Global Measurement While Drilling Market 2018-2022| Increasing Applications of loT in O&G to Promote Growth| Technavio

The global measurement while drilling market is expected to post a CAGR of over 7% during the period 2018-2022, according to the latest market research report by Technavio.

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A key factor driving the growth of the market is the increasing operating rig. In 2014, the global rig count was the highest and post the decline in crude oil prices, the number of active oil rigs sharply declined and was the lowest in 2016. As the oil prices gradually recovered, the rig count increased owing to the surge in onshore and offshore drilling projects. High prices of oil have encouraged oil and gas manufacturers to increase their production activities and this has led to the increase in drilling rigs, such as land drilling in the US, Latin America, APAC, and the offshore Middle East.

This market research report on the global measurement while drilling market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.

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In this report, Technavio highlights the increasing applications of loT in O&G as one of the key emerging trends in the global measurement while drilling market:

Global measurement while drilling market: Increasing applications of loT in O&G

The Internet of Things (loT) technology is being widely adopted for various industrial operations for processing and automation as it provides a more calculated and effective solution in oil and gas production. Technological advances and their effectiveness in providing solutions has enabled the adoption of this technology, which was considered an expensive affair and an additional cost in the past. This integration automatically minimizes the risk involved in the process and supports maximum recovery of the available hydrocarbons in the reserve as the O&G industry generates large amount of data.

“Along with the technical benefits, the use of loT can provide cost-effective solutions, increase the hydrocarbon recovery from the reserve, reduce the non-productive time, and support capacity improvements in the O&G industry. loT supports capturing data on a real-time basis from different parts of the O&G value chain and supports improvements in performance,” says a senior analyst at Technavio for research on oil and gas.

Global measurement while drilling market: Segmentation analysis

This market research report segments the global measurement while drilling market by application (onshore and offshore) and geographical regions (APAC, EMEA, and the Americas).

The onshore segment held the largest market share in 2017, accounting for over 52% of the market. However, by 2022, the offshore segment is expected to surpass the onshore segment to become the leading application segment, accounting for a market share of over 50%.

The Americas led the market in 2017 with a market share of over 52%. This region is expected to dominate the market through 2022.

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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

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