Global Directional Drilling Tools Market Analysis 2020-2030
Directional drilling is a technique of controlling the direction and deviation of a wellbore to an underground target or location. The process utilizes different drilling tools, such as rotary steerable system, mud motors, whip stocks, and others. The global directional drilling tools market is anticipated to grow with CAGR of 8.37% during the forecast period, i.e., 2021-2030. Factors such as the rising demand for energy worldwide, followed by the increasing need amongst oil and gas companies to search for new reservoirs and carry out drilling activities to meet the rising demand for energy, are expected to accelerate the market growth. Moreover, factors such as the advancements in drilling tools, and the numerous benefits associated with these tools are also expected to contribute to the market growth in the coming years. The global directional drilling tools market is estimated to garner a revenue of close to USD 15880 Million by the end of 2030, up from USD 7130 Million approximately in the year 2020.
The global directional drilling tools market is segmented by numerous segments, which include segmentation by tools type, type, application, and by region. On the basis of tools type, the market is segmented into rotary steerable system (RSS), logging-while-drilling (LWD) tools, measurement-while-drilling (MWD) tools, mud motors, whip stocks, adjustable-gauge stabilizers, jetting bits, and turbodrills. Out of these segments, by the end of 2030, the rotary steerable system (RSS) segment is projected to attain the largest revenue of over USD 5970 Million. The segment is also projected to grow with the highest CAGR of close to 10% during the forecast period.
Regionally, the global directional drilling tools market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. In the year 2020, the market in the North America garnered the largest revenue of over USD 3150 Million, and is further predicted to touch a revenue of about USD 7140 Million by the end of 2030. Moreover, in the Asia Pacific, the market is predicted to grow with the highest CAGR of 9% approximately.
Some of the prominent industry leaders in the global directional drilling tools market that are included in our report are 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.