Drilling Services Market Size is estimated to grow at a CAGR of 8.6% during the forecast period

The global Drilling Services Market size is expected to grow remarkably during forecast period of 2024 to 2027, due to expanding industrialization, energy efficiency initiatives, stricter emissions regulations, demand from power generation, and retrofitting older systems. This information is published by Fortune Business Insights, in its latest report titled “ Drilling Services Market Size, Share & COVID-19 Impact Analysis, By Service (Directional Drilling {Measurement While Drilling, Logging While Drilling, Rotary Steerable System, Gyro Drilling, Magnetic Drilling, and Others} and Non-Directional Drilling), By Application (Onshore and Offshore {Shallow Water, Deepwater, and Ultra-Deepwater}), By End-User (Oil & Gas, Mining, Water Exploration, and Others), and Regional Forecast, 2020-2027"

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According to latest report published by Fortune Business Insights, The market is projected to grow from USD 9.82 billion in 2020 to USD 17.44 billion in 2027 at a CAGR of 8.6% in the 2020-2027 period. 

Top Drilling Services Market Size Manufacturers covered in the Market Report include:

• Sumitomo Precision Products Co (Japan)
• Siemens (Germany)
• DV8 Technology Ltd. (UK)
• REFLEX NOW (Australia)
• Motive Drilling Technologies (U.S.)
• Kearfott Corporation (U.S.)
• ION Geophysical (U.S.)
• Zupt, LLC (U.S.)
• KLX Energy Services (U.S.)
• Welltec (Denmark)
• International Drilling Services LLC (Oman)
• Boart Longyear (U.S.)
• The Weir Group PLC (UK)
• AlMansoori Specialized Engineering (United Arab Emirates)
• Leam Drilling Systems LLC (U.S.)
• Petrofac (UK)
• Superior Energy Services (U.S.)
• VES Survey International (U.S.)
• Unitech Drilling Company Limited (Nigeria)
• Compass Directional Guidance, Inc. (U.S.)
• Oceaneering (U.S.)
• TechnipFMC (UK)
• Halliburton (U.S.)
• Inertial Sensing One AB (Sweden)
• Axis Mining Technology (Australia)
• Devico AS (Norway)
• Stockholm Precision Tools AB (SPT) (Sweden)
• Gyrodata (U.S.)
• Emerson (U.S.)
• Schneider Electric (France)
• Erdos Miller (U.S.)
• Oliden Technology (U.S.)
• Gyro Australia (Australia)
• Phoenix Technology Services (Canada)
• Center Drill Inc. (U.S.)
• Gyro Drilling (Netherlands)
• JAE (Japan)
• Radial Drilling Services, Inc. (U.S.)
• Integra (Russia)
• JINDAL DRILLING & INDUSTRIES LTD. (India)
• NewTech Services (Russia)
• NOV (U.S.)
• Huracan Pty Ltd. (Australia)
• Baker Hughes (U.S.)
• Archer - the well company (Norway)
• DIDRILLSA LTDA (Colombia)
• Drill Tech Solution (Azerbaijan)
• China Oilfield Services Limited (China)
• AnTech (UK)
• Weatherford (Switzerland)
• Nabors Industries (U.S.)
• Scientific Drilling (U.S.)
• Brownline (Netherlands)
• Icefield Tools Corporation (Canada)
• Schlumberger (U.S.)

Recent Key Industry Development:

 

November 2020: Seadrill Ltd bagged one firm and one optional well contract from Walter Oil & Gas for the Sevan Louisiana semi-submersible rig in the Gulf of Mexico. The deal adds USD 17 million in backlog revenues for Seadrill.

November 2020: Schlumberger released MagniSphere, its innovative, high-definition NMR logging-while-drilling (LWD) service. The inventive offering is designed to deliver precise, real-time analysis for accurate well placement, leading to increased production and recovery in complex sites.

