Market Size of North America Directional Drilling Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Directional Drilling Market Analysis
The North America Directional drilling market is projected to register a CAGR of over 4.5% during the forecast period (2022-2027).
The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
- Over the long term, drilling in unconventional reserves, which involves directional or horizontal type drilling to increase contact with the pay zone along with increased production, is expected to drive the growth of the market studied.
- On the other hand, high volatility of crude oil prices and low-price scenarios is expected to restrain the growth of the Directional drilling maWith technological
- Nevertheless, with technological improvements and increasing viability of deepwater and ultra-deepwater projects, several new markets, such as the Gulf of Mexico actively promoting the development of deepwater and ultra-deepwater reserves are likely to provide an excellent opportunity in the forecast period.
- United States dominates the market and is also likely to witness the highest CAGR during the forecast period. In recent years the United States has emerged as a major crude oil and natural gas producer in the world, and the country is expected to maintain this during the forecast period.
