Measurement While Drilling Market Analysis, COVID-19 Impact,Outlook, Opportunities, Size, Share Forecast and Supply Demand 2021-2027|Trusted Business Insights

Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Measurement While Drilling market.

Trusted Business Insights presents an updated and Latest Study on Measurement While Drilling Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Measurement While Drilling market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.

Get Sample Copy of this Report @ Measurement While Drilling Market 2020 and Forecast 2021-2027 Includes Business Impact Analysis of COVID-19

Report Overview: Global Measurement While Drilling Market

The global measurement while drilling market size was valued over USD 11.8 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 7.7% from 2021 to 2027. The significant growth can be attributed to the rising oil and gas exploration activities over the projected period. Rising energy demand has led to heavy dependence on conventional fuels. Thus, the growing trend has led the key market players to increase their exploration activities for unconventional sources such as tight and shale gas in order to meet the increasing energy demand. This, in turn, has propelled the growth of the market for Measurement While Drilling (MWD). Measurement while drilling tools provide real-time bottom-hole pressure and temperature, with directional survey data, and drilling parameters. The downhole data is transmitted to the surface through advanced telemetry techniques enabling the operator to make quick and efficient decisions resulting in lower operational costs, reduced time, and higher efficiency.

In the U.S., the market size was valued at USD 1.2 billion in 2019. Comparatively stable oil prices in 2019 and rising shale gas production are among the prominent factors driving the market across North America. Besides, growing unconventional drilling activity in major crude oil basins such as Eagle Ford, Permian Basin, Williston, and MidCon will positively impact the market.

Growing oilfield equipment rental services will positively impact the growth of the market for measurement while drilling. Key industry participants can enhance their drilling capabilities through rental equipment and tools without rising monthly costs. Companies offer measurement while drilling supplies such as mud pulse and gamma-ray measurement while drilling kits, allowing operators to take benefits of new developments at a reasonable price.
Increasing investments towards technological advancements with an aim to enhance drilling efficiency will stimulate the growth of the market for measurement while drilling. For instance, in August 2018, Schlumberger introduced a new GyroSphere MEMS gyro-while-drilling service which allows the gyrosphere sensor to perform faster gyro surveys compared to conventional systems. This microelectromechanical system technology provides accurate access to smaller reservoir targets and reduces drilling risks by a significant amount.

Furthermore, innovations in telemetry methods such as oscillating shear valves allow for reliable data transmission to the surface even in wells subject to high-lost-circulation-material content, heavy vibration, and high flow rates. For instance, Nabors AccuDrift measurement while drilling unmanned survey systems provides high-quality data which reduces the nonproductive time as compared to traditional wireline survey systems and prevents unwanted drilling events with no crew members on the rig site.

Location Insights: Global Measurement While Drilling Market

The onshore location segment was accounted for a revenue share of 56.9.0% in 2019 owing to its extreme onshore drilling activities. For instance, the global rig count for onshore rigs stood at 687 rigs in April 2020 as compared to offshore rig count of 228. The majority of market revenue is generated through onshore drilling operations.
The offshore segment is anticipated to account for the fastest CAGR of 8.7% over the projected period owing to the rising deep water and ultra-deep-water exploration and production activities. Moreover, directional drilling accounts for the highest market share in the offshore segment, thereby positively influencing the measurement while drilling product demand across the market for measurement while drilling.

Industry participants are targeting several potential offshore projects in countries of North America such as Canada to enhance oil and gas production and boost revenue generation. For instance, in 2018, BP Canada Energy Group proposed an offshore exploration drilling project within exploration licenses in the Orphan Basin. All these developments will positively impact the market for measurement while drilling over the forecast period 2021-2027.

Well Type Insights: Global Measurement While Drilling Market

The horizontal drilling segment held the largest revenue share of 26.7% in 2019. The segment is anticipated to witness a CAGR of 6.0% over the projected period. It requires accuracy in the visualization of the drilling direction in three dimensions and in the determination of bit location, thereby bolstering the growth of the market for measurement while drilling. Rising exploration of untapped resources due to growing oil demand has resulted in increasing unconventional drilling activities.

For instance, North America is witnessing an increase in unconventional drilling rigs as the horizontal and directional rig count has enhanced largely in 2019. As of June 6th, 2020, 269 horizontal rigs are present in North America as compared to the presence of 29 directional rigs and 7 vertical rigs signifying the rising adoption of measurement while drilling services across the region.

Directional drilling accounted for 17.6% of the total revenue share in 2019 in the measurement while drilling market. Rising offshore exploration activities boost directional drilling demand owing to cost and efficiency benefits. Several basins such as Powder River basin in the U.S. are deployed with advanced electro-magnetic measurement while drilling tools to enhance oil and gas production through directional drilling and hydraulic fracturing.
Conventional reserves majorly use vertical drilling for exploration activities. However, these reserves are declining at a faster rate than the rate of replenishment and will be unable to meet the growing energy demand. Operators are combining multi-stage hydraulic fracturing with less expensive vertical drilling in areas rich with hydrocarbon formations such as Permian Basin to balance out the operational cost while maintaining the drilling efficiency.

