Market Highlights
Global Sidetracking Market is projected to be valued at USD 651.6 Million by 2026, with 6.01% CAGR during the forecast period, 2020–2026. Sidetracking is defined as the advanced technique of drilling in which a new lateral from an existing well is drilled. It means to re-enter a well from the well’s surface location with drilling equipment to achieve oil & gas production form an alternate zone. Also, sidetracking is done to encounter a problem in the existing wellbore.
Sidetracking is an advanced technique of drilling in which a new lateral is drilled from an existing well that has poor productivity due to mechanical damage at a particular well site. Wells generally require sidetracking to re-drill the well to a new target.
The major factors driving the growth of the global sidetracking market are the growing demand for product optimization of mature oil & gas fields and the automation of directional drilling. However, declining oil spending due to low crude oil prices is a restraining factor for the growth of the global sidetracking market.
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In 2019, Asia Pacific dominated the global sidetracking market in terms of share: MRFR
The global sidetracking market has been segmented into five regions, namely, Asia-Pacific, the Middle East & Africa, Europe, North America, and South America. North America is expected to hold the largest share of the market during the forecast period. This is primarily as countries in the region houses majority of oil & gas exploration & production companies engaged in sidetracking and other drilling activities. Moreover, the region is focused on developing new advanced drilling technology which would drive the sidetracking market. In Asia-Pacific, China held the largest market share in 2018 due to increasing energy demand and rising industrialization. In Europe, Russia held the largest market share in 2018 and is expected to grow at the fastest rate during the forecast period, primarily due to the increasing production and exploration of oil wells in the country. In the Middle East & Africa region, Saudi Arabia is expected to be one of the leading markets for sidetracking.
The global sidetracking market has been segmented based on the application and industry. Based on application, the market is segmented into onshore and offshore. The offshore segment is estimated to grow at the fastest rate during the forecast period due to increasing oil & gas discoveries and offshore production, especially in the countries including the US, Norway, Australia, and others,. Based on industry, the global sidetracking market has been divided into oil, natural gas, and others. The oil segment is expected to hold a larger share within the global sidetracking market.
Global Sidetracking Market is sidetracking expected to grow at 6.01% CAGR during the forecast period.
Scope of the Report
This report provides an in-depth analysis of the global sidetracking market, tracking two market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights the market size and shares for North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The report also presents a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global sidetracking market by application, industry, and region.
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- Application
- Onshore
- Offshore
- Industry
- Oil
- Natural gas
- Others
- By Region
- North America
- Asia-Pacific
- Europe
- Middle East & Africa
- South America
Key Players
The key players operating in the global sidetracking market are Halliburton (US), Baker Hughes Co. (US), Nabors Industries (US), Equinor ASA (Norway), Eurasia Drilling (Russia), National Oilwell Varco (US), Odfjell Drilling (Norway), Schlumberger (US), Weatherford International plc (US), Yantai Jereh Oilfield Services Group Co. Ltd. (China).
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