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Measurement While Drilling Market Size, Industry Analysis Report By Location (Onshore, Offshore), By Well type (Horizontal, Vertical, Directional) & Region - Forecasts By 2033

  • PUBLISHED ON
  • 2024-10-08
  • NO OF PAGES
  • 234
  • CATEGORY
  • Machinery & Heavy Industry

Market Overview

The Global Measurement While Drilling Market valued at USD 13,470 million in 2022 is anticipated to reach a value of USD 24,570 million in 2033, growing at a CAGR of 7.8%.

Report Scope

Report Attributes

Description

Market Forecast in 2022

USD 13,470 Million

Market Forecast in 2033

USD 24,570 Million

CAGR % 2023-2033

7.8%

Base Year

2022

Historic Data

2020-2021

Forecast Period

2023-2033

Report USP

Product Location, end-user industry, company share, company heatmap, company Well Type Technology Location capacity, growth factors and more

Segments Covered

Location, Well Type

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

Schlumberger, Halliburton, Weatherford International Ltd., Cathedral Energy Services, National Oilwell Varco, Gyrodata, Scientific Drilling International, Leam Drilling Systems LLC, Jindal Drilling & Industries Ltd., Nabors Industries Ltd., and Calmena Energy Services.

Measurement While Drilling Market: Description

Measurement-While-Drilling (or M.W.D.) is known to be a form of well logging that includes the measurement tools into the drill string and offers real-time information to aid with steering the drill. Major factors that are expected to boost the growth of the measurement while drilling (M.W.D.) market in the forecast period are a rise in the onshore and offshore drilling projects and an increase in the number of ultra-deep drilling activities around the world. Furthermore, the increase in the need for technologically advanced tools that function optimally in high-pressure and high temperature (HPHT) conditions is further anticipated to propel the growth of the measurement while drilling (M.W.D.) market.

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.

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 benefit 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.

Measurement While Drilling Market- Segmental Analysis:

Location Insights

The onshore location segment accounted for a revenue share of 56.9.0%, owing to its extreme onshore drilling activities.

Well Type Insights

The horizontal drilling segment held the largest revenue share of 26.7%. The segment is anticipated to witness a CAGR of 6.1% 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.

Regional Insights

The Global Measurement While Drilling Market is further segmented into five major countries- North America, Europe, Asia-pacific, Latin America, Middle East and Africa. North America accounted for the largest revenue share occupying 21.9%. 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.

Competitive Analysis

Schlumberger, Halliburton, Weatherford International Ltd., Cathedral Energy Services, National Oilwell Varco, Gyrodata, Scientific Drilling International, Leam Drilling Systems LLC, Jindal Drilling & Industries Ltd., Nabors Industries Ltd., and Calmena Energy Services.

·         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.

·         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 in 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.

Measurement While Drilling Market- Segmental Analysis

Based on Location

Onshore

•Offshore

Based on Well type

Horizontal

•Vertical

•Directional

 

1.       Global Measure While Drilling Market Introduction and Market Overview

1.1.    Objectives of the Study

1.2.    Global Measure While Drilling Market Scope and Market Estimation

1.2.1.Global Measure While Drilling Overall Market Size, Revenue (US$ Mn) and Volume (Tons), Market CAGR (%), Market forecast (2023 - 2033)

1.2.2.Global Measure While Drilling Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 - 2033

1.3.    Market Segmentation

1.3.1.Location of Global Measure While Drilling Market

1.3.2.Well Type of Global Measure While Drilling Market

1.3.3.Region of Global Measure While Drilling Market

2.       Executive Summary

3.       Market Factor Analysis

3.1.   Global Measure While Drilling Market Application Trends under COVID-19 Outbreak

3.1.1.Global COVID-19 Status Overview

3.1.2.Influence of COVID-19 Outbreak on Global Measure While Drilling Market Application Development

