All updated as on -
By 2030, the sidetracking market is expected to be worth USD 651.6 Million, growing at a 6.30% CAGR.
Technology used in the sidetracking industry serves as an enhanced method of digging a secondary wellbore. The process is carried out far from the initial wellbore. By making it simple to access the untapped reservoir, it mainly aids in maximising hydrocarbon recovery. To meet the need for energy, oil and gas corporations concentrate on expanding drilling operations by discovering undiscovered deposits. Sidetracking can be used in a variety of ways, such as when trash damages the hole or the production zone in the original well or when tapping into a different drainage area with less depletion. In addition, factors such as urbanisation, industrialisation, increased exploration, and others are driving the market's growth over the forecast period.
Global energy consumption has expanded across a number of geographies due to rising population and economic development, which helps to boost market share. The increased need for energy on a global scale is another important factor that is anticipated to drive the market during the forecast period. Additionally, a rise in the demand for production optimisation across established oil and gas fields also contributes to the expansion of the sidetracking business. Additionally, the environmentally favourable qualities of natural gas have contributed to its rising demand. To satisfy the rising global energy demands, this is causing many oil and gas corporations to concentrate on boosting drilling efforts by finding unexplored deposits.
A new lateral is drilled from an existing well that has low productivity because of mechanical damage at a specific well site using the advanced drilling technique known as sidetracking. In order to re-drill a well to a different target, sidetracking is typically necessary. The automation of the directional drilling market and the rising demand for product optimisation in mature oil and gas fields are the main factors propelling the expansion of the global sidetracking market. The global sidetracking market is growing, but low crude oil prices and decreased oil spending are limiting factors.
To easily access untapped reserves and achieve optimal hydrocarbon recovery, sidetracking is helpful. Therefore, market development is anticipated to be driven by consumers choosing this strategy over more traditional ones. Automation is becoming more and more important to oil and gas industries as they work to optimise processes with the least amount of human involvement. Oil and gas resources that are more advanced have optimised production rates with the potential to present huge expansion opportunities. Furthermore, while retaining their positions in the slow-growing categories, several of the major market vendors need to increase their concentrate on the growth potential in the fast-growing segments.
Due to rising investments in new oil and gas finds, the sidetracking industry is predicted to increase rapidly during the projection period. During the anticipated period, this is anticipated to fuel the sidetracking market's demand.
Report Coverage
Global Sidetracking research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Sidetracking report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Sidetracking competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Sidetracking market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Sidetracking market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Sidetracking market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Sidetracking market based on the below-mentioned segments:
Global Sidetracking market, By Application
Onshore
Offshore
Global Sidetracking Market, By Industry
Oil
Natural Gas
Others
Global Sidetracking market, Regional Analysis
Technology used in the sidetracking industry serves as an enhanced method of digging a secondary wellbore. The process is carried out far from the initial wellbore. By making it simple to access the untapped reservoir, it mainly aids in maximising hydrocarbon recovery. To meet the need for energy, oil and gas corporations concentrate on expanding drilling operations by discovering undiscovered deposits. Sidetracking can be used in a variety of ways, such as when trash damages the hole or the production zone in the original well or when tapping into a different drainage area with less depletion. In addition, factors such as urbanisation, industrialisation, increased exploration, and others are driving the market's growth over the forecast period.
Global energy consumption has expanded across a number of geographies due to rising population and economic development, which helps to boost market share. The increased need for energy on a global scale is another important factor that is anticipated to drive the market during the forecast period. Additionally, a rise in the demand for production optimisation across established oil and gas fields also contributes to the expansion of the sidetracking business. Additionally, the environmentally favourable qualities of natural gas have contributed to its rising demand. To satisfy the rising global energy demands, this is causing many oil and gas corporations to concentrate on boosting drilling efforts by finding unexplored deposits.
A new lateral is drilled from an existing well that has low productivity because of mechanical damage at a specific well site using the advanced drilling technique known as sidetracking. In order to re-drill a well to a different target, sidetracking is typically necessary. The automation of the directional drilling market and the rising demand for product optimisation in mature oil and gas fields are the main factors propelling the expansion of the global sidetracking market. The global sidetracking market is growing, but low crude oil prices and decreased oil spending are limiting factors.
To easily access untapped reserves and achieve optimal hydrocarbon recovery, sidetracking is helpful. Therefore, market development is anticipated to be driven by consumers choosing this strategy over more traditional ones. Automation is becoming more and more important to oil and gas industries as they work to optimise processes with the least amount of human involvement. Oil and gas resources that are more advanced have optimised production rates with the potential to present huge expansion opportunities. Furthermore, while retaining their positions in the slow-growing categories, several of the major market vendors need to increase their concentrate on the growth potential in the fast-growing segments.
Due to rising investments in new oil and gas finds, the sidetracking industry is predicted to increase rapidly during the projection period. During the anticipated period, this is anticipated to fuel the sidetracking market's demand.
Report Coverage
Global Sidetracking research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Sidetracking report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Sidetracking competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Sidetracking market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | 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) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Sidetracking Market from 2021 to 2030.
- Market Forecast for Sidetracking Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Sidetracking competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Sidetracking
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Sidetracking market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Sidetracking market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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)
Primary Target Market
- Market Players of Sidetracking
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Sidetracking market based on the below-mentioned segments:
Global Sidetracking market, By Application
Onshore
Offshore
Global Sidetracking Market, By Industry
Oil
Natural Gas
Others
Global Sidetracking market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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