Description

According to the Market Statsville Group (MSG), the global logging while drilling (LWD) market size is expected to grow from USD 3,513.1 million in 2021 to USD 6,791.9 million by 2030, at a CAGR of 7.5% from 2022 to 2030. Logging while drilling (LWD) refers to the addition of wireline-quality formation measurements to the directional data of a Measurement While Drilling (MWD) service. LWD systems helps gaining real-time formation evaluation while drilling.

The global logging while drilling (LWD) market is expected to be driven by increasing global drilling and completion activities. Additionally, the increasing oil and gas discoveries and the liberalization of the industry globally have led to the creation of new opportunities for the players to invest in the market. However, the fluctuation in oil prices over the recent period, due to the supply-demand gap, geopolitics, and several other factors, have been restraining the demand for logging while drilling (LWD).

COVID-19 Impact on the Global Logging While Drilling (LWD) Market

The novel coronavirus has rapidly spread across various countries and regions and continues to spread, causing an enormous impact on the lives of people and the overall community. Originating as a disaster to human health, it now poses a sizeable risk to international trade, economy, and finance. The emergence of covid-19 forced the energy companies to decrease their exploration, drilling activities, and development expenditure, which significantly impact the demand for oil field services. The pandemic caused geopolitical uncertainties, prolonged trade tensions, and near-term demand disruptions. However, as the situation are getting back on track, the logging while drilling (LWD) market is expected to recover and gain a boost in the growth in the forecast period.

Scope of the Global Logging While Drilling (LWD) Market    

The study categorizes the logging while drilling (LWD) market based on type and location of deployment at the regional and global levels.

By Type (Revenue, USD Million, 2017-2030)

• Electromagnetic logging
• Acoustic logging
• Nuclear magnetic resonance (NMR) logging
• Nuclear logging

By Location of Deployment (Revenue, USD Million, 2017-2030)

• Onshore
• Offshore
  • Shallow Water
  • Deepwater
  • Ultra-Deepwater

By Region (Revenue, USD Million, 2017-2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • Slovenia
  • Slovakia
  • the Netherlands
  • Belgium
  • Norway
  • Denmark
  • Czech Republic
  • Sweden
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Vietnam
  • the Philippines
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

The onshore segment is projected to account for the largest market share, by location of deployment

Based on location of deployment, the global logging while drilling (LWD) market is divided into onshore and offshore. Generally, onshore drilling consists of all the drilling sites located on dry land and accounts for around 70% of worldwide oil production. The onshore projects are more easier to start than offshore ones, and the signs of recovery of global crude oil prices will significantly drive the segmental growth. Moreover, the increasing investments in the onshore oil and gas industry and increasing exploration of unconventional resources are also expected to increase the demand for the LWD.

North America accounts for the highest CAGR during the forecast period

Based on the regions, the global logging while drilling (LWD) market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, North America is estimated to hold the highest CAGR in the global logging while drilling (LWD) market during the forecast period. Even with the fluctuating crude oil prices, the US continues to invest in drilling-related goods and services.

The U.S. product and exploration activities are stimulated owing to the tremendous demand for oil & gas. Additionally, the shale gas revolution coupled with increasing oil and gas drilling and completion activities within the region is expected to drive the market’s growth.

Key Market Players in the Global Logging While Drilling (LWD) Market

The logging while drilling (LWD) market is mildly concentrated in nature, with few numbers of global players operating in the market such as:

• Halliburton Company
• Baker Hughes Company
• Schlumberger Limited
• Weatherford International Ltd.
• Vallourec SA
• National Oilwell Varco Inc.
• Scientific Drilling International, Inc.
• China Oilfield Services Ltd.
• Nabors Industries
• APS Technology Inc.
• Kambi Enterprises Inc.
• National Energy Services Reunited Corp.
• Gyrodata Inc.

Every company follows its business strategy to attain the maximum market share. The strong presence of major companies in various geographical markets is one of the major reasons for helping them hold a dominant market share in the logging while drilling (LWD) market. The companies are focusing on performance improvement and minimizing the cost of production by investing in research and development.

Recent Developments

• In May 2021, Halliburton Energy Services, Inc. announced the global commercialization of the oil and gas industry's first Magnetic Resonance Imaging Logging While Drilling (MRIL-WD(TM)) tool. The tool is a joint development project between Halliburton Energy Services' Sperry-Sun Drilling Services product line and its NUMAR division.
• In November 2020, Schlumberger announced the introduction of the MagniSphere high-definition NMR logging-while-drilling service. This new service provides accurate, real-time producibility analysis for optimum placement, resulting in improved production and recovery in complex reservoirs.
• In October 2019, Weatherford International plc announced that it had signed two contracts for drilling services with two major operators in Russia. In the first contract, Weatherford will provide measurement-while-drilling (MWD), rotary steerable systems (RSS), logging-while-drilling (LWD), drilling, and geo-data interpretation services at several oilfields in Western Siberia that span two-and-a-half years. The second contract consists of three-year drilling services at the Novyi Port oilfield on the Yamal Peninsula.

Key Issues Addressed

• What is the market size by various segmentation of the logging while drilling (LWD) by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter's 5 forces of the logging while drilling (LWD) market?
• What are the key opportunities and trends for manufacturers involved in the logging while drilling (LWD) supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how regulations, schemes, patents, and policies are impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and Revenue of logging while drilling (LWD) in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.