3.2.   Market Dynamics

3.2.1.Drivers

3.2.2.Limitations

3.2.3.Opportunities

3.2.4.Impact Analysis of Drivers and Restraints

3.3.   Value Chain/ Ecosystem Analysis

3.3.1.Manufacturers / Vendors

3.3.2.Distributors

3.3.3.Buyers / End-users

3.3.4.Forward Integration & Backward Integration of Key Stakeholders

3.4.   Global Measure While Drilling Market - Pricing Trends Analysis & Average Selling Prices (ASPs)

3.5.   Porter’s Five Forces Analysis

3.5.1.Bargaining Power of Suppliers

3.5.2.Bargaining Power of Buyers

3.5.3.Threat of Substitutes

3.5.4.Threat of New Entrants

3.5.5.Competitive Rivalry

3.6.   PEST Analysis

3.6.1.Political Factors

3.6.2.Economic Factors

3.6.3.Social Factors

3.6.4.Technological Factors

3.7.   Impact of Russia Ukraine War on Measure While Drilling Market

3.8.   Impact of Economic Downturn on Measure While Drilling Market

3.9.   Measure While Drilling Production Capacity, by Major Countries

3.10.  Market Investment Opportunity Analysis (Top Investment Pockets), By Segments & By Regions

4.       Global Measure While Drilling Market Estimates & Forecast Trend Analysis, by Location

4.1.    Global Measure While Drilling Market Revenue (US$ Mn) and Volume (Tons) Estimates and Forecasts, by Location, 2019 to 2033

4.1.1.   On Shore

4.1.2.Off Shore

5.       Global Measure While Drilling Market Estimates & Forecast Trend Analysis, by Well Type

5.1.    Global Measure While Drilling Market Revenue (US$ Mn) and Volume (Tons) Estimates and Forecasts, by Well Type, 2019 to 2033

5.1.1.    Horizontal

5.1.2.Vertical

5.1.3.Directional

6.       Global Measure While Drilling Market Estimates & Forecast Trend Analysis, by Region

6.1.    Global Measure While Drilling Market Revenue (US$ Mn) and Volume (Tons) Estimates and Forecasts, by Region, 2019 to 2033

6.1.1.North America

6.1.2.Europe

6.1.3.Asia Pacific

6.1.4.Middle East & Africa

6.1.5.South America

7.       North America Measure While Drilling Market: Estimates & Forecast Trend Analysis

7.1.    North America Measure While Drilling Market Assessments & Key Findings

7.1.1.Measure While Drilling Market Introduction

7.1.2.Measure While Drilling Market Size Estimates and Forecast (US$ Million & Tons) (2019 – 2033)

7.1.2.1.   By Well Type

7.1.2.2.   By Location

7.1.2.3.   By Country

7.1.2.3.1.     The U.S.

7.1.2.3.2.     Canada

7.1.2.3.3.     Mexico

8.       Europe Measure While Drilling Market: Estimates & Forecast Trend Analysis

8.1.    Europe Measure While Drilling Market Assessments & Key Findings

8.1.1.Measure While Drilling Market Introduction

8.1.2.Measure While Drilling Market Size Estimates and Forecast (US$ Million & Tons) (2019 – 2033)

8.1.2.1.   By Well Type

8.1.2.2.   By Location

8.1.2.3.        By Country

8.1.2.3.1.     Italy

8.1.2.3.2.     Germany

8.1.2.3.3.     U.K.

8.1.2.3.4.     France

8.1.2.3.5.     Spain

8.1.2.3.6.     Rest of Europe

9.       Asia Pacific Measure While Drilling Market: Estimates & Forecast Trend Analysis

9.1.    Asia Pacific Market Assessments & Key Findings

9.1.1.Measure While Drilling Market Introduction

9.1.2.Measure While Drilling Market Size and Volume Estimates and Forecast (US$ Million & Tons) (2019 – 2033)

