DIRECTIONAL DRILLING SOLUTIONS & SERVICES MARKET ANALYSIS

Directional Drilling Solutions & Services MarketSize and Trends

Global directional drilling solutions & services market generated revenue of US$ 11.23 billion in 2021. By 2030, the directional drilling solutions & services market is expected to be valued at US$ 25.05 billion with a CAGR of 9.5% over the forecast period. Rental segment in the market is expected to exhibit the highest growth rate during the forecast period. As costs of purchasing directional drilling equipment such as rotary steerable systems and mud motors is quite high, preference is being given to rental services wherein required tools and services can be rented out as per requirements.

Among solutions, the MWD tools segment held dominant position in the directional drilling solutions & services market in 2017 and is projected to retain its dominance throughout the forecast period. Increasing number of unconventional and deep-water exploration & production (E&P) and drilling activities and growing demand for higher productivity and efficiency of drilling activities are some of the key factors driving demand for measurement while drilling tool (MWD). This in turn is expected to boost the growth of the segment in the market during the forecast period. Moreover, increasing demand for petroleum products and natural gas is leading to extensive drilling, which requires MWD. For instance, according to 2017 World Oil Outlook Report, oil demand for the period 2016–2022 will increase by 6.9 mb/d (millions of barrels per day), from 95.4 mb/d to 102.3 mb/d. This leads to a healthy average annual increase of around 1.2 mb/d.

Figure 2: Global Directional Drilling Solutions & Services Market (US$ Bn) Analysis and Forecast, 2017 - 2030

The global directional drilling solutions & services market was valued at US$ 11.23 Bn in 2021 and is expected to reach US$ 25.05 Bn by 2030, growing at a CAGR of 9.5% between 2022 and 2030.