Directional Drilling Services Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The directional drilling services market is expected to witness a CAGR of approximately 6% during the forecast period, 2022-2027. The COVID-19 outbreak witnessed a severe impact on the market due to stringent lockdown protocols implemented by respective governments. Factors such as drilling in unconventional reserves, which involve directional or horizontal drilling to increase contact with the pay zone, and increase the production significantly are expected to drive the directional drilling services market during the forecast period. Moreover, global crude oil demand is expected to grow by 1.2 mb/d in the next four years. Increasing pressure among the top oil and gas operating companies to increase their production is further promulgating the market. However, the volatile crude oil prices and low investments in regions excluding North America are likely to hinder the growth of the market being studied.
Key HighlightsThe directional drilling services market is moderately fragmented. Some of the major companies include Schlumberger Ltd, Weatherford International PLC, Halliburton Company, and Baker Hughes Company.
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