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Directional Drilling Tools Market

Segmentation by Tools Type {Rotary Steerable System (RSS), Logging-While-Drilling (LWD) Tools, Measurement-While-Drilling (MWD) Tools, Mud Motors, Whip Stocks, Adjustable-Gauge Stabilizers, Jetting Bits, and Turbodrills}; and by Type (Conventional, and Rotary Steerable System); by Application (Onshore, and Offshore Applications) – Global Demand Analysis & Opportunity Outlook 2020-2030

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Report ID: 3520 | Published On: Feb 07, 2023
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Global Directional Drilling Tools Market TOC

  1. Market Definition
    1. Definition
    2. Market Segmentation
  2. Assumptions and Acronyms
  3. Research Methodology
    1. Research Process
    2. Primary Research
    3. Secondary Research
    4. Market Size Estimation
  4. Executive Summary – Global Directional Drilling Tools Market
  5. Industry Value Chain Analysis
    1. Manufacturers
    2. Distributors
    3. End-Users
  6. Market Dynamics
    1. Market Drivers
    2. Market Trends
  7. Key Market Opportunities
  8. Major Roadblocks for the Market Growth
  9. Regulatory and Standards Landscape
  10. Industry Risk Analysis
  11. Impact of COVID-19 on the Global Directional Drilling Tools Market (2020-2029)
    1. Impact on the Demand
    2. Impact on Directional Drilling Tools Manufacturers
    3. Impact on Strategy
    4. Impact on Spending on R&D
    5. Impact on New Market Entrants
  12. Comparative Analysis
  13. Competitive Landscape
    1. Company Profiles
      1. Scientific Drilling International
      2. Weatherford International plc
      3. China Oilfield Services Limited
      4. China National Petroleum Corporation
      5. Halliburton Energy Services, Inc.
      6. Schlumberger Limited
      7. Baker Hughes Company
      8. NOV Inc.
      9. Radius HDD Direct, LLC
      10. Geovista Ltd
  14. Global Directional Drilling Tools Market 2020-2030
    1. Market Overview
    2. By Value (USD Million)
  15. Global Directional Drilling Tools Market – Segmentation Analysis 2020-2030
    1. By Tools Type
      1. Rotary Steerable System (RSS), 2020-2030F (USD Million)
      2. Logging-While-Drilling (LWD) Tools, 2020-2030F (USD Million)
      3. Measurement-While-Drilling (MWD) Tools, 2020-2030F (USD Million)
      4. Mud Motors, 2020-2030F (USD Million)
      5. Whip Stocks, 2020-2030F (USD Million)
      6. Adjustable-Gauge Stabilizers, 2020-2030F (USD Million)
      7. Jetting Bits, 2020-2030F (USD Million)
      8. Turbodrills, 2020-2030F (USD Million)
    2. By Type
      1. Conventional, 2020-2030F (USD Million)
      2. Rotary Steerable System, 2020-2030F (USD Million)
    3. By Application
      1. Onshore Applications, 2020-2030F (USD Million)
      2. Offshore Applications, 2020-2030F (USD Million)
    4. By Region
      1. North America
      2. Europe
      3. Latin America
      4. Asia Pacific
      5. Middle East & Africa
  16. North America Directional Drilling Tools Market
    1. Market Overview
    2. Market Value (USD Million)
    3. Market Segmentation by:
      1. Country
        1. United States
        2. Canada
  17. Europe Directional Drilling Tools Market
    1. Market Overview
    2. Market Value (USD Million)
    3. Market Segmentation by:
      1. Country
        1. Norway
        2. United Kingdom
        3. Russia
        4. Rest of Europe
  18. Latin America Directional Drilling Tools Market
    1. Market Overview
    2. Market Value (USD Million)
    3. Market Segmentation by:
      1. Country
        1. Argentina
        2. Brazil
        3. Mexico
        4. Rest of Latin America
  19. Asia Pacific Directional Drilling Tools Market
    1. Market Overview
    2. Market Value (USD Million)
    3. Market Segmentation by:
      1. Country
        1. India
        2. China
        3. Australia
        4. Thailand
        5. Indonesia
        6. Rest of Asia Pacific
  20. Middle East & Africa Directional Drilling Tools Market
    1. Market Overview
    2. Market Value (USD Million)
    3. Market Segmentation by:
      1. Country
        1. Africa
        2. Middle East

