Directional Drilling Tools Market Share

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.