SEATTLE, March 20, 2019 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global directional drilling solutions & services market accounted for US$ 8.5 Bn in 2017 and is projected to exhibit a significant CAGR of 8.6% over the forecast period (2018 – 2026).
Market Dynamics of the Directional Drilling Solutions & Services Market:
Increasing number of deep-water activities and development of unconventional oil & gas resources are key factors driving growth of the directional drilling solutions & services market. Unconventional oil and gas resources play an important role in supplying low carbon fuel for growing energy demand. Advancements in directional drilling and hydraulic fracturing have improved accuracy of drilling and unconventional gas resources to economically viable sources of natural gas. Several unconventional gas reserves are located in heavily populated areas such as Barnett Shale in the Dallas-Fort Worth metropolitan area and Marcellus Shale and environmentally sensitive areas such as Piceance Basin in Colorado and Greater Green River Basin in Wyoming.
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Advancements in directional drilling such as measurement while drilling (MWD) and downhole motor (DHM) technologies have led to further development of unconventional oil and gas resources by improving access to the reservoir from surface locations and increasing reservoir contact. For instance, in April 2017, Toro launched a new horizontal directional drill operating system, which allows pipe handling functions to be performed using a single input on the joystick in the SmartTouch operating mode. Moreover, horizontal well offers greater wellbore contact with the reservoir than a vertical well. In a horizontal well, the length of reservoir contact is limited by the length of the lateral, which is determined by the mechanical ability to extend the drill bit along the lateral.
Stringent regulatory policies and growing environmental concerns are expected to restrain the market growth over the forecast period. As the use of directional drilling has increased, it has raised concerns about potential impacts on public health and the environment, including impacts arising from improper management of oil waste from offshore exploration and production activities. For instance, in October 2016, the Environmental Protection Agency (EPA) finalized an air pollution standards for natural-gas drilling to reduce harmful air pollution from the oil and natural gas industry. Stringent government regulatory policies such as for protecting the environment (including air and water quality), cultural resources, and workers’ and the public’s health and safety and for reducing wastage of resources are expected to hamper the market growth.
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