Global directional drilling solutions & services market generated revenue of US$ 8.5 billion in 2017. By 2026, the directional drilling solutions & services market is expected to be valued at US$ 18.3 billion with a CAGR of 8.6% 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.
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Market Drivers: Increasing development of unconventional oil and gas resources is expected to boost the market growth over the forecast period
Advancement in directional drilling such as measurement while drilling (MWD) and downhole motor (DHM) technologies have led to development of unconventional oil and gas resources by improving access to the reservoir from surface locations and increasing reservoir contact. For instance, in April 2017, Toro launched a new horizontal directional drill operating system, which allows pipe handling functions to be performed using a single input on the joystick in the SmartTouch operating mode. Moreover, horizontal well offers greater wellbore contact with the reservoir than a vertical well. In a horizontal well, the length of reservoir contact is limited by the length of the lateral, which is determined by the mechanical ability to extend the drill bit along the lateral.
Measurement While Drilling (MWD) tools segment held dominant position in the market in 2017
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  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.
North America held dominant position in the directional drilling solutions & services market in 2017
North America directional drilling solutions and services market generated revenue of US$ 3,642.3 Mn in 2017. By 2026, the market is projected to reach US$ 8,148.1 Mn with a CAGR of 9.0% over the forecast period.
North America held the dominant position in the market in 2017, and is expected to maintain its dominance over the forecast period, owing to rapidly growing petroleum sector in the U.S. and Canada. For instance, according to the U.S. Energy Information Administration (EIA), in August 2018, the U.S. crude oil production exceeded 11.3 million barrels per day, which is further expected to generate demand for directional drilling services for crude oil production in the region.
Rental services providers included in the report are Hunting Energy Services Inc., Calmena Energy Services Inc., Oilwell Solutions, LLC, W-Technology Inc., Micro-Smart Systems Inc., MICROTESLA, Ranger Directional Rentals, WORLD HDD, KWIPPED, Inc., Beijing Hailan Science & Technology Development Co., Limited, Bench Tree (Rentals), Vertex Downhole (Rentals), Weatherford (Rentals), National Oilwell Varco, MWD Supply, Geoglide Australia Pty Ltd., Parker Drilling, and Nabors Industries Ltd.
Global Directional Drilling Solutions & Services Market: Key Players
Major players operating in the global directional drilling solutions & services industry include, Schlumberger Limited, Halliburton Company, Downhole Drilling Services, LLC, Segofs Energy Services Limited, General Electric Company, KAMBI Enterprises Inc., Tolteq Group, LLC (National Oilwell Varco, Inc.), APS Technology, Inc., Shanghai Oilfield Equipment Co., Limited (SOECO), Beijing Geoshine Oilfield Technology Services Co., Ltd., Compass Directional Guidance, Inc., Scientific Drilling International, CBG Corp, China Oilfield Services Limited (COSL), Weatherford, Bench Tree, and Newsco International Energy Services Inc..
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