North America Measurement While Drilling Market

North America Measurement While Drilling Market is Expected to grow during the forecast period due to expanding oil and gas exploration and improvements in drilling efficiency.

According to TechSci Research report, “North America Measurement While Drilling Market – By Country, Competition, Forecast & Opportunities, 2018-2028, the North America measurement while drilling market is expected to register robust growth during the forecast period, 2024-2028”. The drilling sector is fueled by considerations, including meeting the expected future demand for oil, which offers opportunities in offshore deep-sea beds where oil & gas producers are constantly discovering new reserves. The evaluation while the growth of unconventional and deep-water E&P activities, expansion of directional drilling, and escalating productivity and efficiency demands are the main drivers of the North America measurement while drilling market.

The offshore oil and gas sector is expected to outpace onshore production and make up 30% of the world’s total crude oil output. The development of deepwater and ultra deepwater reserves will present an opportunity in the future. North America is the largest and fastest-growing market, with the United States as the market leader. This is mostly due to increased exploration and production activities in its tight oil and shale reserves.

Due to shifting economic conditions and the depletion of some shallow offshore resources, producers have been obliged to turn to deepwater and ultra-deepwater resources. Additionally, over the past few years, the cost of conducting business offshore has significantly decreased, which is encouraging the sector to gradually increase spending in the future.

Numerous industry sectors’ ongoing demand for oil and gas creates a wide range of lucrative business opportunities. To satisfy the rising demand, all nations are working extremely hard to achieve economic development and are making significant investments in the energy sector. Additionally, the population boom has increased consumer demand, which has led to an expansion of the industrial sector. The need for hydrocarbons is also rising as a result of the exponential infrastructure and construction projects, which are primarily taking place in emerging countries. To fulfil demand, national oil firms and operators are investing in new projects in line with this trend, which is fueling the expansion of the MWD industry.

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The North America measurement while drilling market is divided into location and well type. Based on location, the market is segmented into offshore and onshore. The offshore segmented is further divided into shallow water, deepwater, and ultra-deepwater. Based on well type, the market is split into horizontal, directional, and vertical.

Based on location, the offshore oil and gas segment is expected to dominate the market. Offshore discoveries were made up about 82% of all the discoveries in 2018. Additionally, the reserve replacement ratio significantly increased from 11% in 2017 to around 15%. Producers have been forced to turn to deepwater and ultra-deepwater resources due to shifting economics and the depletion of some shallow offshore resources. Additionally, the cost of doing business in offshore locations has significantly decreased over the past few years, which is encouraging the sector to gradually increase spending in the future.

Baker Hughes Co., McDermott, and L&T Hydrocarbon (LTHE) were given a contract worth USD 1.52 billion by the Oil and Gas Natural Corporation (ONGC) in 2018 for the deep-water development project known as KG-DWN-98/2 (Cluster-2) in the Krishna Godavari basin.

Based on region, the United States dominate the market, with growing oil and gas prices, drilling activity has increased across North America. The number of North American rigs increased by 114 from the first week of May 2017’s 974 rig counts to 1118 in the first week of May 2018. Since horizontal wells in shale reservoirs only drain into the wellbore reservoir, as opposed to sandstone or carbonate reservoirs, their effectiveness in the United States is further increased. But as more horizontal/lateral wells are drilled, drilling operations are becoming more technically difficult, necessitating the use of advanced technologies such as MWD. Canada, which holds 10% of the world’s shale reserves, was the first nation after the United States to see the extensive development of shale reserves. The nation intends to make use of its shale supplies, advance its economic recovery, and establish the North America measurement while drilling market.

Major market players in the North America measurement while drilling market are: –

  • Baker Hughes Co.
  • Halliburton Company
  • Nabors Industries Limited
  • National Oil Well Varco Inc.
  • Schlumberger Ltd
  • Weatherford International Ltd
  • Scientific Drilling International Inc.
  • Gyrodata Inc.
  • Calmena Energy Services Inc

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“The North America measurement while drilling market is predicted to be primarily driven by an increase in onshore and offshore drilling projects as well as an increase in ultra-deep drilling operations globally. The increased need for technologically improved instruments that function effectively in high-pressure and high-temperature (HPHT) conditions is one of the additional key factors for the measurement while drilling industry,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

North America Measurement While Drilling Market -By Location (Onshore, Offshore (Shallow Water, Deepwater, and Ultra-Deepwater), By Well Type (Horizontal, Directional, Vertical), By Region Size, Share, Trends, Opportunity and Forecast 2028 has evaluated the future growth potential of the North America measurement while drilling market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in North America measurement while drilling market.

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