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MINERALS, METAL & MINING

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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Extensive insights into the Growth of Directional Drilling Tools Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

  • May 10, 2021: Schlumberger Limited announced that it has collaborated with NOV Inc. for accelerating the adoption of automated drilling solutions by drilling contractors and oil & gas operators.

Global Directional Drilling Tools Market Highlights Over 2020 - 2030

The global directional drilling tools market is estimated to garner a revenue of USD 15878.7 Million by the end of 2030, by growing at a CAGR of 8.37% over the forecast period, i.e., 2021 – 2030. Further, the market garnered a revenue of USD 7134.4 Million in the year 2020. The growth of the market can be attributed to the increasing drilling activities worldwide and for the increasing number of discoveries of oilfield and reserves by companies in the energy industry. One of the major factors that is driving the need for the discoveries of new reserves amongst the oil and gas explorers is the rising demand for energy worldwide. The total energy consumption around the globe is anticipated to increase by around 4% in the year 2021 from its previous year. Moreover, in the recent years, the oil and gas companies have begun to shift their focus for exploration towards unconventional and deep hydrocarbon reservoirs, such as coal bed methane (CBM), shale gas, and heavy oil among others. As a result, there is a growing need for advanced machineries that can help these companies operate in such challenging environments. Besides this, increasing focus of oil and gas companies in expending their business overseas, and the growing research and developments in the field of drilling tools are some of the additional factors anticipated to contribute to the growth of the global directional drilling tools market.

Directional Drilling Tools Graph

Directional Drilling Tools Market Regional Synopsis

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. CLICK TO DOWNLOAD SAMPLE REPORT

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

Growth Drivers

  • Increasing Drilling Activities
  • Increasing Discoveries of New Oilfields

Challenges

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

Global Directional Drilling Tools Market Segmentation Synopsis

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.

Key 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

  • The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.
  • It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.
  • The report includes detailed company profiles of the major players dominating the market.
  • We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.
  • We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

FREQUENTLY ASKED QUESTIONS

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

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