According to the Market Statsville Group (MSG), the global logging while drilling (LWD) market size is expected to grow from USD 3,513.1 million in 2021 to USD 6,791.9 million by 2030, at a CAGR of 7.5% from 2022 to 2030. Logging while drilling (LWD) refers to the addition of wireline-quality formation measurements to the directional data of a Measurement While Drilling (MWD) service. LWD systems helps gaining real-time formation evaluation while drilling.
The global logging while drilling (LWD) market is expected to be driven by increasing global drilling and completion activities. Additionally, the increasing oil and gas discoveries and the liberalization of the industry globally have led to the creation of new opportunities for the players to invest in the market. However, the fluctuation in oil prices over the recent period, due to the supply-demand gap, geopolitics, and several other factors, have been restraining the demand for logging while drilling (LWD).
COVID-19 Impact on the Global Logging While Drilling (LWD) Market
The novel coronavirus has rapidly spread across various countries and regions and continues to spread, causing an enormous impact on the lives of people and the overall community. Originating as a disaster to human health, it now poses a sizeable risk to international trade, economy, and finance. The emergence of covid-19 forced the energy companies to decrease their exploration, drilling activities, and development expenditure, which significantly impact the demand for oil field services. The pandemic caused geopolitical uncertainties, prolonged trade tensions, and near-term demand disruptions. However, as the situation are getting back on track, the logging while drilling (LWD) market is expected to recover and gain a boost in the growth in the forecast period.
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Scope of the Global Logging While Drilling (LWD) Market
The study categorizes the logging while drilling (LWD) market based on type and location of deployment at the regional and global levels.
By Type (Revenue, USD Million, 2017-2030)
- Electromagnetic logging
- Acoustic logging
- Nuclear magnetic resonance (NMR) logging
- Nuclear logging
By Location of Deployment (Revenue, USD Million, 2017-2030)
- Shallow Water
By Region (Revenue, USD Million, 2017-2030)
- North America
- the Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- the Philippines
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
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The onshore segment is projected to account for the largest market share, by location of deployment
Based on location of deployment, the global logging while drilling (LWD) market is divided into onshore and offshore. Generally, onshore drilling consists of all the drilling sites located on dry land and accounts for around 70% of worldwide oil production. The onshore projects are more easier to start than offshore ones, and the signs of recovery of global crude oil prices will significantly drive the segmental growth. Moreover, the increasing investments in the onshore oil and gas industry and increasing exploration of unconventional resources are also expected to increase the demand for the LWD.
North America accounts for the highest CAGR during the forecast period
Based on the regions, the global logging while drilling (LWD) market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, North America is estimated to hold the highest CAGR in the global logging while drilling (LWD) market during the forecast period. Even with the fluctuating crude oil prices, the US continues to invest in drilling-related goods and services.
The U.S. product and exploration activities are stimulated owing to the tremendous demand for oil & gas. Additionally, the shale gas revolution coupled with increasing oil and gas drilling and completion activities within the region is expected to drive the market’s growth.
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Key Market Players in the Global Logging While Drilling (LWD) Market
The logging while drilling (LWD) market is mildly concentrated in nature, with few numbers of global players operating in the market such as:
- Halliburton Company
- Baker Hughes Company
- Schlumberger Limited
- Weatherford International Ltd.
- Vallourec SA
- National Oilwell Varco Inc.
- Scientific Drilling International, Inc.
- China Oilfield Services Ltd.
- Nabors Industries
- APS Technology Inc.
- Kambi Enterprises Inc.
- National Energy Services Reunited Corp.
- Gyrodata Inc.