DIRECTIONAL DRILLING SOLUTIONS & SERVICES MARKET ANALYSIS

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2. DIRECTIONAL DRILLING SOLUTIONS & SERVICES MARKET ANALYSIS • Directional Drilling Solutions & Services Market Report, by Solution (New Purchase and Rentals), by Services (Measurement-while-drilling (MWD) Services, Logging-while-drilling (LWD) Services, Rotary Steerable System (RSS) Services, Repair & Maintenance Services, and Consulting & Other Services), by Application (Onshore and Offshore), and by Region (North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2018-2026

3. Global Directional Drilling Solutions & Services Market – InsightsGlobal directional drilling solutions & services market generated revenue of US$ 8.5 billion in 2017. By 2026, the directional drilling solutions & services market is expected to be valued at US$ 18.3 billion with a CAGR of 8.6% over the forecast period. Rental segment in the market is expected to exhibit the highest growth rate during the forecast period. As costs of purchasing directional drilling equipment such as rotary steerable systems and mud motors is quite high, preference is being given to rental services wherein required tools and services can be rented out as per requirements.North America held dominant position in the global directional drilling solutions & services market in 2017, and is projected to retain its dominance throughout the forecast period. In 2017, the U.S. accounted for the largest share in terms of revenue in the region. High presence of directional drilling services providers in the region is expected to be a major factor for growth of the market in the region. Moreover, large number of oil & gas companies are operating in the region, which has resulted in multiple boring and drilling operations. According to the statistics published by International Energy Association in January 2018, hydraulically fractured horizontal wells accounted for 69% of all oil and natural gas wells drilled in the U.S. and 83% of the total linear footage drilled in 2016.

4. Measurement While Drilling (MWD) tools segment held dominant position in the market in 2017 • Among solutions, the MWD tools segment held dominant position in the directional drilling solutions & services market in 2017 and is projected to retain its dominance throughout the forecast period. Increasing number of unconventional and deep-water exploration & production (E&P) and drilling activities and growing demand for higher productivity and efficiency of drilling activities are some of the key factors driving demand for measurement while drilling tool (MWD). This in turn is expected to boost  growth of the segment in the market during the forecast period. Moreover, increasing demand for petroleum products and natural gas is leading to extensive drilling, which requires MWD. For instance, according to 2017 World Oil Outlook Report, oil demand for the period 2016–2022 will increase by 6.9 mb/d (millions of barrels per day), from 95.4 mb/d to 102.3 mb/d. This leads to a healthy average annual increase of around 1.2 mb/d.

5. Figure. Global Directional Drilling Solutions & Services Market Share (%), by Region, 2017 Source: CMI, 2018/19

6. North America held dominant position in the directional drilling solutions & services market in 2017 North America directional drilling solutions and services market generated revenue of US$ 3,642.3 Mn in 2017. By 2026, the market is projected to reach US$ 8,148.1 Mn with a CAGR of 9.0% over the forecast period. North America held the dominant position in the market in 2017, and is expected to maintain its dominance over the forecast period, owing to rapidly growing petroleum sector in the U.S. and Canada. For instance, according to the U.S. Energy Information Administration (EIA), in August 2018, the U.S. crude oil production exceeded 11.3 million barrels per day, which is further expected to generate demand for directional drilling services for crude oil production in the region. Furthermore, the U.S. accounted for the largest market share of 83.5% in North America directional drilling solutions and services market in 2017, owing to growing crude oil production in the country. According to the U.S. EIA, the U.S. surpassed Russia and Saudi Arabia in crude oil production in 2018.

7. Figure. Global Directional Drilling Solutions & Services Market Share Analysis, 2018 ource: CMI, 2018/19

8. Global Directional Drilling Solutions & Services Market: Key Players • Major players operating in the global directional drilling solutions & services industry include, Schlumberger Limited, Halliburton Company, Downhole Drilling Services, LLC, Segofs Energy Services Limited, General Electric Company, KAMBI Enterprises Inc., Tolteq Group, LLC (National Oilwell Varco, Inc.), APS Technology, Inc., Shanghai Oilfield Equipment Co., Limited (SOECO), Beijing Geoshine Oilfield Technology Services Co., Ltd., Compass Directional Guidance, Inc., Scientific Drilling International, CBG Corp, China Oilfield Services Limited (COSL), Weatherford, Bench Tree, and Newsco International Energy Services Inc.. • Rental services providers included in the report are Hunting Energy Services Inc., Calmena Energy Services Inc., Oilwell Solutions, LLC, W-Technology Inc., Micro-Smart Systems Inc., MICROTESLA, Ranger Directional Rentals, WORLD HDD, KWIPPED, Inc., Beijing Hailan Science & Technology Development Co., Limited, Bench Tree (Rentals), Vertex Downhole (Rentals), Weatherford (Rentals), National Oilwell Varco, MWD Supply, Geoglide Australia Pty Ltd., Parker Drilling, and Nabors Industries Ltd.

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