Bharat Book Bureau Provides the Trending Market Research Report on “Oil And Gas Wells Drilling Services Global Market Report 2021-2025” under Heavy Industry Category. The report offers a collection of superior market research, market analysis competitive intelligence and Market reports.

Global Oil And Gas Wells Drilling Services Market Report 2021: COVID 19 Impact and Recovery to 2030 from provides the strategists, marketers and senior management with the critical information they need to assess the global oil and gas wells drilling services market as it emerges from the Covid 19 shut down.



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Description:

Where is the largest and fastest growing market for the oil and gas wells drilling services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Oil And Gas Wells Drilling Services market global report from answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider oil and gas wells drilling services market, and compares it with other markets.

• The market characteristics section of the report defines and explains the market.

• The market size section gives the market size ($b) covering both the historic growth of the market, the impact of the Covid 19 virus and forecasting its recovery.

• Market segmentations break down market into sub markets.

• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery trajectory of Covid 19 for all regions, key developed countries and major emerging markets.

• Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.

• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

• The oil and gas wells drilling services market section of the report gives context. It compares the oil and gas wells drilling services market with other segments of the oil & gas upstream activities market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, oil and gas wells drilling services indicators comparison.



Scope



Markets Covered: 1) By Type: Onshore Drilling Services; Offshore Drilling Services



Companies Mentioned: Schlumberger Ltd; Halliburton; Transocean Ltd; Weatherford International plc; Baker Hughes Incorporated



Metrics Covered: Number of Enterprises; Number of Employees



Countries: Argentina; Australia; Austria; Belgium; Brazil; Canada; Chile; China; Colombia; Czech Republic; Denmark; Egypt; Finland; France; Germany; Hong Kong; India; Indonesia; Ireland; Israel; Italy; Japan; Malaysia; Mexico; Netherlands; New Zealand; Nigeria; Norway; Peru; Philippines; Poland; Portugal; Romania; Russia; Saudi Arabia; Singapore; South Africa; South Korea; Spain; Sweden; Switzerland; Thailand; Turkey; UAE; UK; USA; Venezuela; Vietnam



Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa



Time series: Five years historic and ten years forecast.



Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita, oil and gas wells drilling services indicators comparison.



Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.



Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

Major companies in the oil and gas wells drilling services market include Schlumberger Ltd; Halliburton; Transocean Ltd; Weatherford International plc and Baker Hughes Incorporated.



The global oil and gas wells drilling services market is expected to grow from $146.57 billion in 2020 to $183.9 billion in 2021 at a compound annual growth rate (CAGR) of 25.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $227.77 billion in 2025 at a CAGR of 5%.



The oil and gas wells drilling services market consists of sales of oil and gas wells drilling services by entities (organizations, sole traders or partnerships) that undertake oil and gas wells drilling services for others on a contract or fee basis. The oil and gas wells drilling services industry includes contractors specializing in spudding in, drilling in, redrilling, and directional drilling. This market covers outsourced drilling services sold on a contract basis to oil and gas extraction companies and does not include any in-house drilling services of oil and gas extraction companies. The oil and gas wells drilling services market is segmented into onshore drilling services and offshore drilling services.



North America was the largest region in the global oil and gas wells drilling services market, accounting for 29% of the market in 2020. Middle East was the second largest region accounting for 16% of the global oil and gas wells drilling services market. Western Europe was the smallest region in the global oil and gas wells drilling services market.



Oil and gas wells drilling companies are adopting 3D visualization systems to reduce project cycle times and increase drilling accuracy.3D visualization system generates a 3D model of a wellbore and real-time drilling data to monitor and optimize drilling process. This system facilitates automatic diagnosis of drilling problems and improves and streamlines collaboration by allowing geoscientists and drilling engineers to virtually locate, see, and test drilling sites, resulting in significant cost savings of up to20% and reduction in non-productive drilling time by 20%. These systems are integrated with asset teams by means of software, thus facilitating precise and accurate placement of drill sites. For Instance, some of the major companies offering 3D visualization technology companies include eDrilling, Hexagon, Mechdyne, Landmark.



The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the oil and gas wells drilling services market in 2020 as fears over COVID-19 resulted in lower oil prices, exasperated by a price war when the members of the OPEC cartel were unable to agree on production cuts in February 2020, resulting in a decline in the dollar price of WTI Crude per barrel falling from around $50 to around $25. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of 'lock down' and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the oil and gas wells drilling services market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy. In addition, current oil prices are uneconomic for many operators and are likely to result in lower supply in the medium term, as operators cut activity or cease trading, resulting in an upturn in prices.



The rapid pace of innovation in the oil and gas exploration and drilling technologies is boosting production volumes and reducing production costs. Technological advances are allowing oil and gas wells drilling companies to enhance oil and gas recovery rates and considerably reduce production costs. For instance, 3D seismic technology is being used to optimize exploration and drilling processes to enhance oil and gas production levels and cut down costs associated with exploration and drilling. Other areas of rapid technological advances in the oil and gas market include hydraulic fracturing and horizontal drilling. Thus, advancements and innovation in exploration and drilling technologies are expected to drive the oil and gas wells drilling services market during the forecast period.



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