The sidetracking market will register a CAGR of almost 6% by 2023
NEW YORK, June 12, 2019 /PRNewswire/ -- About this market
The rising global energy demand is one of the key factors that will trigger the growth of the market during the forecast period. The growing population and economic development have led to a rise in global energy demand. Furthermore, the demand for natural gas has also increased due to its clean burning property. Therefore, oil and gas companies will focus on increasing drilling operations by exploring untapped reserves to cater to energy demand. Additionally, with increased oil and gas drilling operations to tap more reserves, mechanical failures will rise. This will increase the need for sidetracking drilling operations. Our analysts have predicted that the sidetracking market will register a CAGR of almost 6% by 2023.
Read the full report: https://www.reportlinker.com/p05778660/?utm_source=PRN
Market Overview
Exploring unconventional resources
The increase in adoption of horizontal drilling and hydraulic fracturing has led augmented the rate of production of crude oil, condensate, and natural gas. This will drive the growth of the global sidetracking market during the forecast period.
Risks associated with drilling operations
The growing regulations for E&P operations and transportation activities in the oil and gas industry have made oil and gas E&P operators restrict themselves from making investment decisions. This may have a negative impact on oilfield E&P activities, which can hinder the growth of the global sidetracking market during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the sidetracking market during 2019-2023, view our report.
Competitive Landscape
The market appears to be highly fragmented and with the presence of several companies including Baker Hughes and Halliburton Co., the competitive environment is quite intense. Several oilfields services companies, providing directional drilling equipment and services in the market, are offering integrated drilling equipment to enhance the output of the oilfield drilling operation. This will increase drilling operation efficiency of sidetracking drilling and will provide considerable growth opportunities to sidetracking manufactures. Nabors Industries Ltd., a GE Co. LLC, Schlumberger Ltd., and Weatherford International Plc. are some of the major companies covered in this report.
Read the full report: https://www.reportlinker.com/p05778660/?utm_source=PRN
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
Contact Clare: clare@reportlinker.com
US: (339)-368-6001
Intl: +1 339-368-6001
View original content:http://www.prnewswire.com/news-releases/the-sidetracking-market-will-register-a-cagr-of-almost-6-by-2023-300866702.html
SOURCE Reportlinker
