Oil And Gas Wells Drilling Services Global Market Report 2021: COVID-19 Impact And Recovery To 2030
The Business Research Company’s Oil And Gas Wells Drilling Services Global Market Report 2021: COVID-19 Impact And Recovery To 2030
LONDON, GREATER LONDON , UK, June 28, 2021 /EINPresswire.com/ — According to the new market research report ‘Oil And Gas Wells Drilling Services Global Market Report 2021: COVID-19 Impact And Recovery To 2030’ published by The Business Research Company, the global oil and gas wells drilling services market is expected to grow from $146.57 billion in 2020 to $183.9 billion in 2021 at a compound annual growth rate (CAGR) of 25.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $227.77 billion in 2025 at a CAGR of 5%. The rapid pace of innovation in the oil and gas exploration and drilling technologies is boosting production volumes and reducing production costs.
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The oil and gas wells drilling services market consists of sales of oil and gas wells drilling services by entities (organizations, sole traders or partnerships) that undertake oil and gas wells drilling services for others on a contract or fee basis. The oil and gas wells drilling services industry includes contractors specializing in spudding in, drilling in, redrilling, and directional drilling. This market covers outsourced drilling services sold on a contract basis to oil and gas extraction companies and does not include any in-house drilling services of oil and gas extraction companies.
Trends In The Global Oil And Gas Wells Drilling Services Market
Oil and gas wells drilling companies are adopting 3D visualization systems to reduce project cycle times and increase drilling accuracy. 3D visualization system generates a 3D model of a wellbore and real-time drilling data to monitor and optimize drilling process. This system facilitates automatic diagnosis of drilling problems and improves and streamlines collaboration by allowing geoscientists and drilling engineers to virtually locate, see, and test drilling sites, resulting in significant cost savings of up to 20% and reduction in non-productive drilling time by 20%. These systems are integrated with asset teams by means of software, thus facilitating precise and accurate placement of drill sites.
Global Oil And Gas Wells Drilling Services Market Segments:
The global oil and gas wells drilling services market is further segmented based on type and geography.
By Type: Onshore Drilling Services, Offshore Drilling Services
By Geography: The global oil and gas wells drilling services market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global oil and gas wells drilling services market, accounting for 29% of the market in 2020.
Read More On The Report For The Global Oil And Gas Wells Drilling Services Market At:
https://www.thebusinessresearchcompany.com/report/oil-and-gas-wells-drilling-services-global-market-report-2020-30-covid-19-impact-and-recovery
Oil And Gas Wells Drilling Services Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides oil and gas wells drilling services global market overviews, analyzes and forecasts market size and growth for the global oil and gas wells drilling services market, oil and gas wells drilling services global market share, oil and gas wells drilling services global market players, oil and gas wells drilling services global market segments and geographies, oil and gas wells drilling services global market’s leading competitors’ revenues, profiles and market shares. The oil and gas wells drilling services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Read Oil And Gas Wells Drilling Services Global Market Report 2021 from The Business Research Company for information on the following:
Data Segmentations: Market Size, Global, By Region And By Country; Historic And Forecast Size, And Growth Rates For The World, 7 Regions And 12 Countries
Oil And Gas Wells Drilling Services Market Organizations Covered: Schlumberger Ltd, Halliburton, Transocean Ltd, Weatherford International plc, Baker Hughes Incorporated.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets. Here is a list of reports from The Business Research Company similar to the Oil And Gas Wells Drilling Services Global Market Report 2021:
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