North America Directional Drilling Services Market Size

North America Directional Drilling Services Market Analysis

The North America directional drilling services market is expected to register a CAGR of more than 4.5% during the forecast period 2022-2027. The COVID-19 outbreak witnessed a severe impact on the market due to stringent lockdown protocols implemented by respective governments of the countries in North Ameria. Factors such as drilling in unconventional reserves, which involves directional or horizontal type drilling to increase contact with the pay zone along with increasing the production is expected to drive the directional drilling services market in North America during the forecast period. However, the high volatility of crude oil prices and low-price scenarios (operators cut-down the drilling and porduction activities) in countries like United States, Canada, etc. is expected to hinder the market growth during the forecast period.

• Offshore segment is expected to witness significant growth during the forecast period, owing the cost of operation in the offshore locations declining significantly over the past few years. This factor is encouraging the industry to step up its expenditure gradually in the future and drive the directional drilling services market in North American region.
• Factors, such as technological improvements and increasing viability of deepwater and ultra-deepwater projects, several new markets, such as Gulf of Mexico is actively promoting the development of deepwater and ultra-deepwater reserves. This, in turn, is expected to create significant opportunities for the operating countries in the near future.
• United States is expected to continue its dominance for directional drilling services market in North American region during the forecast period.