Market Overview
Global Logging While Drilling Market is valued at USD 10,740 million in 2023 is anticipated to reach a value of USD 15,050 million in 2033, growing at a CAGR of 4.3%.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 10,740 Million |
Market Forecast in 2033 | USD 15,050 Million |
CAGR % 2023-2033 | 4.3% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Product Type, end-user industry, company share, company heatmap, company Application Technology Type capacity, growth factors and more |
Segments Covered | Type, Application, Service |
Regional Scope | North America, Europe, APAC, South America and Middle East and Africa |
Country Scope | U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies | Baker Hughes Incorporated, National Oilwell Varco, Weatherford International Plc., Schlumberger Ltd., and Halliburton Company, Nabors Industries Ltd., Cathedral Energy Services Ltd., Jindal Drilling & Industries Limited, and Gyrodata. |
Logging While Drilling Market: Description
Drilling in a specific direction is a common strategy used by crude oil producers to reach the most difficult wells and maximize production from the available acreage. The well is usually drilled vertically down into the ground, which increases the risk of nonproduction and is economically unfeasible. Logging while drilling is a technique that allows oil wells to be drilled at angles other than vertical, allowing for better oil and gas reserves.
Despite technological developments, directional drilling has remained a hot topic among oil upstream companies due to the uses of this technique, which include drilling at many angles in the field and collecting oil. Given the increased production from the end-use sector combined with the growing shale revolution, the oil and gas logging while drilling business is predicted to have tremendous potential from increasing projects over the forecast period.
Drilling in a specific direction is a common strategy used by crude oil producers to reach the most difficult wells and maximize production from the available acreage. The well is usually drilled vertically down into the ground, which increases the risk of nonproduction and is economically unfeasible.
With the United Nations predicting world population growth from 6.7 billion in 2011 to 8.7 billion by 2035, demand for energy must increase considerably over that period. Both population growth and increasing standards of living for many people in developing countries will cause strong growth in energy demand. Over 70% of the increased energy demand is from developing countries, led by China and India. United Nations Organizations (UNO) projections indicate an ongoing trend of urbanization, from 52% in 2011 to 62% in 2035 and reaching 70% worldwide by 2050.
The government regulations regarding oil & gas field developments are highly strict. For instance, on May 22, 2013, the European Union (EU) Parliament approved a new law on the safety of oil & gas operations. According to the law, before commencing any drilling operations in EU waters, oil & gas companies have to submit a special report on possible hazards. They also need to provide internal emergency response plans with full details of the available equipment and resources, along with what actions it will take in the consequence of an accident. The new directive also recommends all the EU member states to prepare external emergency response plans that cover all offshore drilling installations within their territory.
Logging While Drilling Market- Segmental Analysis:
Type Insights
The Conventional segment accounted for a significant revenue share in 2022 and is anticipated to grow at a significant CAGR.
Application Insights
Onshore segment is expected to dominate the Logging While Drilling market during the forecast period.
Service Industry Insights
The rotary steerable system segment is expected to grow at the highest CAGR during the forecast period.
Regional Insights
The Global Logging While Drilling Market is further segmented into five major countries- North America, Europe, Asia-pacific, Latin America, Middle East and Africa.
North America to account for the largest market size during the forecast period. Tight oil and shale gas are emerging as an important new source of energy supply in the US and Canada. Technological advancements in drilling such as long-reach horizontal well bores and completion techniques such as multi-stage hydraulic fracturing are increasing the implementation of this service in the North America region.
Competitive Analysis
Baker Hughes Incorporated, National Oilwell Varco, Weatherford International Plc., Schlumberger Ltd., and Halliburton Company, Nabors Industries Ltd., Cathedral Energy Services Ltd., Jindal Drilling & Industries Limited, and Gyrodata Incorporated among others.
· Trenchless Engineering Services Pvt. Ltd. constructed a horizontal direction drill for a gas pipeline that was laid 140 meters below ground level in 2015. Low price trends, on the other hand, have stifled directional drilling initiatives, and many have been suspended, with the hope of resuming once oil prices have recovered.
Logging While Drilling Market- Segmental Analysis
Based on Application
• On-shore Application
• Off-shore Application
Based on Service
• Rotary Steerable Systems (RSS)
• Logging While Drilling
• Measurement While Drilling and Survey
• Motor (MUD Motors)
• Others
Based on Type
• Conventional
• Rotary Steerable Systems
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The Global Logging While Drilling Market is valued at USD 10,740 million in 2023 is anticipated to reach a value of USD 15,050 million in 2033, growing at a CAGR of 4.3%.
Despite technological developments, directional drilling has remained a hot topic among oil upstream companies due to the uses of this technique, which include drilling at many angles in the field and collecting oil. Given the increased production from the end-use sector combined with the growing shale revolution, the oil and gas logging while drilling business is predicted to have tremendous potential from increasing projects over the forecast period.
Some of the major players operating within the market are Baker Hughes Incorporated, National Oilwell Varco, Weatherford International Plc., Schlumberger Ltd., and Halliburton Company, Nabors Industries Ltd., Cathedral Energy Services Ltd., Jindal Drilling & Industries Limited, and Gyrodata.
The Global Logging While Drilling Market is further segmented into five major countries- North America, Europe, Asia-pacific, Latin America, Middle East and Africa. North America to account for the largest market size during the forecast period. Tight oil and shale gas are emerging as an important new source of energy supply in the US and Canada.
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