Measurement While Drilling Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Measurement While Drilling Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Measurement While Drilling Market

The measurement while drilling market size was valued at USD 1.79 billion in 2019, and the market is now projected to grow from USD 3.02 billion by 2032, exhibiting a CAGR of 7.15% during the forecast period of 2020-2027.

Due to the COVID-19 pandemic, the global economy contracted and there was decreased demand for oils and gas through a reduction in crude prices, impacting the measurement while drilling market growth. Oilfield companies have cut new investments and governments and international organizations offer assistance through strategic frameworks and policies. The market is expected to bounce back as economic activities start again, opening up opportunities in the search and drilling for oil. These prospects enhance the investment in measurement while drilling technology after the COVID-19 pandemic.

The rising rate of E&P by major operators to fulfil the hydrocarbon requirement is expected to drive the measurement while drilling market share. Exploration and production (E&P) activities are instrumental in developing countries as they aim to increase oil production locally rather than importing it. The MWD technology helps accurately measure the wellbore environments which helps improve drilling efficiency. Continued efforts by oilfield service providers to enhance resource utilization make the market grow.

Also, the rising demand for hydrocarbons across industries creates substantial growth opportunities, as nations heavily invest in the energy sector to support economic development. Population growth fuels consumer goods demand, driving industrial expansion, while infrastructure and construction projects, especially in developing regions further increase hydrocarbon needs. In response, national oil companies and operators are launching new projects, supporting the growth of the measurement while drilling (MWD) market.

Comprehensive Analysis of Measurement While Drilling Market

The measurement while drilling market and power & energy industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the power & energy industry. These segmentations are methodically segregated by application. The application includes Onshore and Offshore {Shallow Water, Deepwater and Ultra-Deepwater}.

North America is witnessing healthy growth due to an exponential increase in directional drilling operations in the U.S. Furthermore, the shale gas revolution boosted the regional strength in the measurement while drilling market share. However, the U.S. economy out of all the global economies is among the most impacted by the coronavirus. Most of the cities in the country have been managing the effect of the lockdown measure in containing the virus spread. Some companies in the oil sector are easing or stalling their operations and those are already slowing down or have delayed drilling exercises due to the outbreak.

The top players in the market play a crucial role in the power & energy industry assuring industrial prospectus growth and setting market standards. These players include, Schlumberger (United States), Halliburton (United States), Baker Hughes (United States), Weatherford (Switzerland), Nabors Industries (Bermuda), National Oilwell Varco (United States), Jindal Drilling & Industries Ltd (India), Cathedral Energy Services (Canada), Gyrodata (United States), Cougar Drilling Solutions (Canada), Newsco (United States), Target Well Control (Canada) and COSL - China Oilfield Services Limited (China). These market players provide a level-playing competitive landscape.

In March 2020, Italy-based company ENI is ready to cut its capital expenditure (CAPEX) by about USD 2.2 billion due to oil prices below USD 30/barrel because of COVID-19.

Segmentation Table

Global Measurement While Drilling Market Scope

Study Period2016-2027

Base Year2019

Forecast Period2020-2027

Growth RateCAGR of 7.15% from 2020 to 2027

Historical Period2016-2018

UnitValue (USD Billion)

SegmentationBy Application, and Region

By ApplicationOnshore

Offshore

Shallow Water

Deepwater

Ultra-Deepwater

By RegionNorth America (U.S. and Canada)

Europe (UK, Germany, Norway, Italy, Russia and Rest of Europe)

Asia Pacific (China, India, Indonesia, Thailand, Australia and Rest of Asia Pacific)

Middle East & Africa (Saudi Arabia, UAE, Oman, Kuwait, Algeria, Angola, Egypt and Rest of the Middle East & Africa)

Latin America (Brazil, Mexico, Argentina, Venezuela and Rest of Latin America)


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