In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWSMay 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.
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.
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).
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.
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.
FREQUENTLY ASKED QUESTIONS
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.
The market is anticipated to attain a CAGR of 8.37% over the forecast period, i.e., 2021-2022.
The high cost of drilling tools is one of the major factors estimated to hamper the market growth.
The market in the Asia Pacific is projected to display significant business opportunities in the near future.
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.
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.
The market is segmented by tools type, type, application, and by region.
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.
Global Directional Drilling Tools Market TOC
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