Global Sidetracking Market 2019-2023 | 6% CAGR Projection over the Next Five Years | Technavio

The global sidetracking market is expected to post a CAGR of close to 6%
during the period 2019-2023, according to the latest market research
report by Technavio.

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Technavio has published a new market research report on the global sidetracking market from 2019-2023. (Graphic: Business Wire)

A key factor driving the growth of the global sidetracking market is the
need to optimize production in mature oil and gas fields. Mature oil and
gas fields have already attained their peak production, and are on the
decline. The hydrocarbons present in these oilfields are recovered with
the help of primary methods such as natural reservoir pressure. However,
this method can only recover a small percentage of hydrocarbons. As a
result, oil and gas companies are employing advanced techniques such as
EOR and sidetracking to optimize oil and gas recovery and boost
productivity. Sidetracking ensures easy reach to undrained reserves and
helps in maximizing hydrocarbon recovery. Thus, the adoption of this
technique which will drive market growth during the forecast period.

As per Technavio, the automation in directional drilling will have a
positive impact on the market and contribute to its growth significantly
over the forecast period. This global
sidetracking market 2019-2023 research report also
analyzes other important trends and market drivers that will affect
market growth over 2019-2023.

Global sidetracking market: Automation in
directional drilling

Oil and gas companies are increasingly moving toward automated oilfield
operations. The automation of the directional drilling significantly
improves the drilling plan execution and helps achieve production
efficiency, profitability, and consistency of the drilling process
performance. Most of the sidetrack wells are directional wells as they
are drilled to target the reservoir of different wells, which can be
accessed by lateral trajectory only. The automation in directional
drilling will be used on sidetrack drilling operations to boost the
performance of drilling operations. Thus, automation of the directional
drilling technique is expected to drive the growth of the global
sidetracking market during the forecast period.

“Apart from the automation in directional drilling, factors such as
innovation in rotary steerable systems, increasing global energy demand
and the rising oil and gas field efficiency using big data analytics
will have a significant impact on the growth of the sidetracking market
during the forecast period,” says a senior research analyst at
Technavio.

Global sidetracking market: Segmentation
analysis

This market research report segments the global sidetracking market by
application (onshore and offshore) and geographic regions (North
America, Europe, MEA, APAC, and South America).

Europe led the market in 2018, followed by North America, MEA, APAC, and
South America respectively. The growth of the region is primarily led by
Russia, along with significant contributions from Norway and the UK. The
market growth in Europe is mainly driven by the growing investments in
oil and gas drilling activities for new oil field developments, which
will lead to maximum production recovery from oil and gas fields.
Increased drilling activities for maximizing recovery will require
sidetracking to ensure complete reservoir drainage.

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Some of the key topics covered in the report include:

Market Landscape

• Market ecosystem
• Market characteristics
• Market segmentation analysis

Market Sizing

• Market definition
• Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

• Regional comparison
• Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

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