Pune, India, Dec. 06, 2021 (GLOBE NEWSWIRE) — The global drilling services market size is projected to reach USD 17.44 billion by 2027, exhibiting a CAGR of 8.6% during the forecast period. Escalating energy demand across the world will be the principal force behind the progress of this market, shares Fortune Business Insights™ in its report, titled “Drilling Services Market Size, Share & COVID-19 Impact Analysis, By Service (Directional Drilling {Measurement While Drilling, Logging While Drilling, Rotary Steerable System, Gyro Drilling, Magnetic Drilling, and Others} and Non-Directional Drilling), By Application (Onshore and Offshore {Shallow Water, Deepwater, and Ultra-Deepwater}), By End-User (Oil & Gas, Mining, Water Exploration, and Others), and Regional Forecast, 2020-2027”.

According to the International Energy Outlook 2019 of the US Energy Information Administration (EIA), global energy consumption is set to increase by nearly 50% between 2018 and 2050. The astronomical rise in energy demand, as per the EIA, will be driven by the rapidly developing nations of Asia over the next three decades. Furthermore, the International Energy Agency (IEA) predicts that oil production will keep rising till 2030 and nearly 35% of the energy demand will be met by gas. Drilling services are, therefore, likely to experience soaring demand as governments and private players compete against each other to meet the skyrocketing demand for hydrocarbon-based energy in the forthcoming years.

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In 2019, as per the report’s findings, the global market value stood at USD 12.88 billion. The main features of the report include:

Unmatched intelligence on the various Drilling Services Market drivers, trends, and restraints;
Actionable insights into the performance of all market segments;
Granular analysis of the leading players’ profiles and dominant strategies; and
Exhaustive assessment of the impact of the regional developments on Drilling Services Market growth.

Drilling Services Market Share Report Scope and segmentation:

Report Coverage
Details

Forecast Period
2020 to 2027

Forecast Period 2020 to 2027 CAGR
8.6%

2027 Value Projection
USD 17.44 Billion

Base Year
2019

Market Size in 2019
USD 9.82 Billion

Historical Data for
2016 to 2018

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