Directional Drilling Services Market by 2030 Report: Opportunities, Vendors, Shares, Industry Growth, and Forecast
Posted by Rajkumar on March 2nd, 2023
Growing demand for energy and rapid urbanization propelling the growth of the directional drilling services market. Increasing exploration and production activities is again augmenting growth of the market. According to the India Brand Equity Foundation, in FY20, crude oil production in India stood at 32.2 MMT. In April 2021, the crude oil production stood at 2.5 MMT, while for FY21 it was 30.5 MMT. In FY20, crude oil import increased to 4.54 mbpd from 4.53 mbpd in FY19. Natural Gas consumption is forecast to reach 143.08 million tons (MT) by 2040.
Directional drilling is the process of drilling holes in non-vertical structures like rock, soil, or precast concrete. In the United States, this method is used to test the quality of underground rock. It is divided into four categories: utility installation, surface in a subframe, horizontal inline, and vertical in the borehole. Directional drilling requires precise knowledge of engineering controls like gear selection, ballast function, hydraulic pressure, and wellhead safety. This is one of the most important drilling techniques worldwide. The horizontal directional drill is mainly used for oil and gas explorations. The main types include screw-driven, boom-driven, boom-assisted, and gravity driven. It has the capability to perform well inside the earth's crust; it may also go as far as the upper reaches of the earth's surface or even to the ocean's depths.
North America is expected to hold a dominant position in the global directional drilling services market in the near future and this is attributed to the shale gas revolution in the region. According to the U.S. Energy Information Administration, the U.S. dry natural gas production in 2020 was about 33.4 trillion cubic feet (Tcf), an average of about 91.4 billion cubic feet per day and the second-highest annual amount recorded.
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About the AuthorRajkumar
Joined: February 13th, 2019
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