Measurement While Drilling Market Size Is Poised To Reach $21.8 Billion By 2027: Grand View Research Inc.

 

The global measurement while drilling market size is expected to reach USD 21.8 billion by 2027, expanding at a CAGR of 7.8%, according to a new report by Grand View Research, Inc. The increasing number of exploration and production projects along with the growing need for well testing operations requiring the use of technologically advanced drilling techniques that provide real-time downhole data transmission will drive the market.

Recovery in oil prices has motivated oil producers to drill unconventional wells and to explore untapped oil fields to fulfill the increase in oil demand. Measurement while drilling tools transmit real-time formation evaluation measurements to the surface enabling the operators to achieve accurate well placement through efficient drill bit steering, thereby provides a potential growth landscape for the market.

Rising investments toward technological advancements with an aim to enhance drilling efficiencies is likely to stimulate market growth. Recent technological innovations such as the development of GyroSphere MEMS gyro-while-drilling service by Schlumberger, which provides more accurate access to smaller reservoir targets while reducing drilling risks, are projected to propel industry growth.

Stringent environmental regulations, geopolitical tensions, changes in trade policy, disruptive forces, and currency movements are some of the key forces impacting the oil and gas exploration activities and in turn, can limit investments for upgrades or new facilities in the affected areas. These factors are expected to eventually affect the market positively during the forecast period.

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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. The downhole data is transmitted to the surface through advanced telemetry techniques enabling the operator to make quick and efficient decisions resulting in lower operational costs, reduced time, and higher efficiency.

Measurement While Drilling Market Report Highlights

  • The vertical well type segment share was valued at over USD 6.6 billion in 2020
  • Asia Pacific is projected to grow at a substantial rate throughout the forecast period. India is expected to account for the maximum share in the region
  • The onshore segment dominates the industry, accounting for 56.9% of total market revenue in 2020
  • North America is likely to display a moderate growth rate during the projected period.

The market for measurement while drilling is highly competitive in nature owing to the presence of major companies. The market for measurement while drilling is characterized by the severe risk associated with oil and gas exploration activities. The majority share of the global industry is captured by prominent market participants. Companies are indulging in several strategic initiatives such as mergers and acquisitions with an aim to expand their services and product portfolio, gain enhanced market share, lower operational costs, and increase operational efficiency. Some of the prominent players in the measurement while drilling market includes:

  • 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.
  • Calmena Energy Services

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

 

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