Global Extended Reach Drilling Market is driven by surge in demand for oil & gas production in the forecast period, 2023-2027.
According to TechSci Research report, “Extended Reach Drilling Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027”, The global extended reach drilling market is projected to showcase impressive CAGR in the next five years, on account of increasing demand for oil and growing usage of technologies like rotary steerable systems and friction reduction tools, among other for faster drilling process. Expansion in the automotive industry, construction industry, and other manufacturing units is expected to drive the growth of the global extended reach drilling market in the upcoming five years. Also, rising demand for oil excavation from the fragile environment to support the increasing oil & gas demand in the world is further supporting the growth of the global extended reach drilling market. Increasing demand for advanced tools and technologies for increasing capacity of oil excavation and avoiding oil loss during production are positively influencing market through 2027.
Other factors like increasing investment from the government and private sector along with development of innovative tools are also aiding the growth of the global extended reach drilling market in the forecast years, until 2027F.
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The global extended reach drilling market is segmented on the basis of type, well type, technology, application, regional distribution, and competitive landscape. Based on type, the market is fragmented into shallow, intermediate, deep, and ultradeep. Shallow type of extended reach drilling is anticipated to hold the largest revenue shares of the market and dominate the market segment in the forecast period on account of increased oil excavation projects in the fragile environments. The reservoirs marked as non-commercial due to higher cost of excavation since the environment is too fragile or if the drilling process causes heavy wear-tear to the equipment and tool making it an expensive option, extended reach drilling is a viable option in these cases. Extended reach drilling used a directional drilling process with extended reach is anticipated to support the future growth of the sub-segment in the future five years.
The market based on well type is segmented into 3D wells, deviated wells, and others. Deviated wells are anticipated to hold the largest revenue shares of the market and dominate the market in upcoming five years on account of increasing dependency on extended reach drilling processes. The deviated well is minimum 10 degrees more than vertical bore lining but less than 80 degrees, making it an intermediate between vertical wells and horizontal wells. These wells are often dug for extended reach drilling process or in case vertical drilling is difficult and horizontal drilling is very expensive.
On the basis of technology, the market is sub-segmented into rotary steerable systems, measurement-while-drilling, and logging-while-drilling. Rotary steerable systems are a directional drilling technology that specializes in downhole equipment over the traditional directional technology & tools. The equipment is priorly programmed by the driller with available measurements and is then steered into the desired direction. Added advantages like improved transportation of drilled cuttings to the surface, better weight transfer, reduced well bore porosity to avoid oil loss during excavation, are expected to drive the growth of the sub-segment and the growth of the global extended reach drilling market in the next five years. Measurement-while-drilling is a type of well logging where measurement tools are incorporated with drill string such that it provides real-time measurements for successful drill steering.
Some of the market players, dominating the global market are:
- China Oilfield Services Limited
- HXR Drilling Services
- K&M Technology Group
- Schlumberger Limited
- Baker Hughes
- Halliburton Company
- Weatherford International
- Mubadala Petroleum Ltd.
“Regions like Gulf of Mexico, and other onshore reservoirs in the United States are actively utilizing extended reach drilling procedures and thus driving the growth of the North America global extended reach oil drilling market. The government is also actively investing in the directional drilling processes like extended reach drilling such that oil can be produced from even the non-commercial zones and thus commercialized to generate higher profits. Also, the US and Canada are major economies where shale gas exploration is upsurging and thus driving the market growth. New market players may focus on technological advancements to generate profits,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Extended Reach Drilling Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027, Segmented By Type (Shallow, Intermediate, Deep, and Ultradeep), By Well Type (3D Wells, Deviated Wells, Others), By Technology (Rotary Steerable Systems, Measurement-while-Drilling, Logging-while-Drilling), By Application (Onshore, Offshore), By Region”, has evaluated the future growth potential of global extended reach drilling market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global extended reach drilling market.
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