The Logging While Drilling (LWD) Market research report provides information about market penetration that offers thorough data on the market offered by the main market players. It also offers analysis and awareness and analysis about different factors during the projected period.
Logging While Drilling (LWD) Market Overview
The global Logging While Drilling (LWD) Market size is projected to reach a CAGR of 7.6% from 2023-2030.
Logging While Drilling (LWD) is a system that is applied in oil fields. LWD system is used to get real-time data during the drilling of the oil wells. LWD tools are used to determine the physical properties of the bore well, such as porosity, conductivity, density, saturation, and others. Measurements by the LWD system provide accurate information about the geological formation while drilling. The real-time data regarding the physical properties of the well enables the operator to determine the rate of the penetration of the drilling machine, optimize the process and make decisions accordingly. LWD tools help to enhance the drilling activity and to improve the overall performance of the process. LWD system can be used for onshore as well as offshore purposes.
The rise in industrialization and urbanization all over the world is propelling the demand for energy and power activities. The surge in deep-water and unconventional energy and power activities will also help earn high logging-while-drilling market revenues. Furthermore, the accelerating demand for technical expertise for cost-competitive oil and gas production is further expected to fuel the Logging While Drilling Market growth.
On the other hand, the volatile oil prices over the recent period, owing to the supply-demand gap, geopolitics, and several other factors have been restraining the growth in the demand for logging while drilling (LWD).
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The outbreak of COVID-19 forced energy companies to decrease their exploration and drilling activities and development expenditure, which reduced the demand for oil field services. The pandemic caused geopolitical uncertainties, prolonged trade tensions, and near-term demand disruptions. The following factors have miserably affected the market and are the major factors hindering market growth.
Delvens Industry Expert's Standpoint
The demand for logging while drilling (LWD) has been hindered due to the fluctuating oil prices caused by the supply-demand gap and geopolitical tensions, among other factors. However, the South American region is expected to experience the highest growth rate during the forecast period due to the rising oil and gas activities in the region.
Moreover, the discovery of new oil and gas reserves and the liberalization of the industry worldwide have opened up new investment opportunities for players in the market. Riding on the optimism associated with the recovery of crude oil prices, onshore projects are expected to record significant growth over the forecast period, in turn, driving the demand for the logging while drilling (LWD) market.
Key Findings
• Logging While Drilling (LWD) is a system that is applied in oil fields. LWD system is used to get real-time data during the drilling of the oil wells. LWD tools are used to determine the physical properties of the bore well, such as porosity, conductivity, density, saturation, and others. Measurements by the LWD system provide accurate information about the geological formation while drilling. The real-time data regarding the physical properties of the well enables the operator to determine the rate of the penetration of the drilling machine, optimize the process and make decisions accordingly. LWD tools help to enhance the drilling activity and to improve the overall performance of the process. LWD system can be used for onshore as well as offshore purposes.
• The rise in industrialization and urbanization all over the world is propelling the demand for energy and power activities. The surge in deep-water and unconventional energy and power activities will also help earn high logging-while-drilling market revenues. Furthermore, the accelerating demand for technical expertise for cost-competitive oil and gas production is further expected to fuel the Logging While Drilling Market growth.
• The outbreak of COVID-19 forced energy companies to decrease their exploration and drilling activities and development expenditure, which reduced the demand for oil field services. The following factors have miserably affected the market and are the major factors hindering market growth.
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is expected to dominate the logging while drilling (LWD) market and is expected to grow at a significant rate over the forecast period.
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Logging While Drilling (LWD) Market Regional Analysis
North America to Dominate the Market
• North America is expected to dominate the logging while drilling (LWD) market and is expected to grow at a significant rate over the forecast period.
• Increasing oil and gas drilling and completion activities in the region are expected to increase the demand for logging while drilling (LWD) market over the forecast period in the North American region.
Logging While Drilling (LWD) Market Competitive Landscape
• Halliburton Company
• Baker Hughes Company
• Schlumberger Limited
• Weatherford International Ltd.
• Vallourec SA
• National Oilwell Varco Inc
• Scientific Drilling International, Inc
• China Oilfield Services Ltd
Logging While Drilling (LWD) Market Recent Developments
• October 31, 2019 - Weatherford International plc announced it has signed two contracts totaling $67.4 million for drilling services with two major operators in Russia. The first contract spans two-and-a-half years. Operations began in July 2019 and will last through the end of 2022. The second contract is a three-year drilling services contract. Operations will begin in early 2020 with Weatherford providing LWD, MWD, RSS, geo steering, and geo-data interpretation services at the Novyi Port oilfield on the Yamal Peninsula.
• July 17, 2019 - Halliburton Co. has introduced 3D reservoir mapping, a logging-while-drilling (LWD) capability that is said to provide a detailed representation of subsurface structures to improve well placement in complex reservoirs.
Reasons to Acquire in the Logging While Drilling (LWD) Market
• Increase your understanding of the market for identifying the most suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
• Gain authentic and granular data access for Logging While Drilling (LWD) Market to understand the trends and the factors involved in changing market situations.
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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