Increasing energy demand and growing investments in drilling projects are driving the Global Drilling Services Market in the forecast period.
As per TechSci Research report, “Drilling Services Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018–2028F,” the market is poised for robust growth from 2024 to 2028. Key drivers include escalating oil and gas demand and the utilization of advanced geological tracking tools for oil reservoir discovery. Offshore drilling involves using machinery to dig boreholes on the seafloor, extracting natural and crude oil. Various methods are employed based on oil type, depth, and weather conditions.
Directional drilling, a technique for oil extraction, involves positioning the well directly above the oil reserve to draw oil through the well. This method enhances extraction efficiency.
Revamping old fields and new offshore projects are pivotal in driving global drilling services. Gas output is anticipated to rise, primarily from new oil wells and Marcellus/Utica shale development.
North America dominates the market and is projected to maintain its lead by 2028, driven by demand from the United States and Canada. In November 2021, Nabors Industries Ltd. secured a deal with Chesapeake Energy Corporation for drilling projects in the U.S., diversifying its clientele.
Countries like Angola, Brazil, Nigeria, and the United States boast substantial deepwater oil production, promising a lucrative business landscape for drilling services. North America is expected to sustain its dominance, fueled by increased horizontal and directional drilling activities.
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The Global Drilling Services Market encompasses Services, application, end user, region, and competitive landscape. Within Services, it is divided into Directional Drilling (Measurement While Drilling, Logging While Drilling, Rotary Steerable System, and Others) and Non-Directional Drilling. The market’s ascent is driven by increased production from technically challenging wells in unconventional formations and discoveries in complex reservoirs. Demand for Rotary Steerable System (RSS) services is expected to surge due to cost-effective solutions and improved penetration rates. Likewise, the LWD service market is poised for significant growth owing to its efficient operations and technological advancements.
In terms of Application, the market spans Onshore & Offshore (Shallow Water, Deepwater & Ultra Deepwater). Declining costs in offshore operations are fueling substantial expansion in this segment. Technological advancements and the emergence of new markets like Gabon, Senegal, Guyana, and others are supporting the development of deepwater and ultra-deepwater reserves, offering substantial opportunities for operating nations.
End User segmentation includes Oil & Gas, Mining, Water Exploration, and Others. Rising investments in hydrocarbon assets and new reserve discoveries are expanding horizons for the oil & gas sector. The mining industry is expected to grow significantly due to the adoption of expansion strategies and the exploration of new reserves.
Major market players in the Global Drilling Services Market: –
- Schlumberger Ltd
- Gyrodata
- Stockholm Precision Tools AB (SPT)
- Icefield Tools Corporation
- Devico AS
- Halliburton
- Weatherford
- Baker Hughes
- Axis Mining Technology
- Scientific Drilling
- Inertial Sensing One AB
- Nabors Industries
- China Oilfield Services Limited
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“Despite anticipated constraints from increased investments in renewable energy and environmental standards, the drilling services market is poised for substantial growth due to the development and commercialization of significant domestic non-associated natural gas reserves,” stated Mr. Karan Chechi, Research Director at TechSci Research, a global research-based management consulting firm.
The report, “Global Drilling Services Market – Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028,” assesses the future growth potential of the market, providing insights into market size, structure, and growth opportunities. It aims to offer advanced market intelligence to assist decision-makers in making informed investment decisions, identifying emerging trends, and understanding key drivers, challenges, and opportunities in the global drilling services market.
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