According to the research report titled ‘Global Measurement While Drilling Market Size study, by Application (Onshore, offshore) and Regional Forecasts 2021-2027’, available with the MarketStudyReport, global measurement while drilling market valuation was worth USD 12.9 billion in 2020 and is predicted to showcase 7.8% CAGR during the study period, eventually reaching USD 21.8 billion by the year 2027.
 

Expanding oil and gas exploration activities as well as increased usage of the gas injection technique are key factors driving the growth of global measurement while drilling market. Heavy emphasis on heavy oil production will also boost the demand for the product during the forecast period.
 

Request sample copy of this report: https://www.marketstudyreport.com/request-a-sample/4566295/
 

For those unaware, measurement while drilling is a technique that provides real-time bottom-hole temperature and pressure information as well as directional survey data and drilling parameters.
 

Downhole data is transmitted to the surface using advanced telemetry techniques, allowing the operator to make quick and efficient decisions, further resulting in increased efficiency, lower operational costs, and less time, thereby stimulating the overall industry outlook. However, the rising adoption of renewable energy sources is likely to stifle market growth over the forecast period.
 

By application spectrum, global measurement while drilling industry is divided into offshore and onshore segments.
 

The geographical analysis of this business space involves Europe (Germany, France, Italy, Spain, the U.K.), North America (the U.S, Canada), Asia-Pacific (India, China, Japan, Australia, South Korea), Latin America (Brazil, Mexico), and the rest of the world.
 

According to the report, North America will account for the largest market share by the end of the forecast period, primarily due to the availability of unconventional resources in the Gulf of Mexico.
 

The Asia-Pacific market, on the other hand, is also estimated to emerge as a major revenue generator by 2027. Factors such as rising government investments in the upstream sector coupled aging oil & gas fields are expected to propel the measurement while drilling market share in Asia-Pacific.
 

Key players of the worldwide measurement while drilling industry is LEAM Drilling Systems LLC, Scientific Drilling International, Gyrodata Inc., GE Oil & Gas (Baker Hughes), NOV Inc., Cathedral Energy Services Ltd., Weatherford International plc, Halliburton Co., and Schlumberger Ltd.