The global extended reach drilling market is expected to experience an impressive Compound Annual Growth Rate (CAGR) in the next five years, according to the TechSci Research report titled “Extended Reach Drilling Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027”. This growth is attributed to the increasing demand for oil and the utilization of advanced technologies such as rotary steerable systems and friction reduction tools to hasten the drilling process. Additionally, the expansion of the automotive industry, construction industry, and other manufacturing units is predicted to contribute to the market's growth in the next five years. Furthermore, the global extended reach drilling market is being propelled by the rising need for oil excavation in environmentally sensitive areas to meet the increasing global demand for oil and gas. The market is also benefiting from the increasing demand for innovative tools and technologies that boost oil excavation capacity and reduce oil loss during production. The report forecasts that the global extended reach drilling market will continue to grow until 2027, thanks to other factors such as increased investment from the government and private sectors, as well as the development of advanced tools.
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The global extended reach drilling market is categorized on the basis of type, well type, technology, application, regional distribution, and competitive landscape. The market is divided into shallow, intermediate, deep, and ultradeep based on type. Shallow extended reach drilling is expected to hold the largest revenue share and dominate the market segment in the forecast period, owing to the increase in oil excavation projects in environmentally sensitive areas. Extended reach drilling is a viable option for non-commercial reservoirs due to the high cost of excavation and the potential for heavy equipment wear and tear. The sub-segment using a directional drilling process with extended reach is expected to support future growth in the next five years.
The well type segment is divided into 3D wells, deviated wells, and others. Deviated wells are predicted to hold the largest revenue share and dominate the market in the next five years, due to the increasing reliance on extended reach drilling processes. Deviated wells have a minimum deviation of 10 degrees from vertical bore lining but less than 80 degrees, making them an intermediate between vertical and horizontal wells. These wells are often dug for extended reach drilling processes or when vertical drilling is difficult and horizontal drilling is expensive.
The technology segment is sub-divided into rotary steerable systems, measurement-while-drilling, and logging-while-drilling. Rotary steerable systems are a directional drilling technology that focuses on downhole equipment over traditional directional technology and tools. The equipment is programmed in advance by the driller using available measurements and then steered in the desired direction. Additional advantages, such as improved transportation of drilled cuttings to the surface, better weight transfer, and reduced well bore porosity to avoid oil loss during excavation, are expected to drive the growth of the sub-segment and the global extended reach drilling market in the next five years. Measurement-while-drilling is a type of well logging in which measurement tools are integrated with the drill string to provide real-time measurements for successful drill steering.
Some of the market players, dominating the global market are:
- China Oilfield Services Limited
- HXR Drilling Services
- K&M Technology Group
- Schlumberger Limited
- Baker Hughes
- Halliburton Company
- Weatherford International
- Mubadala Petroleum Ltd.
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Regions like Gulf of Mexico, and other onshore reservoirs in the United States are actively utilizing extended reach drilling procedures and thus driving the growth of the North America global extended reach oil drilling market. The government is also actively investing in the directional drilling processes like extended reach drilling such that oil can be produced from even the non-commercial zones and thus commercialized to generate higher profits. Also, the US and Canada are major economies where shale gas exploration is upsurging and thus driving the market growth. New market players may focus on technological advancements to generate profits,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Extended Reach Drilling Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027, Segmented By Type (Shallow, Intermediate, Deep, and Ultradeep), By Well Type (3D Wells, Deviated Wells, Others), By Technology (Rotary Steerable Systems, Measurement-while-Drilling, Logging-while-Drilling), By Application (Onshore, Offshore), By Region”, has evaluated the future growth potential of global extended reach drilling market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global extended reach drilling market.
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TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.
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Extended Reality Market report published by Value Market Research, which studies the future outlook of the market.
It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2020-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the extended reality market include Augray Ltd., HTC Corporation, Microsoft Corporation, Northern Digital Inc., Qualcomm Technologies Inc., SoftServe Inc., Softweb Solutions Inc., SphereGen Technologies, and VertexPlus Softwares Pvt.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Extended Reality Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/extended-reality-market/download-sampleMarket DynamicsThe rising penetration of smartphones and mobile gaming is the significant factor that drives the extended reality market across the glob e. In addition, a rise in the adoption of augmented & virtual reality solutions in many diverse industries such as education, entertainment, and healthcare also boosts the market growth.
Moreover, the use of extended reality technology in the healthcare sector reduces costs, and improving outcomes for individuals without taking risking, propels the demand.
However, the lack of infrastructure and interoperability issues of immersive 3D graphics are some of the hindering factors for the growth of the market during the forecast period.
