Learn about the global oil and gas wells drilling services market through The Business Research Company, which provides information on oil and gas wells drilling services market size, oil and gas wells drilling services market drivers and restraints, oil and gas wells drilling services market players, the COVID-19 impact on the oil and gas wells drilling services market, and more.

The global oil and gas wells drilling services market size is expected to grow from $112.66 billion in 2021 to $121.03 billion in 2022 at a compound annual growth rate (CAGR) of 7.4%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The oil and gas well drilling service market is expected to reach $154.62 billion in 2026 at a CAGR of 6.3%.

The rapid pace of innovation in the oil and gas exploration and drilling technologies is boosting production volumes and reducing production costs.

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The oil and gas wells drilling services market consists of sales of oil and gas wells drilling services by entities (organizations, sole traders or partnerships) that undertake oil and gas wells drilling services for others on a contract or fee basis. The oil and gas wells drilling services industry includes contractors specializing in spudding in, drilling in, redrilling, and directional drilling. This market covers outsourced drilling services sold on a contract basis to oil and gas extraction companies and does not include any in-house drilling services of oil and gas extraction companies.

Global Oil And Gas Wells Drilling Services Market Segments Include:
By Type: Onshore Drilling Services, Offshore Drilling Services

By Service: Directional Drilling, Non-Directional Drilling

By Machine Parts: Rigs, Pipes, Bits, Reamers, Others

By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America was the largest region in the oil and gas wells drilling services market in 2021.

Oil and gas wells drilling companies are adopting 3D visualization systems to reduce project cycle times and increase drilling accuracy. 3D visualization system generates a 3D model of a wellbore and real-time drilling data to monitor and optimize drilling process. This system facilitates automatic diagnosis of drilling problems and improves and streamlines collaboration by allowing geoscientists and drilling engineers to virtually locate, see, and test drilling sites, resulting in significant cost savings of up to 20% and reduction in non-productive drilling time by 20%. These systems are integrated with asset teams by means of software, thus facilitating precise and accurate placement of drill sites.

TBRC’s oil and gas wells drilling services market report covers:

Major Market Players: Baker Hughes Co, Schlumberger Ltd., Halliburton, China Oilfield Services Ltd., Transocean Ltd., Helmerich & Payne, Inc., Weatherford International plc, Nabors Industries Ltd., Valaris PLC, and Saipem.

Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.

Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Time Series: Five years historic (2016-21) and ten years forecast (2022-2026-2031)

The Oil And Gas Wells Drilling Services Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides oil and gas wells drilling services market overviews, analyzes and forecasts market size, share, oil and gas wells drilling services market players, oil and gas wells drilling services market segments and geographies, leading competitor revenues, profiles and market shares.

TBRC’s oil and gas wells drilling services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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