Ltd bagged one firm and one optional well contract from Walter Oil & Gas for the Sevan Louisiana semi-submersible rig in the Gulf of Mexico. The deal adds USD 17 million in backlog revenues for Seadrill.November 2020: Schlumberger released MagniSphere, its innovative, high-definition NMR logging-while-drilling (LWD) service. The inventive offering is designed to deliver precise, real-time analysis for accurate well placement, leading to increased production and recovery in complex sites.List of Key Companies Covered in this Drilling Services Market Report:Sumitomo Precision Products Co (Japan)Siemens (Germany)DV8 Technology Ltd. (UK)REFLEX NOW (Australia)Motive Drilling Technologies (U.S.)Kearfott Corporation (U.S.)ION Geophysical (U.S.)Zupt, LLC (U.S.)KLX Energy Services (U.S.)Welltec (Denmark)International Drilling Services LLC (Oman)Boart Longyear (U.S.)The Weir Group PLC (UK)AlMansoori Specialized Engineering (United Arab Emirates)Leam Drilling Systems LLC (U.S.)Petrofac (UK)Superior Energy Services (U.S.)VES Survey International (U.S.)Unitech Drilling Company Limited (Nigeria)Compass Directional Guidance, Inc. (U.S.)Oceaneering (U.S.)TechnipFMC (UK)Halliburton (U.S.)Inertial Sensing One AB (Sweden)Axis Mining Technology (Australia)Devico AS (Norway)Stockholm Precision Tools AB (SPT) (Sweden)Gyrodata (U.S.)Emerson (U.S.)Schneider Electric (France)Erdos Miller (U.S.)Oliden Technology (U.S.)Gyro Australia (Australia)Phoenix Technology Services (Canada)Center Drill Inc. (U.S.)Gyro Drilling (Netherlands)JAE (Japan)Radial Drilling Services, Inc. (U.S.)Integra (Russia)JINDAL DRILLING & INDUSTRIES LTD. (India)NewTech Services (Russia)NOV (U.S.)Huracan Pty Ltd. (Australia)Baker Hughes (U.S.)Archer – the well company (Norway)DIDRILLSA LTDA (Colombia)Drill Tech Solution (Azerbaijan)China Oilfield Services Limited (China)AnTech (UK)Weatherford (Switzerland)Nabors Industries (U.S.)Scientific Drilling (U.S.)Brownline (Netherlands)Icefield Tools Corporation (Canada)Schlumberger (U.S.)
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Table Of Content:IntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsKey Emerging Trends – For Major CountriesLatest Technological AdvancementKey Industry DevelopmentsRegulatory LandscapePorters Five Forces AnalysisQualitative Analysis – Impact of COVID-19Impact of COVID-19 on the Drilling Services MarketSteps Taken by the Government to Overcome the ImpactKey Developments by Industry Players in Response to COVID-19Potential Opportunities and Challenges due to COVID-19 OutbreakGlobal Drilling Services Market Analysis (USD Billion), Insights and Forecast, 2016–2027Key Findings / SummaryMarket Analysis, Insights and Forecast – By ServiceDirectional DrillingMeasurement While DrillingLogging While DrillingRotary Steerable SystemGyro DrillingMagnetic DrillingOthersNon-Directional DrillingMarket Analysis, Insights and Forecast – By ApplicationOnshoreOffshoreShallow WaterDeepwaterUltra-DeepwaterDrilling Services Market Analysis, Insights and Forecast – By End-UserOil & GasMiningWater ExplorationOthersMarket Analysis, Insights and Forecast – By RegionNorth AmericaEuropeAsia PacificLatin AmericaMiddle East and AfricaNorth America Drilling Services Market Analysis (USD Billion), Insights and Forecast, 2016–2027Key Findings / SummaryMarket Analysis, Insights and Forecast – By ServiceDirectional DrillingMeasurement While DrillingLogging While DrillingRotary Steerable SystemGyro DrillingMagnetic DrillingOthersNon-Directional DrillingMarket Analysis, Insights and Forecast – By ApplicationOnshoreOffshoreShallow WaterDeepwaterUltra-DeepwaterMarket Analysis, Insights and Forecast – By End-UserOil & GasMiningWater ExplorationOthersDrilling Services Market Analysis, Insights and Forecast – By CountryU.S.Canada
TOC Continued…!
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