The sidetracking market size has the potential to grow by USD 2.0 billion 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 (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Baker Hughes Co., Equinor ASA, Eurasia Drilling Co. Ltd., Halliburton Energy Services, Inc., Nabors Industries Ltd., National Oilwell Varco Inc., Odfjell Drilling Ltd., Schlumberger Ltd., Weatherford International Plc, and Yantai Jereh Oilfield Services Group Co. Ltd.
Market Overview
Market Competitive Analysis
The sidetracking market is fragmented. National Oilwell Varco Inc., Odfjell Drilling Ltd., Schlumberger Ltd., Weatherford International Plc, and Yantai Jereh Oilfield Services Group Co. Ltd. are some of the major market participants. Although the production optimization of mature oil and gas fields will offer immense growth opportunities, the rising demand for renewable energy sources 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 sidetracking 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 sidetracking 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:
- Baker Hughes Co.
- Equinor ASA
- Eurasia Drilling Co. Ltd.
- Halliburton Energy Services, Inc.
- Nabors Industries Ltd.
- National Oilwell Varco Inc.
- Odfjell Drilling Ltd.
- Schlumberger Ltd.
- Weatherford International Plc
- Yantai Jereh Oilfield Services Group Co. Ltd.
Sidetracking Market: Segmentation by Region
Europe was the largest sidetracking market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Increasing investments and new oil and gas discoveries will significantly influence sidetracking market growth in this region.
Almost 37% of the market’s growth will originate from Europe during the forecast period. The Russian Federation is a key market for sidetracking in Europe. Market growth in this region will be faster than the growth of the market in MEA, North America, and South America.
Sidetracking Market: Segmentation by Application
Increased demand for oil and gas products and the rising need to ensure energy security are driving investments in conventional as well as unconventional oil and gas projects. Sidetracking for full oil and gas reserve drainage can be used for maximum production recovery. Increasing investments and new oil and gas discoveries will drive the growth of the global sidetracking market by onshore applications during the forecast period.
Market growth in this segment will be faster than the growth of the market in the offshore segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the sidetracking market size.
Sidetracking Market: Key Drivers and Trends
Oil and gas companies are increasingly adopting automation in their oilfield operations to optimize processes with an integrated feedback mechanism and minimal human intervention. Directional drilling processes are also being automated to enhance their productivity, efficiency, safety, and quality. Automation of directional drilling will also eliminate the need for continuous monitoring and help in overcoming challenges such as varying geologic conditions and time lag between sensors of the drilling control systems. As most of the sidetrack wells are directional wells, the automation of directional drilling will also boost the performance of sidetrack drilling operations. The automation of directional drilling will be one of the critical trends that will fuel global sidetracking market growth.
The declining production rate of mature oil and gas fields has compelled operators to adopt techniques such as EOR and sidetracking. These techniques will help oil and gas operators to boost the productivity of mature oil and gas fields. Sidetracking helps in maximizing hydrocarbon recovery by ensuring easy reach to undrained reserves. With increasing investments in the oil and gas sector to improve the recovery from mature fields, the demand for sidetracking will also grow. Such factors will influence sidetracking market growth at a CAGR of almost 6% during the forecast period.
Sidetracking Market: Key Highlights of the Report for the Forecast Period 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive sidetracking market growth during the next five years
- Precise estimation of the sidetracking market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the sidetracking industry across APAC, Europe, MEA, North America, 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 sidetracking market vendors