Global Directional Drilling Tools Market to Witness Massive Growth Backed by the Surge in Drilling Activities Worldwide
ResearchNester has released a report titled “Directional Drilling Tools Market: Global Demand Analysis & Opportunity Outlook 2030”which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, along with the impact of COVID-19 and a detailed discussion on the latest trends and future opportunities that are associated with the growth of the market.
The total consumption of energy around the globe increased by around 4% from the year 2020 in the year 2021.
The statistics portray the growing demand for energy worldwide, which is raising the need amongst the oil & gas companies to find new reservoirs. With the increasing search for new reservoirs, the number of drilling activities is also projected to increase, and in turn drive the demand for directional drilling tools. Besides this, there is a growing demand for advanced drilling tools that can help these companies increase their overall productivity, which in turn is also projected to contribute to the growth of the global directional drilling tools market.
The market is anticipated to grow with CAGR of 8.37% during the forecast period, i.e., 2021-2030, and further touch a market revenue of USD 15878.7 Million by the end of 2030, up from USD 7134.4 Million in the year 2020. The market is segmented by tools type intorotary steerable system (RSS), logging-while-drilling (LWD) tools, measurement-while-drilling (MWD) tools, mud motors, whip stocks, adjustable-gauge stabilizers, jetting bits, and turbodrills. By the end of 2030, the rotary steerable system (RSS) segment is expected to garner the largest revenue of USD 5972.0 Million. The segment is also anticipated to grow with the highest CAGR of 10.05% during the forecast period.
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Geographically, the global directional drilling tools market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region, amongst all the other regions, is predicted to hold the highest market share and also attain the largest revenue of USD 7143.8 Million by the end of 2030, up from USD 3152.7 Million in the year 2020. The market in the Asia Pacific, on the other hand, is projected to grow with the highest CAGR of 9.44% throughout the forecast period.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
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However, the high cost of drilling tools is one of the major factors projected to hinder the market growth.
This report also provides the existing competitive scenario of some of the key players of theglobal directional drilling tools market,which includes company profiling of Scientific Drilling International, Weatherford International plc, China Oilfield Services Limited, China National Petroleum Corporation, Halliburton Energy Services, Inc., Schlumberger Limited, Baker Hughes Company, NOV Inc., Radius HDD Direct, LLC, Geovista Ltd, and others.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Directional Drilling Tools Market: Global Demand Analysis & Opportunity Outlook 2030”, analyses the overall global directional drilling toolsindustry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global directional drilling tools marketin the near future.
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