Directional Drilling Tools Market size was valued at USD 8.69 billion in 2023 and is expected to exceed USD 24.8 billion by 2036, expanding at over 8.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of directional drilling tools is assessed at USD 9.27 billion. 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 market.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
8.4% |
|
Base Year Market Size (2023) |
USD 8.69 billion |
|
Forecast Year Market Size (2036) |
USD 24.8 billion |
|
Regional Scope |
|
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 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.
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. North America industry is anticipated to garner the largest revenue share of 45% by 2036, attributed to increasing number of drilling activities in the region, which is driving the need for advanced machineries and equipment. 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.
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.
Author Credits: Richa Gupta
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?