DUBLIN--(BUSINESS WIRE )--The "Global Directional Drilling Market, By Type (Conventional System, Rotary Steerable System), By Component, By Service, By Technology, By Application, By Offshore Application, By Field Development Type, By Region, Competition Forecast and Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.

The Global Directional Drilling Market is anticipated to grow at a steady rate with a CAGR of 5.71% in the forecast period to reach USD11.43 billion by 2027.

Growing energy requirements, quick installation ability, and increased adoption of automation technology in directional drilling are the primary factors driving the demand for the Global Directional Drilling Market.

The surge in investments in offshore exploration activities and the growing focus on the extraction of shale gas reserves by leading authorities to fulfill the ever-increasing energy requirements of consumers is impacting the market demand positively. The presence of abundant unconventional oil & gas reserves and the need to efficiently procure energy from these reserves by using advanced extraction technologies such as directional drilling techniques are expected to bolster the Global Directional Drilling Market demand. Also, the increasing usage of automation technology in directional drilling to optimize the oil & gas extraction process and obtain real-time updates to improve accuracy is expected to drive the market demand through the next five years. However, high operating costs of directional drilling process may restrain the growth of the Global Directional Drilling Market in the forecast period.

The Global Directional Drilling Market is segmented into type, component, service, technology, application, field development type, region, and company. On the basis of regional analysis, North America dominated the market in 2021, accounting for the largest market share of 30.45%, and is expected to maintain its dominance throughout the forecast period. Early adoption of modern technology by the oil & gas industry and the ongoing technological advancements in drilling such as multi-stage hydraulic fracturing are expected to create lucrative opportunities for market growth. In the United States and Canada, the demand for shale gas and tight oil is growing at an impressive rate, and they are being considered the vital energy reserves for the region's growth.

Years considered for this report:

In this report, the Global Directional Drilling Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

Global Directional Drilling Market, By Type:

Global Directional Drilling Market, By Component:

Global Directional Drilling Market, By Service:

Global Directional Drilling, By Technology:

Global Directional Drilling, By Application

Global Directional Drilling, By Field Development Type:

Global Directional Drilling, By Region:

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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900

ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900