Regional Insights: Global Measurement While Drilling Market

North America accounted for the largest revenue share occupying 21.9% of the market in 2019. Increasing exploration activities for untapped resources due to rising oil demand has resulted in increasing unconventional drilling activities. As numerous known reserves of oil and natural gas cannot be recovered by conventional means, hence the adoption of advanced technologies such as measurement while drilling will reduce the cost of exploration activities and enhance recovery efficiency associated with oil sands, tar sands, unconventional gas, and shale gas.
The U.S. government is investing in numerous oil and gas unconventional drilling projects in order to boost economic production out of fossil fuels. For instance, in January 2018 U.S. Energy department directed funds worth USD 30.0 million for R&D on unconventional shale development. The selected projects are located at Mississippi and Louisiana estimated to contain around 7.0 million sweet crude oil that can be drilled using advanced techniques such as hydraulic fracturing and horizontal drilling. The usage of these techniques will fuel the market for measurement while drilling.

In Asia Pacific, the market was valued at USD 3.9 million in 2020 and is estimated to witness significant growth over the forecast period. Rising investments and increasing demand for energy in emerging nations such as Indonesia, China, and India have contributed to the growth of the market for measurement while drilling across the world. Increasing deep water and ultra-deepwater drilling activities will further drive the regional demand.
In March 2019, Italian company Eni awarded the drilling contract to TechnipFMC for developing the offshore Merakes gas field in Indonesia using advanced unconventional drilling techniques. Moreover, the government of Indonesia supports favorable trade policies such as 0% import duty on imports of drilling platforms, thereby bolstering the demand for unconventional drilling techniques.

Key Companies & Market Share Insights: Global Measurement While Drilling Market

The market for measurement while drilling is highly competitive in nature owing to the presence of major companies. The market for measurement while drilling is characterized by the severe risk associated with oil and gas exploration activities. The majority share of the global industry is captured by prominent market participants. Companies are indulging in several strategic initiatives such as mergers and acquisitions with an aim to expand their services and product portfolio, gain enhanced market share, lower operational costs, and increase operational efficiency. Some of the prominent players in the measurement while drilling market includes:

Key companies Profiled: Global Measurement While Drilling Market Report

  • Schlumberger
  • Halliburton
  • Weatherford International Ltd.
  • Cathedral Energy Services
  • National Oilwell Varco
  • General Electric Oil and Gas
  • Gyrodata
  • Scientific Drilling International
  • Leam Drilling Systems LLC
  • Jindal Drilling & Industries Ltd.
  • Nabors Industries Ltd.; Calmena Energy Services

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global measurement while drilling market report based on location, well type, and region:

Location Outlook (Revenue, USD Million, 2016 – 2027)

Onshore

Offshore

Well type Outlook (Revenue, USD Million, 2016 – 2027)

Horizontal

Directional

Vertical

Regional Outlook (Revenue, USD Million, 2016 – 2027)

North America

The U.S.

Canada

Mexico

Europe

Norway

The U.K.

Russia

Asia Pacific

China

India

Indonesia

Central and South America

Brazil

Argentina

Middle East and Africa

Saudi Arabia

UAE

Frequently Asked Questions About This Report

How big is the measurement while drilling market?

b. The global measurement while drilling market size was estimated at USD 11,930.6 million in 2020 and is expected to reach USD 12,867.2 million in 2020.

What is the measurement while drilling market growth?

b. The global lithium-ion battery market is expected to grow at a compounded annual growth rate of 7.8% from 2020 to 2027 to reach USD 21,835.2 million by 2027.

Which segment accounted for the largest measurement while drilling market share?

b. Asia Pacific dominated the measurement while drilling market with the highest share of 33.1% in 2019. A growing trend has led the key market players to increase their exploration activities for unconventional sources such as tight and shale gas in order to meet the increasing energy demand.

Who are the key players in measurement while drilling market?

b. Some key players operating in the measurement while drilling market include Schlumberger, Halliburton, Weatherford International Ltd., Cathedral Energy Services, National Oilwell Varco, Gyrodata, Scientific Drilling International.

What are the factors driving the measurement while drilling market?

b. Key factors driving the measurement while drilling market growth include significant growth in oil & gas exploration activities along with rising energy demand has led to the heavy dependence on conventional fuels, in turn boosting the market growth.

Request a Free Sample”

Looking for more? Check out our repository for all available reports on Measurement While Drilling in related sectors.

Quick Read Table of Contents of this Report @ Measurement While Drilling Market 2020 and Forecast 2021-2027 Includes Business Impact Analysis of COVID-19

Contacts

Trusted Business Insights
Shelly Arnold
Media & Marketing Executive
Email Me For Any Clarifications
Connect on LinkedIn
Click to follow Trusted Business Insights LinkedIn for Market Data and Updates.
US: +1 646 568 9797
UK: +44 330 808 0580