The logging while drilling market size is anticipated to be worth USD 5.05 by 2026Â and is expected to rise remarkably, exhibiting a CAGR of 7.6 %Â
The logging while drilling market is expected to grow from USD 2.82 billion to USD 5.05 by 2026.With exhibiting a CAGR of 7.6 % within the forecast period of 2019 to 2026. This information is published in a recent report by Fortune Business Insights, titled, “Logging While Drilling MarketSize, Share and Industry Analysis, By Application (Onshore, Offshore (Shallow Water, Deepwater, Ultra-Deepwater)), and Regional Forecast, 2019-2026.” The report discusses various growth trajectories of the market in detail.
The logging while drilling market size is anticipated to be worth USD 5.05 by 2026and is expected to rise remarkably, exhibiting a CAGR of 7.6 %within the forecast period till 2026.
Highlights of the Report
Latest Key Industry Developments
Some of the key industry developments in the logging while drilling market includes:
July 2019 A 3D reservoir mapping was introduced by Halliburton. This is a new logging while drilling system that uses advanced reservoir mapping process called 3D inversion for scanning overlooked features such as water zones, faults, local structural variations, and alter the path of optimal landing in a well.
October 2019 Two drilling service contracts worth USD 67.4 million was given to Weatherford from two major operators in Russia. Weatherford will be providing services such as measurement while drilling (MWD), drilling, Logging-while-drilling, rotary steerable systems (RSS), and geo-data interpretation services in different oilfields in the Western Siberia.
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Logging while drilling systems or LWD are used for obtaining real-time formation evaluation while drilling. The production capacity of the borewell to be drilled is determined by its physical properties such as density, conductivity, porosity, resistivity, saturation, and others.
Player’s Efforts to Improve Well Performance and Deduct Production Cost Resulting in Huge Investments in Research and Development
Schlumberger, Weatherford, Baker Hughes, and Halliburton, are holding a significant position in the market. The strong presence of these companies in various geographies is a major factor helping them hold dominant logging while drilling market share. Companies are focusing on minimizing the cost of production and performance improvement by investing huge sums into research and development. This is further expected to increase the logging while drilling market size in the forecast period.
Some of the significant players operating in the logging while drilling market are listed below:
Increasing Demand for Energy and Power Activities to Drive Market
Logging while drilling systems or LWD are used for obtaining real-time formation evaluation while drilling. The production capacity of the borewell to be drilled is determined by its physical properties such as density, conductivity, porosity, resistivity, saturation, and others. Thus, logging-while-drilling investigates the actual physical properties of the borewell, which further helps the operator to estimate the rate of penetration, reassess and make changes in the entire process. All the above factors help to improve and fasten drilling activities for both onshore and offshore purposes. Thus, the factors mentioned above are anticipated to promote market growth in the forecast duration.
Additionally, the rise in industrialization and urbanization all over the world is propelling the demand for energy and power activities. The surge in deep-water and unconventional energy and power activities will also help earn high logging-while-drilling market revenues. Furthermore, the accelerating demand for technical expertise for cost-competitive oil and gas production is further expected to fuel the logging while drilling market growth.
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Market Segmentation
1. By Application
2. By Region
North America to Remain Dominant Despite Fluctuating Crude Oil Prices
From a geographical perspective, Fortune Business Insights foresees the global logging while drilling market to be segmented into the regions of Latin America, Europe, North America, Asia Pacific, and the Middle East and Africa. As per current LWD market trends, North America is holding a significant position in the overall oil and gas sector worldwide with market size of USD 1.13 billion in 2018. Despite the fluctuating prices of crude oil, the U.S. is investing huge sums on drilling-related goods and services. Companies having their base in this region are focusing on investing huge sums in drilling activities in the region. The production and exploration activities in the U.S. are stimulated by the continuous demand for oil and gas. Additionally, the market has also been positively impacted by the shale gas revolution, thus making this region emerge dominant.
As per the World Oil Report, there is a 12% surge in the overall drilling activity in the U.S. upto 27, 095 wells in 2017 as compared to the previous year. Thus, the surge in drilling activities in oil and gas reserves is further anticipated to help this region continue dominance in the forecast period as well.
Detailed Table of Content
5.Global Logging While Drilling Market Analysis (USD Billion), Insights and Forecast, 2015-20265.1.Key Findings / Summary5.2.Market Analysis, Insights and Forecast By Application5.2.1.Onshore5.2.2.Offshore5.2.2.1.Shallow Water5.2.2.2.Deepwater5.2.2.3.Ultra-Deepwater5.3.Market Analysis, Insights and Forecast By Region5.3.1.North America5.3.2.Latin America5.3.3.Europe5.3.4.Asia Pacific5.3.5.Middle East and Africa6.North America Logging While Drilling Market Analysis (USD Billion), Insights and Forecast, 2015-20266.1.Key Findings / Summary6.2.Market Analysis, Insights and Forecast By Application6.2.1.Onshore6.2.2.Offshore6.2.2.1.Shallow Water6.2.2.2.Deepwater6.2.2.3.Ultra-Deepwater6.3.Market Analysis, Insights and Forecast By Country6.3.1.U.S.6.3.2.Canada7.Latin America Logging While Drilling Market Analysis (USD Billion), Insights and Forecast, 2015-20267.1.Key Findings / Summary7.2.Market Analysis, Insights and Forecast By Application7.2.1.Onshore7.2.2.Offshore7.2.2.1.Shallow Water7.2.2.2.Deepwater7.2.2.3.Ultra-Deepwater7.3.Insights and Forecast By Country7.3.1.Brazil7.3.2.Mexico7.3.3.Argentina7.3.4.Venezuela7.3.5.Rest of Latin America8.Europe Logging While Drilling Market Analysis (USD Billion), Insights and Forecast, 2015-20268.1.Key Findings / Summary8.2.Market Analysis, Insights and Forecast By Application8.2.1.Onshore8.2.2.Offshore8.2.2.1.Shallow Water8.2.2.2.Deepwater8.2.2.3.Ultra-Deepwater8.3.Market Analysis, Insights and Forecast By Country8.3.1.UK8.3.2.Germany8.3.3.Norway8.3.4.Italy8.3.5.Russia8.3.6.Rest of Europe
TOC Continued…!!!
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