Oil and Gas Wells Drilling Services Market is Expected to Exhibit Significant Growth by 2028
Oil and gas wells are dug into the surface of the earth, on land and underwater, at places where there is an availability of fuel reserves, to bring petroleum, natural gas, and other hydrocarbon-based fuels to the surface. These wells are created by digging into the surface using drilling equipment and services.
Rapid industrialization, rising demand for fuel-based machinery and equipment, and increased oil and gas exploration projects are some of the key factors that are augmenting the growth of the oil and gas wells drilling services market, worldwide.
However, the COVID-19 pandemic brought in worldwide lockdown and business shutdowns. Due to this, the oil and gas industry saw a steep decline in its demand and revenue. This hampered the growth of the oil and gas wells drilling services market as well.
Moreover, the challenges that come along with the drilling process, such as damage to infrastructure, oil spills, and its environmental impact, further restrain the oil and gas wells drilling services market. Although, the increasing demand for fuel-based energy sources, provides an enthralling opportunity for the growth of the oil and gas wells drilling services market.
Globally, North America is dominating the oil and gas wells drilling services market and this dominance can be attributed to the presence of a number of projects, for the development of novel Oil and Gas pipelines and deep-water projects in the region.
Subsequently, Europe contributes to the oil and gas wells drilling services market majorly. This share is accredited to the development and expansion of oilfields, onshore and offshore by the region.
Some of the major players operating in the global oil and gas wells drilling services market are Schlumberger Ltd., Halliburton, Transocean Ltd., Weatherford International Plc, Baker Hughes Incorporated, Grey Wolf International, China Oilfield Services Ltd., Pioneer Energy Services Corp., Fluor Corporation, and Valaris Plc, among others.