Global Sidetracking Market 2019-2023 | 6% CAGR Projection over the Next Five Years | Technavio
LONDON--(BUSINESS WIRE)--May 22, 2019--
The global sidetracking market is expected to post a CAGR of close to 6% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global sidetracking market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the global sidetracking market is the need to optimize production in mature oil and gas fields. Mature oil and gas fields have already attained their peak production, and are on the decline. The hydrocarbons present in these oilfields are recovered with the help of primary methods such as natural reservoir pressure. However, this method can only recover a small percentage of hydrocarbons. As a result, oil and gas companies are employing advanced techniques such as EOR and sidetracking to optimize oil and gas recovery and boost productivity. Sidetracking ensures easy reach to undrained reserves and helps in maximizing hydrocarbon recovery. Thus, the adoption of this technique which will drive market growth during the forecast period.
As per Technavio, the automation in directional drilling will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global sidetracking market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global sidetracking market: Automation in directional drilling
Oil and gas companies are increasingly moving toward automated oilfield operations. The automation of the directional drilling significantly improves the drilling plan execution and helps achieve production efficiency, profitability, and consistency of the drilling process performance. Most of the sidetrack wells are directional wells as they are drilled to target the reservoir of different wells, which can be accessed by lateral trajectory only. The automation in directional drilling will be used on sidetrack drilling operations to boost the performance of drilling operations. Thus, automation of the directional drilling technique is expected to drive the growth of the global sidetracking market during the forecast period.
“Apart from the automation in directional drilling, factors such as innovation in rotary steerable systems, increasing global energy demand and the rising oil and gas field efficiency using big data analytics will have a significant impact on the growth of the sidetracking market during the forecast period,” says a senior research analyst at Technavio.
Global sidetracking market: Segmentation analysis
This market research report segments the global sidetracking market by application (onshore and offshore) and geographic regions (North America, Europe, MEA, APAC, and South America).
Europe led the market in 2018, followed by North America, MEA, APAC, and South America respectively. The growth of the region is primarily led by Russia, along with significant contributions from Norway and the UK. The market growth in Europe is mainly driven by the growing investments in oil and gas drilling activities for new oil field developments, which will lead to maximum production recovery from oil and gas fields. Increased drilling activities for maximizing recovery will require sidetracking to ensure complete reservoir drainage.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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INDUSTRY KEYWORD: ENERGY OIL/GAS MANUFACTURING OTHER MANUFACTURING NATURAL RESOURCES MINING/MINERALS
SOURCE: Technavio Research
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PUB: 05/22/2019 10:30 AM/DISC: 05/22/2019 10:30 AM