Various oil & gas companies worldwide have to shut down their manufacturing facilities and services as countries implement lockdown strategies to deal with the pandemic. The ongoing outbreak of the COVID-19 pandemic has impacted the oil & gas industry significantly across the globe.
Increasing E&P activities at different locations coupled with advanced techniques adaptability to drill multiple wells from a single location to deliver maximum output with minimum downtime is set to propel the industry and elevate the need for directional drilling services.ĬOVID-19 has Impacted Production & Exploration Activities in Oil & Gas Industry The reduction in maintenance and operational rig down time through directional drilling will consequently boost its demand and facilitate directional drilling services market growth. The technology offers numerous benefits, including flexibility, minimum site restoration, low soil contamination, low risk for geological abnormalities, and quicker installation with lower costs , which bodes well for the market.
Various companies are focused on investments in exploration & production activities to cater to the exponentially rising demand.ĭirectional drilling services involve methods to efficiently drill a well and maximize the output by laterally producing through the well. Rising demand for various tools and equipment used in the oil and gas industry across the globe, along with increasing discoveries of new bulk potential reservoirs, is expected to spur the demand of the market. The global directional drilling services market size was USD 10.38 billion in 2019 and is projected to reach USD 13.87 billion by 2027, exhibiting a CAGR of 9.3% during the forecast period.
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