Sidetracking Market Analysis
Sidetracking Market size is projected to reach USD 651.6 Million by 2026, with 6.30% CAGR during the forecast period.
Sidetracking Market Drivers
Increasing Adoption of Horizontal Drilling to Boost Market Growth
The increasing adoption of horizontal drilling and hydraulic fracturing has resulted in the increase in the rate of production of natural gas, condensate, and crude oil. This will boost the sidetracking market growth over the forecast period.
Sidetracking Market Opportunities
Growing Demand for Product Optimization to offer Robust Opportunities
The growing need for product optimization of mature oil and gas fields coupled with automation of directional drilling will offer robust opportunities to the market over the forecast period.
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Sidetracking Market Restraints and Challenges
Declining Oil Spending to act as Market Restraint
The declining oil spending owing to low crude oil prices may impede the global sidetracking market value over the forecast period.
COVID-19 Analysis of Sidetracking Market
The global economy has been disrupted owing to the COVID-19 outbreak. The global level travel bans together with grounding of international flights led to a major reduction in the consumption of aviation turbine fuel across the world which ultimately resulted in reduced overall need for oil. Besides, the pandemic has limited every form of mobility, thus, consumption of fuel by the transport sector is likely to fall sharply. The drilling sector too is facing difficulties owing to lack of man power. The spread of the deadly virus is likely to be higher in drilling areas as there are immense numbers of employees working in groups. All this is likely to reduce the need for sidetracking in the current scenario.
Supply chain disruptions, economic situations, fluctuations in demand share, as well as long-term & immediate effect of the COVID-19 pandemic possessed a negative effect on the market growth. The pandemic has slowed down economic activity and pushed the economy into a steep recession. With the roots being in China, the supply chains in the world are facing shutdown and unprecedented disruption. Besides, the initial setback, the industry is likely to return to normalcy during the forecast period and continue growing much beyond also.
Market Segmentation of Sidetracking Market
The global sidetracking market is segmented based on application and industry.
By application, the onshore segment will lead the market over the forecast period for the improvement in the movement of hydrocarbons into the good bore coupled with an increase in oil and gas production from onshore activities.
By industry, the oil industry segment will dominate the market over the forecast period.
North America to Remain Frontrunner in Sidetracking Market
North America will remain the frontrunner in this market over the forecast period. Growing advances in technology, increased oil and gas production primarily because countries in the region houses majority of oil and gas exploration and production companies in sidetracking and other drilling activities, and the region focusing to develop new advanced drilling technology are adding to the global sidetracking market growth in the region.
Europe to Have Admirable Growth in Sidetracking Market
Europe will have admirable growth in the market over the forecast period followed by North America. Russia has the utmost market share. Significant contributions from the UK and Norway, and growing investments in oil and gas drilling activities for new oil field developments that had led to utmost production recovery from oil and gas fields are adding to the global sidetracking market growth in the region. Besides, the increased drilling activities for maximizing recovery that needs sidetracking for ensuring complete reservoir drainage, the presence of top market leaders, and increasing investments and new oil & gas discoveries is also adding market growth.
The APAC region is predicted to possess healthy growth in the forecast period. Escalating call for oil and gas products, increased investment, and new oil and gas discoveries are adding to the global sidetracking market share in the region.
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Eminent players profiled in the global sidetracking industry report include Baker Hughes Co. (US), Equinor ASA (Norway), Eurasia Drilling (Russia), Halliburton (US), Nabors Industries (US), National Oilwell Varco (US), Odfjell Drilling (Norway), Schlumberger (US), Weatherford International plc (US), Yantai Jereh Oilfield Services Group Co. Ltd. (China).
The global sidetracking market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches and more.
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