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Global Sidetracking Market 2019-2023 | 6% CAGR Projection over the Next Five Years | Technavio

May 22, 2019
Technavio has published a new market research report on the global sidetracking market from 2019-2023. (Graphic: Business Wire)

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.

Looking for more information on this market? Request a free sample report

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190522005356/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

www.technavio.com

KEYWORD:

INDUSTRY KEYWORD: ENERGY OIL/GAS MANUFACTURING OTHER MANUFACTURING NATURAL RESOURCES MINING/MINERALS

SOURCE: Technavio Research

Copyright Business Wire 2019.

PUB: 05/22/2019 10:30 AM/DISC: 05/22/2019 10:30 AM

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