WorldWide Drilling Resource

Directional Drilling Market Expected to Reach 10.3 Billion by 2021 Adapted from a Press Release by Business Wire Research and Markets announced the addition of the Directional Drilling Services Market by Application (Onshore, and Offshore), Type (Conventional, and Rotary Steerable System), Service (LWD, MWD & Survey, RSS, Motors), and Region - Global Forecast to 2021 report to their offering. According to the report, the directional drilling services market is pro- jected to grow to $10.30 billion by 2021. There are several factors driving the market including increased demand for energy due to industrialization and urbaniza- tion; the ongoing shale gas revolution; as well as recent oilfield discoveries. The report includes di rect ional drilling services for both conventional and rotary steerable systems, with con- ventional types as the fastest growth market. In terms of services, MWD and sur- vey hold the largest market share in the directional drilling services market. In terms of applications, the market is dominated by onshore appl ications. Direct ional dri l l ing is used more in onshore applications, due primarily to the high number of maturing fields In this report, the directional drilling services market has been analyzed for Asia-Paci f ic, North America, South America, Europe, the Middle East, and Africa. With the U.S. accounting for the majority share, North America is cur- rently the largest market, and the Middle East is projected to grow the most dur- ing the forecast period. Shale gas is emerging as an impor- tant new source of energy in the U.S. and Canada. Technological advancements in drilling (long-reach horizontal well bores) and completion techniques (multistage hydraulic fracturing) are increasing the outlook for the supply of crude oil in North America. Decl ining spending due to low crude oi l prices, increased focus on renewable energy are key restraints for the growth of the directional dri l l ing services market. Drill rig at a drill pad in the Fayetteville Shale gas play. It is used to drill the vertical and directional wells. Photo by Bill Cunningham, courtesy of the U.S. Geological Survey. 43 WorldWide Drilling Resource ® DECEMBER 2017