The rapidly expanding Geosteering technologies, widely used for well placement activities in the oil and gas industry, stimulate demand for hydrocarbons to expand opportunities, & Exponential increase in adaptation of technology to optimize drilling operations for fuel markets, are the factors for growth in the Measurement While Drilling Market.
Covid-19 Impact & Market Status
Covid-19 has significantly slowed market expansion. To stop the spread of Covid-19 infections, numerous nations have declared nationwide lockdowns. The lockdown, however, has had a significant negative impact on the world economy and led to financial catastrophe in a number of industrial sectors. The economic recovery and market performance are being impacted by the interruption on the supply and demand sides. Disruptions on both the supply and demand sides have an effect on market performance and economic recovery. This significant new report on the global Measurement While Drilling market offers useful information to market participants, including tactics for maximising gains, lowering risks, and avoiding pitfalls. In addition, this report goes into great detail about the market competition, financial information based on specific market segments, difficulties, and current and upcoming investment opportunities.
Consistent Land-Based Exploration Investment to Strengthen the Onshore Sector
Based on location, the market is divided into Onshore and Offshore segments. Among these most oil and gas production is done by onshore drilling due to ease of extraction and availability of resources. Onshore drilling cost is economical compared to offshore drilling. The Onshore Sites segment accounted for 58% of revenue in 2020 due to extreme onshore drilling activity Most of the market revenue comes from onshore drilling.
Horizontal Drilling Segment to Emerge as the Most Lucrative Segment
Based on location, the market is divided into three categories: horizontal, vertical, and directional. With a 27.7% share of sales, the horizontal drilling segment is the largest contributor. This segment is expected to record a CAGR of 6.3% during the planning period. This is due to the precision with which the drilling direction is visualized in 3D and the position of the bit is determined, fuelling the growth of the measurement-while-drilling market. Increased exploration of untapped resources due to increased demand for oil has led to an increase in unconventional drilling activities.
Commercial Applications to Ensure Revenue Maximization
The market is classified into Commercial use, Residential use & others based on applications in the Measurement While Drilling market. Commercial users are estimated to hold a large share of the global drilling measurement market, owing to the growing demand from oil and gas companies for advanced technology that can provide high precision and accurate measurements at low cost. Significant growth in individual users is projected during the forecast period, owing to increasing consumer awareness of energy efficiency and government incentives to encourage the installation of energy-saving products such as smart meters and photovoltaic systems in homes. Additionally, growing consumer concerns over electricity bills are expected to drive consumers to adopt energy-efficient solutions such as smart meters that provide real-time usage data, further driving product demand during the forecast period.
North American Region to Render Ample Investment Avenues
North America, the Middle East, Africa, Europe, Asia Pacific, and South America are the regions into which the market is divided. The Measurement While Drilling market has matured the greatest in North America, particularly in the United States and Canada. As the need for cutting-edge technology for efficient drilling operations grows, MWD has seen steady growth. With 22.2% of the market share in 2020, North America had the largest revenue share. The introduction of cutting-edge methods, such as measurement while drilling, has decreased the cost of exploration activities and increased the extraction efficiency of conventional gas and shale gas. This is because many known oil and natural gas reserves cannot be extracted using conventional methods.
The market's expansion is primarily driven by increased interest in directional drilling to make the most of hydrocarbons & Consistent investment by major operators for exploration and production activities, which requires Measurement While Drilling.
Measurement While Drilling market is growing with increasing drilling activity around the world. Huge investments by oil companies in exploration and production activities will prove to be a market boom over the forecast period. A rise in onshore and offshore drilling projects and increasing ultra-deep drilling activities across the globe are key factors expected to drive the growth of the measurement-while-drilling (M.W.D.) market during the forecast period.
The drill string has built-in measurement tools and access to real-time information. This information helps operators control the drilling process. Real-time information is critical to prevent excavation operations from straying from the path, saving both excavation time and excavation costs.
As-drilling measurements offer a unique solution for analyzing downhole parameters for effective drilling operations. The oil and gas industry in the world having difficulties, as a result, companies are speculating on other energy sources such as wind power. Additionally, some companies are looking for technology for better drilling operations such as Measurements in the drilling market.
Measurements during drilling provide important data such as direction-finding data (borehole depth), drilling dynamic parameters, borehole pressure, and temperature. As drilling operations become more complex, well-logging services are also being introduced and enhanced to provide oil and gas companies with cost-effective solutions. As-drilling measurements allow oil and gas drilling contractors to log wells without disrupting drilling activity. Measurement While Drilling market is likely to grow by 2.95 US$ billion by the end of the estimated period, at a CAGR of 7.7%.
Measurement While Drilling - A method of Borehole Protocol known as drilling integrates measurement equipment into the drilling strand and provides real-time information to control the drill. For example, to extract natural resources such as gas and oil. During such drilling, data is collected from the rig's sensors for many purposes, including Keeping a detailed record (or well log) of the strata penetrated by the well.
The major factors expected to drive the growth of the measurement-while-drilling (M.W.D.) market are the increasing number of offshore and onshore drilling projects and the increasing ultra-deep drilling activities across the globe, Increased shale oil, and gas development, Growing demand for oil and gas in developing countries. Moreover, increasing demand for technologically advanced tools that perform optimally under high pressure and high temperature (HPHT) conditions are expected to further drive the market growth. Moreover, increasing investment in exploration and production activities is estimated to moderate the growth of the market. On the other hand, changes in the cost of crude oil are projected to hinder the market growth during the forecast period.
Problems such as clogged pipes are inevitable when drilling wells in almost every field. An increase in oilfield equipment rental services will have a positive impact on the growth of the measurement while drilling market. Key industry players can upgrade their drilling capacity with rental rigs and tools without increasing monthly costs.
The major companies ranking on top in Measurement While Drilling Market are Baker Hughes (United States), Weatherford (Switzerland), Schlumberger (United States), Halliburton (United States), Nabors Industries (Bermuda), Jindal Drilling & Industries Ltd (India), National Oilwell Varco (United States), Cathedral Energy Services (Canada), Target Well Control (Canada), Cougar Drilling Solutions (Canada), Gyrodata (United States), Newsco (United States), COSL - China Oilfield Services Limited (China) among all the well-established and emerging players.
Latest Innovations in the Global Measurement-While-Drilling market
Recently, a new type of MWD system based on inertial technology has been gradually developed. This MWD system has a 3-axis accelerometer and a 3-axis gyroscope.
New MWD system with redundant accelerometers. These MWD systems typically do not perform well in harsh drilling conditions. In this article, we address some shortcomings of existing techniques and introduce a new MWD system based on the theory of inertial attitude measurement. The system is characterized by multiple redundant sensors.
Measurement While Drilling Market Scope
|Revenue forecast in 2029
|US$ 2.95 billion
|CAGR of 7.7% during 2021-2029
|By Location, Well Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Baker Hughes (United States), Weatherford (Switzerland), Schlumberger (United States), Halliburton (United States), Nabors Industries (Bermuda), Jindal Drilling & Industries Ltd (India), National Oilwell Varco (United States), Cathedral Energy Services (Canada), Target Well Control (Canada) & among others.
Key Segments of the Global Measurement While Drilling Market
By Location Overview, 2019-2029 (USD Billion)
Well Type Overview, 2019-2029 (USD Billion)
Application Overview, 2019-2029 (USD Billion)
- Residential use
- Commercial use
Regional Overview, 2019-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa