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Drilling Services Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028

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  • 190 Pages
  • October 2023
  • Region: Global
  • TechSci Research
  • ID: 5892011
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Global Drilling Services Market is anticipated to grow at a steady pace in the forecast period, 2023-2028 due to new contracts for developing mining assets, and the continuous launch of new tools & services to boost production.

The most basic requirement for carrying out daily operations in residential, commercial, and industrial infrastructures, among other verticals, is energy. Companies that produce electricity are always adapting to new fuels to produce reliable electricity. It has been established that one of the most frequently used fuel sources to power huge stations giving the required output is oil and gas. In order to recover the essential hydrocarbons, metals, minerals, and water from subterranean aquifers, drilling services are crucial. In order to extract the resources as quickly as possible, the exploration and production companies use various extraction profiles, necessitating the use of a variety of services to safely finish wells at varying depths.

Rising Demand for Crude Oil & Energy

New opportunities for extraction firms are expected to arise as various corporations step up their efforts to generate huge quantities of metals and minerals. The mining sector has also seen a variety of collaboration agreements to explore from bulk reserves. For instance, Swick Mining Services Limited secured new extraction contracts in August 2020 for mining in the copper mines owned by MATSA and BHP, respectively, and located in Spain and Australia's Olympic Dam mine. In addition to a five-year deal for the Spanish assets, the company will also enter into a five-year arrangement to provide subterranean services in Australia.

Furthermore, during the following four years, the demand for crude oil is predicted to increase by 1.2 mb/d. The leading oil and gas operating businesses are coming under increasing pressure to boost production, which is further promoting the market. Hence market is expected to grow in the forecast period.

Growing Investments Propelling the Market Growth

The growing investments to explore & produce a bulk volume of hydrocarbons to meet the international energy demand is projected to be one of the key factors augmenting the global drilling industry size. Additionally, the continuous exploration from wildcat wells and the deployment of geological surveys to uncover new capacity reservoirs that can effectively deliver oil production over a longer period are set to generate new opportunities for the industry. For instance, in October 2020, Odfjell Drilling reported obtaining a 15-well contract by the industry giant Equinor to drill and complete wells in the North Sea as part of its Breidablikk project. The new drilling sites are set to be situated offshore Aberdeen and are likely to start from 2022, with expansion over 2.5 years.

Numerous governments and organizations have set ambitious goals for the creation of renewable energy to reduce carbon emissions, which could impact the worldwide market. Also, several governments are putting emphasis on lowering their reliance on fossil fuels, which is encouraging the adoption of low-emission technologies. For instance, the International Renewable Energy Agency (IRENA) reported in March 2020 that the capacity of renewable energy sources worldwide had surpassed 2.53 terawatts (TW), with an annual increase of about 175.8 from 2.36 TW in 2018.

Market Segmentation

The Global Drilling Services Market is divided into Services, application, end user, region and competitive landscape. Based on Services, the market is segmented into Directional Drilling (Measurement While Drilling, Logging While Drilling, Rotary Steerable System and Others and Non-Directional Drilling. Based on Application the market is divided into Onshore & Offshore (Shallow Water, Deepwater & Ultra Deepwater). Based on End User, the market is segmented into Oil & Gas, Mining, Water Exploration, and Others. Base on Region the market is segmented into North America, Asia-Pacific, Europe, South America, Middle East & Africa.

Market Players

Major market players in the Global Drilling Services Market are Schlumberger Ltd, Gyrodata, Stockholm Precision Tools AB (SPT), Icefield Tools Corporation, Devico AS, Halliburton, Weatherford, Baker Hughes, Axis Mining Technology, Scientific Drilling, Inertial Sensing One AB, Nabors Industries, China Oilfield Services Limited, AnTech.

