The changing dynamics in Directional Drilling Services Market with covid-19 impact assessment
The unexpected
shifts in the global markets because of the sudden outbreak of the COVID-19
virus have brought many major and minor tremors to industries of all sizes
including the Directional Drilling Services Market
It was
estimated prior to this unanticipated outbreak that the Directional Drilling
Services Market will reach CAGR of 5.2 % during the forecast period. However, the
gradual slowing down of industries will undoubtedly impose limits on the
previously estimated growth rate.
Directional
Drilling Services Market Insights
Directional
Drilling Services market is likely to witness an impressive CAGR of 5.2% during the forecast
period. The increase in demand for drilling of multiple wells from single sites
and the mounting production levels through directional drilling are the major
factors that are likely to contribute towards the growth of the directional
drilling services market during the forecast period.
Market
Share Analysis
Directional
Drilling Services Market Share: By Application Type
Based on the
application type, the market is segmented as onshore applications and offshore
applications. Onshore application
is likely to dominate the directional drilling services market during
the forecast period, driven by the large number of mature onshore wells,
globally.
Directional Drilling Services Market Share: By Drilling
Technique Type
Based on the
drilling technique type, the directional drilling services market is segmented
as conventional methods and rotary steerable system.Rotary steerable
system is expected to be the faster-growing technique during
the forecast period due to the various advantages offered by it, such as
reduced drilling time and smoother well bores.
Directional
Drilling Services Market Share: By Service Type
Based on the service type,
the market is segmented LWD, MWD & Survey, RSS, and motors. The Measurement-While-Drilling (MWD) & Survey segment is
estimated to register the highest growth during the
forecast period owing to the ability to incessantly monitor wellbore and the
real time directional survey of downhole conditions.
Directional
Drilling Services Market Share: By Region
In terms of
regions, North America dominated the directional
drilling service market in 2019, and is expected to lead the market during
the forecast period as well. The region’s market is driven by the growing share
of tight oil and shale gas and the use of multi-stage hydraulic fracturing
completion technique. Europe and Asia-Pacific are also expected to offer
considerable growth opportunities during the forecast period.