The directional drilling market will register a CAGR of over 7% by 2023
NEW YORK, March 11, 2019 /PRNewswire/ -- About this market
The increasing liquid fuel consumption rate is expected to grow steadily during the forecast period. triggered by the increase in industrialization and urbanization from developing countries. To meet the increase in fuel demand, major oil and gas companies have resorted to increasing their oil and gas exploration and production projects to support the demand for oil and gas consumption. Urbanization and the rise in disposable income have driven the economic development of countries. Oil and gas companies are increasing their exploration and production activities to meet the increasing demand for oil and natural gas. Companies are also focusing on those production techniques and areas where oil and gas production can be maximized. Our analysts have predicted that the directional drilling market will register a CAGR of over 7% by 2023.
Read the full report: https://www.reportlinker.com/p05126608
Market Overview
Increasing investment in offshore projects
Thus, many proposed deepwater and offshore exploratory projects are being executed by large oil and gas companies. The advances in technology for better operational performance of the projects further support the growth of offshore oil and gas projects. Thus, increasing the demand for directional drilling equipment, thereby driving market growth.
Volatile crude oil prices
E&P projects are mostly executed when the revenue generated is high so that upstream companies can make profits. The uncertainty in crude oil prices will affect investments in E&P projects, and this, in turn, will affect the growth of the global directional drilling market during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the directional drilling market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be highly fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.
Read the full report: https://www.reportlinker.com/p05126608
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