Directional Drilling Tools Market Regional Synopsis

Growth Drivers

  • Increasing Drilling Activities
  • Increasing Discoveries of New Oilfields

Challenges

  • High Cost of Drilling Tools
  • Shift in Focus on Renewable Energy


Directional Drilling Tools Graph
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Regionally, the global directional drilling tools market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is anticipated to garner the largest market revenue of USD 7143.8 Million by the end of 2030, up from USD 3152.7 Million in the year 2020. The growth of the market in the region can primarily be attributed to the increasing number of drilling activities in the region, which is driving the need for advanced machineries and equipment. According to the statistics by the U.S. Energy Information Administration (EIA), the number of rotary rigs in operation in the U.S. grew from 509 numbers in the year 2016 to 1032 numbers in the year 2018. On the other hand, the market in the Asia Pacific is projected to grow with the highest CAGR of 9.44% during the forecast period and further touch a market revenue of USD 3440.9 Million by the end of 2030. The market in the region is further segmented by country into India, China, Australia, Thailand, Indonesia, and the Rest of Asia Pacific. Amongst the market in these countries, the market in China is projected to garner the largest revenue of USD 2113.7 Million by the end of 2030, and also grow with the highest CAGR of 10.23% during the forecast period. 

The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).


Growth Drivers and Challenges Impacting the Growth of the Global Directional Drilling Tools Market

The global directional drilling tools market is segmented on the basis of tools type into rotary steerable system (RSS), logging-while-drilling (LWD) tools, measurement-while-drilling (MWD) tools, mud motors, whip stocks, adjustable-gauge stabilizers, jetting bits, and turbodrills. Amongst these segments, the rotary steerable system (RSS) segment is projected to hold the highest market share during the forecast period and further attain the largest revenue of USD 5972.0 Million by the end of 2030 by growing with the highest CAGR of 10.05% during the forecast period. By type, the market is segmented into conventional, and rotary steerable system, out of which, the rotary steerable system segment is projected to garner the highest market share and further grow with the highest CAGR of 8.68% during the forecast period. Moreover, on the basis of application, the global directional drilling tools market is segmented into onshore and offshore applications, out of which, the offshore applications segment is projected to grow with the highest CAGR of 9.10% during the forecast period.


Global Directional Drilling Tools Market Segmentation Synopsis

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global directional drilling tools market that are included in our report are Scientific Drilling International, Weatherford International plc, China Oilfield Services Limited, China National Petroleum Corporation, Halliburton Energy Services, Inc., Schlumberger Limited, Baker Hughes Company, NOV Inc., Radius HDD Direct, LLC, Geovista Ltd, and others.


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Top Featured Companies Dominating the Market

    Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global directional drilling tools market that are included in our report are Scientific Drilling International, Weatherford International plc, China Oilfield Services Limited, China National Petroleum Corporation, Halliburton Energy Services, Inc., Schlumberger Limited, Baker Hughes Company, NOV Inc., Radius HDD Direct, LLC, Geovista Ltd, and others.

    Key Reasons to Buy Our Report


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Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the directional drilling tools market?

Ans: The rising number of drilling activities worldwide, followed by the rising discoveries of new oil fields are some of the major factors anticipated to drive the market growth.

2) What would be the CAGR of directional drilling tools market over the forecast period?

Ans: The market is anticipated to attain a CAGR of 8.37% over the forecast period, i.e., 2021-2022.

3) What are the challenges affecting the directional drilling tools market growth?

Ans: The high cost of drilling tools is one of the major factors estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of directional drilling tools market in future?

Ans: The market in the Asia Pacific is projected to display significant business opportunities in the near future.

5) Who are the major players dominating the directional drilling tools market?

Ans: The major players in the market are Scientific Drilling International, Weatherford International plc, China Oilfield Services Limited, China National Petroleum Corporation, Halliburton Energy Services, Inc., and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the directional drilling tools market?

Ans: The market is segmented by tools type, type, application, and by region.

8) Which segment captures the largest market size in tools type segment in the directional drilling tools market?

Ans: The rotary steerable system (RSS) segment is projected to attain the largest revenue of USD 5972.0 Million by the end of 2030 and display significant growth opportunities.

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