rising investments in upstream oil and gas sector is driving the Directional Drilling Market in North America
Technavio analyzes that the Directional Drilling Market in North America is expected to grow at a CAGR of 8.04% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1.99 billion.There are various factors that contribute to the growth of the market. The directional drilling market in North America is experiencing significant growth due to increasing investments in the upstream oil and gas sector. This trend is driven by the need to maximize resource extraction from complex reservoirs and reduce drilling costs through enhanced drilling efficiencies. The market is expected to continue its upward trajectory, fueled by technological advancements and the ongoing shift towards sustainable energy production.
The directional drilling market in North America is experiencing robust expansion, with onshore drilling projects being a major driving force. Onshore drilling encompasses the process of excavating wells on land, which is increasingly favored by oil and gas companies due to its cost-effectiveness and accessibility. The US market, in particular, is experiencing substantial growth, fueled by the shale revolution and the abundance of shale reserves in regions such as the Permian Basin and the Bakken Formation. Key players, including ExxonMobil Corp and Chevron Corp, have significantly invested in onshore directional drilling projects to capitalize on these opportunities. Modern techniques, such as horizontal drilling and the use of advanced drill bits, enable non-vertical angle drilling, enhancing the efficiency and productivity of these projects.
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Directional Drilling Market in North America Segmentation
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The Directional Drilling Market in North America is driven by the exploration and production of Oil, Gas, and Hydrocarbons. Environmental regulations and surface disturbance are key challenges. Modern techniques like Horizontal digging method and Underground works are used in Drilling operations. Geothermal energy exploration and Renewable energy production are emerging sectors. Oil prices, influenced by OPEC, impact the market. Offshore drilling for Marine resources also contributes. Heating and Electricity generation applications use Crude oil and Natural gas. Drill bits and Hydraulic jets are essential tools. Efficiency and Reliability are crucial factors. Drill operators employ Real-time adjustment using GPS signals. The Oil & gas industry continues to shape the market landscape.
The directional drilling market in North America is a significant segment of the global oilfield equipment and services industry, which encompasses manufacturers and providers of equipment, supplies, and services for upstream exploration and production (E&P) operations in the oil and gas sector. This market is governed by stringent environmental regulations, necessitating minimal surface disturbance during drilling operations. Technavio, a leading technology research agency, projects the global oilfield equipment and services market to expand at a moderate pace, driven by the increasing demand for hydrocarbons and the exploration of alternative energy sources like geothermal energy. The market size is calculated based on the combined revenue generated by these entities, making it a crucial contributor to the global manufacturing sector.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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