DUBLIN, Nov. 13, 2023 /PRNewswire/ — The “Measurement While Drilling Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F” report has been added to ResearchAndMarkets.com’s offering.
The global measurement while drilling market is anticipated to grow at a steady pace in the forecast period, 2024-2028. The anticipated expanding oil and gas exploration operations are linked to the sizeable growth. Heavy reliance on conventional fuels has resulted from ever rising energy demand. As a result, the expanding tendency has prompted the major market participants to step up their exploration efforts for unconventional sources like tight and shale gas.
Market Growth Drivers:
- Rising Energy Demand: Escalating energy requirements driving the need for oil and gas explorations.
- Technological Advancements: Innovations like Schlumberger’s GyroSphere MEMS gyro-while-drilling service elevating drilling efficiency.
- North American Dominance: The region’s market is propelled by robust shale gas production and stable oil prices.
Market Projections:
- Consistent Expansion: The MWD market is expected to grow steadily through the forecast period.
- US Market Estimation: The market size in the US stood at USD 1.2 billion in 2019.
Market Trends:
- Increased Drilling Activity: A significant uptick in North American rig counts signals a thriving market.
- Shale Gas Developments: Canada’s leverage of its shale reserves indicates a promising outlook for MWD market growth.
Market Restraints:
- Economic Downturns: The recent oil and gas industry slump had a negative impact, but recovery trends are now visible.
Segmentation and Analysis:
- Location-Based Insights: Differentiation between onshore and offshore activities, including deepwater and ultra-deepwater.
- Well Type Specifics: Horizontal, directional, and vertical drilling market segmentation.
Key Market Participants:
- Schlumberger Limited
- Halliburton Energy Services, Inc.
- Baker Huges Company
- Weatherford International plc
- Nabors Corporate Services, Inc.
- National Oilwell Varco
- Cathedral Energy Services
- Gyrodata
- Cougar Drilling Solutions
- Newsco.
- Target Well Control
- COSL – China Oilfield Services Limited
Report Offerings:
- In-depth market segmentation.
- Comprehensive regional analysis.
- Industry trends and growth drivers.
For more information about this report visit https://www.researchandmarkets.com/r/npzwm4
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SOURCE Research and Markets