9.1.2.1.   By Well Type

9.1.2.2.   By Location

9.1.2.3.        By Country

9.1.2.3.1.     China

9.1.2.3.2.     Japan

9.1.2.3.3.     India

9.1.2.3.4.     Australia

9.1.2.3.5.     South Korea

9.1.2.3.6.     ASEAN

9.1.2.3.7.     Rest of Asia Pacific

10.   Middle East & Africa Measure While Drilling Market: Estimates & Forecast Trend Analysis

10.1.  Middle East & Africa Market Assessments & Key Findings

10.1.1.   Measure While Drilling Market Introduction

10.1.2.   Measure While Drilling Market Size and Volume Estimates and Forecast (US$ Million & Tons) (2019 – 2033)

10.1.2.1.    By Well Type

10.1.2.2.    By Location

10.1.2.3.    By Country

10.1.2.3.1. U.A.E.

10.1.2.3.2. Saudi Arabia

10.1.2.3.3. Egypt

10.1.2.3.4. South Africa

10.1.2.3.5. Rest of Middle East & Africa

11.   South America Measure While Drilling Market: Estimates & Forecast Trend Analysis

11.1.  South America Market Assessments & Key Findings

11.1.1.   Measure While Drilling Market Introduction

11.1.2.   Measure While Drilling Market Size and Volume Estimates and Forecast (US$ Million & Tons) (2019 – 2033)

11.1.2.1.    By Well Type

11.1.2.2.    By Location

11.1.2.3.    By Country

11.1.2.3.1. Brazil

11.1.2.3.2. Argentina

11.1.2.3.3. Colombia

11.1.2.3.4. Rest of South America

12.   Competition Landscape

12.1.  Measure While Drilling Market Competition Matrix & Benchmarking, by Leading Players / Innovators / Emerging Players / New Entrants

12.2.  Measure While Drilling Market Competition White Space Analysis, By End-user

12.3.  Measure While Drilling Market Competition Regional Intensity Map Analysis, By Geographies Served

12.4.  Measure While Drilling Market Concentration & Company Market Shares (%) Analysis, 2022

13.   Company Profiles

13.1.Schlumberger

13.1.1.    Company Overview & Key Stats

13.1.2.    Financial Performance & KPIs

13.1.3.    Product Portfolio

13.1.4.    Business Strategy & Recent Developments

* Similar details would be provided for all the players mentioned below 

13.2.Halliburton

13.3.Weatherford International Ltd

13.4.Cathedral Energy Services

13.5.National Oilwell Varco

13.6.Gyrodata

13.7.Scientific Drilling International

13.8.Leam Drilling Systems LLC

13.9.Jindal Drilling & Industries Ltd n  

13.10.    Others**

14.   Research Methodology

14.1.      External Power Outputs / Databases

14.2.      Internal Proprietary Database

14.3.      Primary Research

14.4.      Secondary Research

14.5.      Assumptions

14.6.      Limitations

14.7.      Report FAQs

15.   Research Findings & Conclusion

 

 

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We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




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To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
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Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

Frequently Asked Questions

What is the market size and growth projections?

The Global Measurement While Drilling Market valued at USD 13,470 million in 2022 is anticipated to reach a value of USD 24,570 million in 2033, growing at a CAGR of 7.8%.

What are the drivers shaping various markets?

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. Increasing investments towards technological advancements with an aim to enhance drilling efficiency will stimulate the growth of the market for measurement while drilling.

Who are the key competitors of market Players?

Some of the major players operating within the market are Schlumberger, Halliburton, Weatherford International Ltd., Cathedral Energy Services, National Oilwell Varco, Gyrodata, Scientific Drilling International, Leam Drilling Systems LLC, Jindal Drilling & Industries Ltd., Nabors Industries Ltd., and Calmena Energy Services.

What are the top performing segments, and countries / regions of each of the markets?

The Global Measurement While Drilling Market is further segmented into five major countries- North America, Europe, Asia-pacific, Latin America, Middle East and Africa. North America accounted for the largest revenue share occupying 21.9%. Increasing exploration activities for untapped resources due to rising oil demand has resulted in increasing unconventional drilling activities.

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