Report Scope:

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

Drilling Services Market, By Services:

  • Directional Drilling
  • Measurement While Drilling
  • Logging While Drilling
  • Rotary Steerable System and Others
  • Non-Directional Drilling

Drilling Services Market, By Application:

  • Onshore
  • Offshore
  • Shallow Water
  • Deepwater
  • Ultra-Deepwater

Drilling Services Market, By End User:

  • Oil & Gas
  • Mining
  • Water Exploration
  • Others

Drilling Services Market, By Region:

  • North America
  • United States
  • Canada
  • Mexico
  • Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Europe
  • Germany
  • United Kingdom
  • France
  • Russia
  • Spain
  • South America
  • Brazil
  • Argentina
  • Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Egypt
  • UAE
  • Israel

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Drilling Services Market.

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Table of Contents

1. Service Overview
1.1. Market Definition
1.2. Scope of the Market
1.3. Markets Covered
1.4. Years Considered for Study
1.5. Key Market Segmentations
2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
3. Impact of COVID-19 on Global Drilling Services Market4. Executive Summary5. Voice of Customers
6. Global Drilling Services Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Services (Directional Drilling (Measurement While Drilling, Logging While Drilling, Rotary Steerable System and Others) and Non-Directional Drilling)
6.2.2. By Application (Onshore & Offshore (Shallow Water, Deepwater & Ultra Deepwater))
6.2.3. By End User (Oil & Gas, Mining, Water Exploration, Others)
6.2.4. By Region
6.3. By Company (2022)
6.4. Market Map
7. North America Drilling Services Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Service
7.2.2. By Application
7.2.3. By End User
7.2.4. By Country
7.3. North America: Country Analysis
7.3.1. United States Drilling Services Market Outlook
7.3.1.1. Market Size & Forecast
7.3.1.1.1. By Value
7.3.1.2. Market Share & Forecast
7.3.1.2.1. By Service
7.3.1.2.2. By Application
7.3.1.2.3. By End User
7.3.2. Canada Drilling Services Market Outlook
7.3.2.1. Market Size & Forecast
7.3.2.1.1. By Value
7.3.2.2. Market Share & Forecast
7.3.2.2.1. By Service
7.3.2.2.2. By Application
7.3.2.2.3. By End User
7.3.3. Mexico Drilling Services Market Outlook
7.3.3.1. Market Size & Forecast
7.3.3.1.1. By Value
7.3.3.2. Market Share & Forecast
7.3.3.2.1. By Service
7.3.3.2.2. By Application
7.3.3.2.3. By End User
8. Asia-Pacific Drilling Services Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Service
8.2.2. By Application
8.2.3. By End User
8.2.4. By Country
8.3. Asia-Pacific: Country Analysis
8.3.1. China Drilling Services Market Outlook
8.3.1.1. Market Size & Forecast
8.3.1.1.1. By Value
8.3.1.2. Market Share & Forecast
8.3.1.2.1. By Service
8.3.1.2.2. By Application
8.3.1.2.3. By End User
8.3.2. India Drilling Services Market Outlook
8.3.2.1. Market Size & Forecast
8.3.2.1.1. By Value
8.3.2.2. Market Share & Forecast
8.3.2.2.1. By Service
8.3.2.2.2. By Application
8.3.2.2.3. By End User
8.3.3. Japan Drilling Services Market Outlook
8.3.3.1. Market Size & Forecast
8.3.3.1.1. By Value
8.3.3.2. Market Share & Forecast
8.3.3.2.1. By Service
8.3.3.2.2. By Application
8.3.3.2.3. By End User
8.3.4. South Korea Drilling Services Market Outlook
8.3.4.1. Market Size & Forecast
8.3.4.1.1. By Value
