According to the Market Statsville Group (MSG), the global measurement while drilling (MWD) market size is expected to grow from USD 2,056.1 million in 2021 to USD 3,815.2 million by 2030 at a CAGR of 7.1% from 2022 to 2030. Measurement-While-Drilling (or M.W.D.) is logging that includes the measurement tools into the drill string and gives real-time information to steer the drill.
Major factors that are expected to boost the growth of the measurement while drilling (M.W.D.) market are the rise in offshore and onshore drilling projects and an increase in ultra-deep drilling activities worldwide. Moreover, the increase in the requirement for technologically advanced tools that function optimally in high-pressure and high temperature (HPHT) conditions is further anticipated to propel the market's growth. Furthermore, the growing levels of investment in exploration and production activities are estimated to cushion the market's growth. On the other hand, the change in the crude oil costs is projected to hinder the market’s growth in the forecast period.
COVID-19 Impact on the Global Measurement While Drilling (MWD) Market
The world economy is reducing due to the coronavirus pandemic, severely hitting economic activities worldwide. Businesses worldwide are on a virtual stand to contain the spread of the virus. It has also collapsed the balance sheet of oil and gas companies. Several companies are experiencing heat due to a sharp fall in crude oil prices in the international market. Oilfield services operators and companies are deferring investment in new projects to reduce the financial impact of the COVID-19 outbreak. Government institutions and international organizations are working together to provide momentum to the hydrocarbon industry through strategic planning, bilateral talks between consumers and producers, and tax incentives to reduce the impact. The market is predicted to rebound once the economic activities start across the globe. Though the oil and gas industry is falling down, it will also experience new opportunities in the post-Covid-19 period. This will undoubtedly attract investors to spend their money on exploration and production activities that boost the demand for measurement while drilling.
The study categorizes the measurement while drilling (MWD) market based on type and application at regional and global levels.
Based on type, the global measurement while drilling (MWD) market is divided into offshore and onshore Operations. Industry participants are focusing on several potential offshore projects in countries of North America, such as Canada, to increase oil and gas production and speed up revenue generation. The offshore segment is predicted to account for the fastest CAGR over the projected period due to the rising ultra-deep-water and deepwater exploration and production activities. Furthermore, directional drilling accounts for the highest market share in the offshore segment, thereby positively influencing the measurement drilling product demand across the market. For instance, in 2018, BP Canada Energy Group suggested an offshore exploration drilling project within exploration licenses in the Orphan Basin. All these developments have surely impacted the market for measurement while drilling over the forecast period.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global measurement while drilling (MWD) market has been analyzed across five major regions: North America, Asia Pacific, the Middle East & Africa, Europe, and Latin or South America. North America is projected to influence the drilling services market share due to various key industry players, long-standing expertise in analyzing the complex formations, large unconventional reserves, and favorable government policies, among other factors.
The Asia Pacific market is also projected to display a significant growth rate cause of the rapidly increasing energy demand, dependence on coal reserves, growing energy and power activities, and an abundance of metal & mineral reserves. Furthermore, the Middle East & Africa is also expected to be among the leading regions. Some of the key factors driving and propelling the regional landscape are a huge untapped potential to produce hydrocarbons, low exploration and production costs, availability of reservoirs at shallower depths, and numerous mineral reserves are the key factors driving the regional landscape.
The competitive environment in this market is expected to intensify with an increase in the product extensions, and different strategies adopted by key vendors further.
Major players in the market are:
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