Drilling Services Market Report Scope [2024-2027]

Hostorical Data :2016-2018

Base Year: 2019

Report Title: Drilling Services Market Size, Share & COVID-19 Impact Analysis, By Service (Directional Drilling {Measurement While Drilling, Logging While Drilling, Rotary Steerable System, Gyro Drilling, Magnetic Drilling, and Others} and Non-Directional Drilling), By Application (Onshore and Offshore {Shallow Water, Deepwater, and Ultra-Deepwater}), By End-User (Oil & Gas, Mining, Water Exploration, and Others), and Regional Forecast, 2020-2027

Drilling Services Market CAGR: 8.6%

Report Coverage: Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends

Segments Covered:

• By Product
• By Application
• By Region

An Overview of the Impact of COVID-19 on this Market:

The outbreak of the COVID-19 pandemic has negatively impacted various business sectors across the world. Various impositions like lockdown, social distancing and ban on imports & exports have impacted the production and distribution of various goods and services, which were considered as non-essential by the governments. Many enterprises in the Drilling Services Market  were obliged to temporarily suspend operations due to the COVID-19 pandemic, in order to comply with new government rules aimed at preventing the disease’s spread. This pause in activities has a direct influence on the market’s revenue flow.

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Drilling Services Market Drivers:

 Rising Energy Demand Backed by the Construction of New Infrastructures to Aid Growth

The most fundamental driver in the energy and power industry is the demand for energy. Population growth, urbanization, and economic development all contribute to increasing energy consumption. The industry must respond to meet this growing demand.

Environmental considerations are increasingly important. Concerns over climate change and air pollution are driving a shift towards cleaner and more sustainable energy sources such as renewables (solar, wind, hydro) and nuclear power.

Ensuring a stable and reliable energy supply is critical for a nation's security. This can lead to investments in domestic energy production and infrastructure.

Advances in energy storage technologies, such as batteries, are enabling the integration of intermittent renewable energy sources into the grid and increasing grid stability.The availability and accessibility of natural resources like coal, oil, gas, and minerals can significantly impact energy production and costs.

Global and Regional Market Analysis:

The market has been analyzed across five major regions, namely, North America, Asia Pacific, Europe, the Middle East & Africa, and Latin or South America.

The Drilling Services Market study describes the market area, which is further segmented into sub-regions and countries/regions. This chapter of the report includes information on profit prospects in addition to market share in each country and sub-region. During the estimated time, this report includes the market share and growth rate of each region, country, and sub-region. In addition, the Drilling Services Market research report includes significant research data and proofs to be a useful resource record for managers, analysts, industry professionals, and other key individuals to have a ready-to-access and self-analyzed study to help grasp market patterns.

 North America (United States, Canada, and Mexico)
 Europe (Germany, France, UK, Russia, and Italy)
 Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
 South America (Brazil, Argentina, Colombia, etc.)
 The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

FREQUENTLY ASKED QUESTIONS:

• How much was the global Drilling Services Market worth in 2021?
• Who are the top players actively operating across the market?
• How much will the global market be worth by 2027?
• What are the key market drivers?
• Which application segment is the leading across the globe?
• At what compound annual growth rate (CAGR) is the global market projected to grow in the forecast period?

Major Points from Table of Contents

Global Drilling Services Market Research Report 2024-2027, by Manufacturers, Regions, Types and Applications

• Report Business Overview
  
  
  • Study Scope
  • Market Analysis by Type
  • Market by Application
  • Study Objectives
  • Years Considered
• Global Growth Trends
  
  
  • Global Drilling Services Market Perspective
  • Growth Trends by Region
  • Market Dynamics
  • Industry Trends
  • Market Drivers
  • Market Challenges
  • Market Restraints
• Competition Landscape by Key Players
  
  
  • Global Top Players by Revenue
  • Global Market Share by Company Type
  • Players Covered: Ranking by Revenue
  • Global Market Concentration Ratio
  • Global Market Concentration Ratio
  • Global Top 10 and Top 5 Companies by Revenue
  • Key Players Head office and Area Served
  • Key Players Product Solution and Service
  • Date of Enter into Market
  • Mergers and Acquisitions, Expansion Plans

• Drilling Services Market Breakdown Data by Type
  
  
  • Global Historic Market Size by Type
  • Global Forecasted Market Size by Type

• Drilling Services Market Breakdown Data by Application
        
  • Global Historic Market Size by Application
  • Global Forecasted Market Size by Application

• Appendix
  
  
  • Research Methodology
  • Methodology/Research Approach
  • Data Source
  • Author Details
  • Disclaimer

Continued….

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