8.3.4.2. Market Share & Forecast
8.3.4.2.1. By Service
8.3.4.2.2. By Application
8.3.4.2.3. By End User
8.3.5. Indonesia Drilling Services Market Outlook
8.3.5.1. Market Size & Forecast
8.3.5.1.1. By Value
8.3.5.2. Market Share & Forecast
8.3.5.2.1. By Service
8.3.5.2.2. By Application
8.3.5.2.3. By End User
9. Europe Drilling Services Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Share & Forecast
9.2.1. By Service
9.2.2. By Application
9.2.3. By End User
9.2.4. By Country
9.3. Europe: Country Analysis
9.3.1. Germany Drilling Services Market Outlook
9.3.1.1. Market Size & Forecast
9.3.1.1.1. By Value
9.3.1.2. Market Share & Forecast
9.3.1.2.1. By Service
9.3.1.2.2. By Application
9.3.1.2.3. By End User
9.3.2. United Kingdom Drilling Services Market Outlook
9.3.2.1. Market Size & Forecast
9.3.2.1.1. By Value
9.3.2.2. Market Share & Forecast
9.3.2.2.1. By Service
9.3.2.2.2. By Application
9.3.2.2.3. By End User
9.3.3. France Drilling Services Market Outlook
9.3.3.1. Market Size & Forecast
9.3.3.1.1. By Value
9.3.3.2. Market Share & Forecast
9.3.3.2.1. By Service
9.3.3.2.2. By Application
9.3.3.2.3. By End User
9.3.4. Russia Drilling Services Market Outlook
9.3.4.1. Market Size & Forecast
9.3.4.1.1. By Value
9.3.4.2. Market Share & Forecast
9.3.4.2.1. By Service
9.3.4.2.2. By Application
9.3.4.2.3. By End User
9.3.5. Spain Drilling Services Market Outlook
9.3.5.1. Market Size & Forecast
9.3.5.1.1. By Value
9.3.5.2. Market Share & Forecast
9.3.5.2.1. By Service
9.3.5.2.2. By Application
9.3.5.2.3. By End User
10. South America Drilling Services Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value
10.2. Market Share & Forecast
10.2.1. By Service
10.2.2. By Application
10.2.3. By End User
10.2.4. By Country
10.3. South America: Country Analysis
10.3.1. Brazil Drilling Services Market Outlook
10.3.1.1. Market Size & Forecast
10.3.1.1.1. By Value
10.3.1.2. Market Share & Forecast
10.3.1.2.1. By Service
10.3.1.2.2. By Application
10.3.1.2.3. By End Use
10.3.2. Argentina Drilling Services Market Outlook
10.3.2.1. Market Size & Forecast
10.3.2.1.1. By Value
10.3.2.2. Market Share & Forecast
10.3.2.2.1. By Service
10.3.2.2.2. By Application
10.3.2.2.3. By End Use
11. Middle East & Africa Drilling Services Market Outlook
11.1. Market Size & Forecast
11.1.1. By Value
11.2. Market Share & Forecast
11.2.1. By Service
11.2.2. By Application
11.2.3. By End User
11.2.4. By Country
11.3. Middle East & Africa: Country Analysis
11.3.1. Saudi Arabia Drilling Services Market Outlook
11.3.1.1. Market Size & Forecast
11.3.1.1.1. By Value
11.3.1.2. Market Share & Forecast
11.3.1.2.1. By Service
11.3.1.2.2. By Application
11.3.1.2.3. By End Use
11.3.2. South Africa Drilling Services Market Outlook
11.3.2.1. Market Size & Forecast
11.3.2.1.1. By Value
11.3.2.2. Market Share & Forecast
11.3.2.2.1. By Service
11.3.2.2.2. By Application
11.3.2.2.3. By End Use
11.3.3. UAE Drilling Services Market Outlook
11.3.3.1. Market Size & Forecast
11.3.3.1.1. By Value
11.3.3.2. Market Share & Forecast
11.3.3.2.1. By Service
11.3.3.2.2. By Application
11.3.3.2.3. By End Use
11.3.4. Israel Drilling Services Market Outlook
11.3.4.1. Market Size & Forecast
11.3.4.1.1. By Value
11.3.4.2. Market Share & Forecast
11.3.4.2.1. By Service
11.3.4.2.2. By Application
11.3.4.2.3. By End Use
11.3.5. Egypt Drilling Services Market Outlook
11.3.5.1. Market Size & Forecast
11.3.5.1.1. By Value
11.3.5.2. Market Share & Forecast
11.3.5.2.1. By Service
