Major upstream countries such as the United States, China, Russia, and Norway are primarily focusing on identifying new reservoirs and enhanced recovery from existing wells, which increased the demand for oilfield services, including drilling, completion, and workover services around the world. Various oil field service providers are investing considerably in offshore assets to increase their productivity, reservoir performance, and overall life cycle of the well. The offshore sector in oilfield services is expected to be the fastest-growing segment during the forecast period, owing to increasing investment in subsea oil & gas assets. Increasing Investment in Offshore Upstream Sector to Augment Market
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Request a Free sample to learn more about this report. Furthermore, the COVID-19 pandemic has also impacted crude oil prices, well drilling, production activities, and the supply chain of oil and gas dramatically. The companies across regions have also suspended their oil & gas projects.
The spread of Covid-19 poses a significant threat to the global market owing to lockdown in transportation, industrial and commercial operation, and a halt in upcoming exploration projects. Amid increasing COVID-19 cases, many industries across the globe, such as automotive, aviation, power, manufacturing, and transportation, are experiencing a negative impact on their business. Various oil & gas companies worldwide have to shut down their manufacturing facilities and services as countries implement lockdown strategies to deal with the pandemic. The ongoing outbreak of the COVID-19 pandemic has impacted the oil & gas industry significantly across the globe. Increasing E&P activities at different locations coupled with advanced techniques adaptability to drill multiple wells from a single location to deliver maximum output with minimum downtime is set to propel the industry and elevate the need for directional drilling services.ĬOVID-19 has Impacted Production & Exploration Activities in Oil & Gas Industry The reduction in maintenance and operational rig down time through directional drilling will consequently boost its demand and facilitate directional drilling services market growth. The technology offers numerous benefits, including flexibility, minimum site restoration, low soil contamination, low risk for geological abnormalities, and quicker installation with lower costs , which bodes well for the market. Various companies are focused on investments in exploration & production activities to cater to the exponentially rising demand.ĭirectional drilling services involve methods to efficiently drill a well and maximize the output by laterally producing through the well. Rising demand for various tools and equipment used in the oil and gas industry across the globe, along with increasing discoveries of new bulk potential reservoirs, is expected to spur the demand of the market. The global directional drilling services market size was USD 10.38 billion in 2019 and is projected to reach USD 13.87 billion by 2027, exhibiting a CAGR of 9.3% during the forecast period.
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