Over the course of the forecast period, conventional directional drilling solutions are predicted to dominate the market. Due to its use in regulating the well's trajectory while drilling, MWD and Survey are expected to dominate the market for directional drilling services. Over the course of the forecast period, North America and the Asia Pacific are expected to make extensive use of these strategies. Due to the maturing and ageing onshore fields, the onshore segment dominates the market for directional drilling services. However, due to the development of new projects in deep and ultra-deep waters over the past few decades, offshore oilfield activities are seen to be expanding at the fastest rate. Due to recent oilfield finds and an increase in energy demand in the Middle East, it is projected that this region would have a sizable market for directional drilling services. One of the biggest businesses in this area that offers directional drilling services and has completed 800 wells is Almansoori. There is evidence that the market for directional drilling services is expanding quickly in the Asia Pacific region.
According to Coherent Market Insights, The size of the global market for Directional Drilling Services was $10.38 billion in 2019 and is expected to increase to $13.87 billion by 2027, at a CAGR of 9.3%.
Leading Companies in the Directional Drilling Services Industry:
1. Halliburton Company
The company was started in 1919 and is based in Houston, Texas, United States. The Halliburton Company manufactures goods for the energy sector in addition to offering engineering, construction, and energy services. With the opening of Halliburton's MultiChem facility in Jubail PlasChem Park on March 1, 2022, Saudi Arabia will transition from being an importer of specialty goods to a specialty goods exporter.
2. Weatherford International Plc.
The firm was founded in 1941 and is located in Houston, Texas, United States. The Company offers equipment and services for the oil industry. The company provides drilling solutions as well as related services including gas well unloading and restoration. The relisting of Weatherford International plc's ordinary shares on Nasdaq under the ticker symbol "WFRD," which will take effect at the start of trading on Wednesday, June 2, 2021, was approved by Nasdaq, according to a statement released by the company on June 1, 2021.
3. Schlumberger Limited
The company was founded in 1926 and is based in Paris, France. Through its subsidiaries, the Company offers a comprehensive range of services to the petroleum industry, including advanced acquisition and data processing surveys, project management, and technology solutions. Gyrodata Incorporated, a firm that develops gyroscopic wellbore navigation and survey technology with headquarters in Houston, was acquired by SLB in full in February 2023, according to a statement.
4. Nabors Industries Ltd.
The company was started in 1972 and is located in Hamilton, Bermuda. As well as doing well service and workovers, Nabors Industries Ltd. is a contractor for land drilling. Oil, gas and geothermal drilling operations are carried out by the company on land. The oilfield management, well logging, and other support services provided by Nabors are included in their well-site services.
5. National Oilwell Varco
The firm was started in 1841 and is located in Houston, Texas, United States. It serves the upstream oil and gas industry on a global scale by offering supply chain integration services, oilfield services, and equipment and components utilised in drilling and production activities. Two offshore wind installation vessels will be designed and outfitted for Cadeler under a contract announced by NOV in August 2021.
6. Cathedral Energy Services Ltd.
The business was started in 1998 and is located in Calgary, Canada. Selected oilfield services are offered by the company. In addition to cased hole wireline services, the company provides rentals for horizontal, directional, and underbalanced drilling equipment as well as services for production testing and completion.
7. Baker Hughes Incorporated
The company was started in 1987 and is located in Houston, Texas, United States. The company provides surface logging, drilling, pipeline operations, fertiliser solutions, petroleum engineering, gas turbines, valves, actuators, pumps, flow metres, generators, and motors, among other things. The business paid Team, Inc. $279 million in November 2022 to buy Quest Integrity. Baker Hughes bought Altus Intervention, a Norwegian oilwell specialist firm, in March 2022.
Definition: Drilling a well in a preferred direction to reach the desired location is referred to as directional drilling. With this kind of drilling, the wellbore is precisely positioned to achieve maximum recovery in both on- and offshore zones.
