Market Size of Measurement While Drilling (MWD) Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 7.00 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Measurement While Drilling Market Analysis
The global measurement while drilling (MWD) market is expected to grow at a CAGR of more than 7% over the period of 2020-2025. Factors such as meeting the expected oil demand in the future for which opportunities lie in offshore deep-sea beds, where oil & gas operators continue to discover new reserves is driving the market. Rising unconventional and deep-water E&P activities, increasing directional drilling activities, and increasing need for higher productivity and efficiency are some of the key factors driving the MWD market. The challenge, however, is volatile crude oil prices which cause delay in oil and gas upstream projects, which in turn is expected to restrain the MWD market during the forecast period.
- The offshore oil and gas industry which accounts for 30% of the global crude oil production, is expected to drive the market and be the largest segment in comparison to onshore.
- The development of deepwater and ultra-deepwater reserves are likely to act as an opportunity in the future.
- North America is the largest and the fastest growing market,led by the United States mainly due to increased exploration and production activities in its tight oil and shale reserves.
