Directional Drilling Tools Market Size

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.