The logging while drilling market size has the potential to grow by USD 556.71 million during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by application (onshore and offshore) and geography (North America, APAC, Europe, MEA, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including APS Technology Inc., Baker Hughes Co., China Oilfield Services Ltd., Gyrodata Inc., Halliburton Co., Nabors Industries Ltd., National Oilwell Varco Inc., Schlumberger Ltd., Scientific Drilling International, and Weatherford International Plc.
Market Overview
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Market Competitive Analysis
The market is fragmented. APS Technology Inc., Baker Hughes Co., and China Oilfield Services Ltd. are some of the major market participants. The key vendors are focusing on organic growth strategies such as product innovation to cater to a larger customer base. Although the increase in directional drilling will offer immense growth opportunities, the cessation of World Bank funding for E&P activities will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this logging while drilling market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this logging while drilling market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
- APS Technology Inc.
- Baker Hughes Co.
- China Oilfield Services Ltd.
- Gyrodata Inc.
- Halliburton Co.
- Nabors Industries Ltd.
- National Oilwell Varco Inc.
- Schlumberger Ltd.
- Scientific Drilling International
- Weatherford International Plc
Logging While Drilling Market: Segmentation by Geography
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North America was the largest logging while drilling market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The increase in offshore oil and gas production, the adoption of shale gas production, and the large availability of unconventional oil and gas reserves will significantly drive logging while drilling market growth in this region over the forecast period.
46% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for logging while drilling equipment in North America. Market growth in this region will be faster than the growth of the market in other regions.
Logging While Drilling Market: Segmentation by Application
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The upstream oil and gas equipment market is currently developing seismic survey technologies and increasing investments in R&D to improve the efficiency of these surveys. This has led to an increase in exploratory activities across the globe, which increases the need for onshore drilling activities. Apart from the US, Canada, and the Middle East, which are the main adopters of onshore oil and gas explorations, countries such as Russia and Mexico have increased their investments in upstream oil and gas projects.
However, the logging while drilling market share growth by the onshore segment will be slower than the growth of the market by the offshore segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the logging while drilling market size.
Logging While Drilling Market: Key Drivers and Trends
The emergence of robotics logging technology has been identified as one of the key logging while drilling market trends. The adoption of robotic logging eliminates the need for a logging truck and also offers a faster response rate. Moreover, the energy requirements for robotic logging is low and can be used for horizontal, vertical, and inclined well logs. Although this technology is currently in its nascent stage, the coming years will witness its implementation owing to the rising awareness about its benefits. With the growing need to improve the efficiency of the drilling process, the oil and gas industry is also increasingly adopting advanced equipment, GPS, and real-time data acquisition. This will subsequently result in the integration of IoT in drilling applications. This, coupled with the emergence of robotic logging technology, will drive logging while drilling market growth at a CAGR of more than 4% during the forecast period.
Logging While Drilling Market: Key Highlights of the Report for 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive logging while drilling market growth during the next five years
- Precise estimation of the logging while drilling market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the logging while drilling industry across North America, APAC, Europe, MEA, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of logging while drilling market vendors
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