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Directional Drilling Services Market to Reach USD 13.87 Billion by 2027; Surging Exploration Activities to Incite Market Revenue, sates Fortune Business Insights™

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Pune, Sept. 02, 2020 (GLOBE NEWSWIRE) — The global directional drilling services market size is expected to reach USD 13.87 billion by 2027, exhibiting a CAGR of 9.3% during the forecast period. The surging exploration and production activities for oil and gas will fuel significant demand for the market in the forthcoming years, states Fortune Business Insights, in a report, titled “Directional Drilling Services Market Size, Share & COVID-19 Impact Analysis, By Type (Conventional and Rotary Steerable Systems (RSS)), By Location (Onshore and Offshore), By Service (Measurement While Drilling (MWD), Logging While Drilling (LWD), Rotary Steerable System, Mud Motors, and Others), and Regional Forecasts, 2020-2027.” The market size stood at USD 10.38 billion in 2019.Click here to get the short-term and long-term impact of COVID-19 on this market.

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The report on the directional drilling services market encompasses:Profound study of the marketKey market trends and drivers Latest industry developmentsIn-depth data about eminent playersCOVID-19 impact on the marketMarket Driver:Increasing Offshore Discoveries to Augment GrowthThe expansion of reserves and oilfields coupled with ongoing exploration for oil will have a positive influence on the growth of the market during the forecast period. For instance, discoveries such as Alpine high in West Texas, Alaska in U.S., gas discoveries in the Kara Sea off the northwestern part of West Siberia’s Yamal Peninsula – Dinkov and Nyarmeyskoye,
Golan Heights in Israel. Moreover, the offshore gas discovery of Stabroek block Tilapia, Yellowtail (oil), and Haimara (gas-condensate), along with Lang Lebah-1RDR2 exploration well will create lucrative opportunities for the market. The growing oil demand will simultaneously enhance the need for gas production and oil field operators, which, in turn, can aid the expansion of the market. The heavy investment in oil & gas discoveries and exploration activities by major companies is predicted to escalate the market.COVID-19 Pandemic to Harshly Impact MarketThe oil and gas industry has experienced a severe effect due to the occurrence of coronavirus. The halt on oil and gas manufacturing and services is likely to constrain the growth of the market. The imposition of lockdown by the governments has led to the cessation of production and transportation, in turn, disturbing the directional drilling services market. The hold on exploration projects and industrial and commercial operations will subsequently thwart the growth of the market. Besides, the fluctuations in crude oil prices will further impede the development of the market amid coronavirus.
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Regional Analysis:Elevating Capital Expenditure to Bolster Growth in Asia PacificThe market in North America is expected to experience a substantial growth rate during the forecast period. The surge in the region is attributed to wide-ranging exploration activities in the region. The exploration of oilfields is expected to create lucrative business opportunities for the market. For instance, in April 2019, Shell discovered blacktip oilfield in the Gulf of Mexico to produce approximately 900,000 barrels per day (BPD) from its Deepwater assets. Petroleos Mexicanos (PEMEX) had discovered a deposit in southeastern Mexico that could yield 500 million barrels of crude. The market in Asia Pacific is expected to lead the market during the forecast period due to the innovations in drilling technology. The rising investment by National Oil Companies (NOC) in offshore E&P activities is predicted to boost the market. The market in Europe is expected to rise tremendously during the forecast period owing to the exploration of new offshore hydrocarbons reserves. For instance, the activities of the Norwegian continental shelf will propel the growth of the market in Europe.Notable Development:September 2019: Kim Heng Offshore & Marine Holdings was awarded a horizontal directional drilling (HDD) contract. This contract has helped the company to leverage its competitive position in the oil and gas sector.Lists Of the Key Players in the Directional Drilling Services Market:Schlumberger (Texas, US)Baker Hughes (Texas, US)Halliburton (Texas, US)Weatherford (Texas, US)National Oilwell Varco (Texas, US)Nabors Industries (Hamilton, Bermuda)Leam Drilling Systems LLC (Louisiana, United States)Jindal Drilling & Industries Limited (Haryana, India)Gyro data (Texas, United States)China Oilfield Services Limited (Beijing, China)Phoenix Technology Services (Calgary, Canada)Scientific Drilling (Texas, US)AlMansoori Specialized Engineering (Abu Dhabi, UAE)NewTech Services (Moscow, Russia)Integra (New Jersey, United States)
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Detailed Table of ContentIntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsKey Emerging Trends – For Major CountriesLatest Technological AdvancementRegulatory LandscapeIndustry SWOT AnalysisPorters Five Forces AnalysisQualitative Analysis – Impact of COVID-19Impact of COVID-19 on the Directional 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 Directional Drilling Services Market Analysis (USD Billion), Insights and Forecast, 2016-2027Key Findings / SummaryMarket Analysis, Insights and Forecast – By TypeConventionalRotary Steerable Systems (RSS)Market Analysis, Insights and Forecast – By LocationOnshoreOffshoreMarket Analysis, Insights and Forecast – By ServiceMeasurement While Drilling (MWD)Logging While Drilling (LWD)Rotary Steerable SystemMud MotorsOthersMarket Analysis, Insights and Forecast – By RegionNorth AmericaLatin AmericaEuropeAsia PacificMiddle East and Africa
TOC Continued.
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Have a Look at Related Research Insights:Offshore Drilling Rigs Market Size, Share and Global Trend By Type (Bottom Supported Rigs, Floaters Rigs), By Depth of Water (Shallow Water, Deepwater, Ultra Deepwater) and By Geography Forecast till 2026Drilling Tools Market Size, Share and Global Trend By Type (Drill Bits, Drill Collars, Drill Jars, Drilling Tubulars, Drilling Motors, Drill Swivels, Drill Reamers & Stabilizers, Mechanical Thrusters), By Application (Onshore, Offshore) and Geography Forecast till 2026Managed Pressure Drilling Market Size, Share and Industry Analysis, By Technology (Constant Bottom Hole Pressure, Pressurized Mud Cap Drilling, and Dual Gradient), By Application (Onshore and Offshore), and Regional Forecast, 2019-2026Oilfield Services Market Size, Share and Industry Analysis By Service (Seismic Service, Drilling Service, Completion & Workover Service Production Service, Processing & Separation Service, Others), By Application (Onshore, Offshore), and Regional Forecast, 2019-2026Hydraulic Fracturing Market Size, Share & COVID-19 Impact Analysis, By Well Type (Horizontal and Vertical), By Technology (Plug & Perf and Sliding Sleeve), By Application (Onshore and Offshore), and Regional Forecast, 2020-2027
About Us:Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in. Contact Us:
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