11.3.5.2.2. By Application
11.3.5.2.3. By End Use
12. Market Dynamics
12.1. Drivers
12.2. Challenges
13. Market Trends & Developments
14. Company Profiles
14.1. Schlumberger Ltd
14.1.1. Business Overview
14.1.2. Key Revenue and Financials (If Available)
14.1.3. Recent Developments
14.1.4. Key Personnel
14.1.5. Key Product/Services
14.2. Gyrodata
14.2.1. Business Overview
14.2.2. Key Revenue and Financials
14.2.3. Recent Developments
14.2.4. Key Personnel
14.2.5. Key Product/Services
14.3. Stockholm Precision Tools AB (SPT)
14.3.1. Business Overview
14.3.2. Key Revenue and Financials (If Available)
14.3.3. Recent Developments
14.3.4. Key Personnel
14.3.5. Key Product/Services
14.4. Icefield Tools Corporation
14.4.1. Business Overview
14.4.2. Key Revenue and Financials (If Available)
14.4.3. Recent Developments
14.4.4. Key Personnel
14.4.5. Key Product/Services
14.5. Devico AS
14.5.1. Business Overview
14.5.2. Key Revenue and Financials (If Available)
14.5.3. Recent Developments
14.5.4. Key Personnel
14.5.5. Key Product/Services
14.6. Halliburton
14.6.1. Business Overview
14.6.2. Key Revenue and Financials (If Available)
14.6.3. Recent Developments
14.6.4. Key Personnel
14.6.5. Key Product/Services
14.7. Weatherford
14.7.1. Business Overview
14.7.2. Key Revenue and Financials
14.7.3. Recent Developments
14.7.4. Key Personnel
14.7.5. Key Product/Services
14.8. Baker Hughes (U.S.)
14.8.1. Business Overview
14.8.2. Key Revenue and Financials (If Available)
14.8.3. Recent Developments
14.8.4. Key Personnel
14.8.5. Key Product/Services
14.9. Axis Mining Technology
14.9.1. Business Overview
14.9.2. Key Revenue and Financials (If Available)
14.9.3. Recent Developments
14.9.4. Key Personnel
14.9.5. Key Product/Services
14.10. Scientific Drilling
14.10.1. Business Overview
14.10.2. Key Revenue and Financials (If Available)
14.10.3. Recent Developments
14.10.4. Key Personnel
14.10.5. Key Product/Services
14.11. Inertial Sensing One AB
14.11.1. Business Overview
14.11.2. Key Revenue and Financials (If Available)
14.11.3. Recent Developments
14.11.4. Key Personnel
14.11.5. Key Product/Services
14.12. Nabors Industries
14.12.1. Business Overview
14.12.2. Key Revenue and Financials (If Available)
14.12.3. Recent Developments
14.12.4. Key Personnel
14.12.5. Key Product/Services
14.13. China Oilfield Services Limited
14.13.1. Business Overview
14.13.2. Key Revenue and Financials (If Available)
14.13.3. Recent Developments
14.13.4. Key Personnel
14.13.5. Key Product/Services
14.14. AnTech
14.14.1. Business Overview
14.14.2. Key Revenue and Financials (If Available)
14.14.3. Recent Developments
14.14.4. Key Personnel
14.14.5. Key Product/Services
15. Strategic Recommendations16. About the Publisher & Disclaimer

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Schlumberger Ltd
  • Gyrodata
  • Stockholm Precision Tools AB (SPT)
  • Icefield Tools Corporation
  • Devico AS
  • Halliburton
  • Weatherford
  • Baker Hughes (U.S.)
  • Axis Mining Technology
  • Scientific Drilling
  • Inertial Sensing One AB
  • Nabors Industries
  • China Oilfield Services Limited
  • AnTech

Table Information

Report AttributeDetails
No. of Pages190
PublishedOctober 2023
Forecast Period2022 - 2028
Estimated Market Value ( USD ) in 2022 $ 6.32 Billion
Forecasted Market Value ( USD ) by 2028 $ 7.9 Billion
Compound Annual Growth Rate3.8%
Regions CoveredGlobal

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