Asia Pacific Geosteering Technology Market Developments and Forecast by 2027

The APAC geosteering technology market is expected to grow from US$ 2,766.90 million in 2019 to US$ 5,610.51 million by 2027; it is estimated to grow at a CAGR of 13.3 % from 2020 to 2027.

Furthermore, in case of COVID-19, APAC is highly affected specially China and India. The APAC region constitutes the world’s two most populated countries as well as prominent oil producing countries across the APAC region. China virtually imposed strict lockdown and social isolation, which stopped manufacturing activities which resulted in shrinking its country’s demand for oil and other energy commodities which has affected the APAC geosteering technology market negatively. The drilling activities across the Chinese region plummeted significantly and resulted in weak demand for geosteering services. Similarly, India also imposed a nationwide lockdown to control the growing number of COVID-19 cases. Subsequently, the lockdown and disruption of various manufacturing activities contributed significantly in reduced drilling activities in oil & gas sector. Thus, the overall decline of activities in oil & gas industries collectively reduced the demand for geosteering technologies across the APAC countries during the early months of the 2020 due to the outbreak of virus in respective countries, hence affecting the APAC geosteering technology market negatively. Furthermore, more as the global oil prices plummeted significantly owing to limited demand and continuous production by the APAC oil producing countries further added to the considerable decline in production activities among the major oil producing countries in APAC. Consequently, the discontinuation of drilling activities virtually disrupted the demand for any related supporting services and solution including geosteering technology market across APAC.  

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC geosteering technology market. The APAC geosteering technology market is expected to grow at a good CAGR during the forecast period.   

                                                    APAC Geosteering Technology Market

             

 
APAC Geosteering Technology Market – By Product

• Logging While Drilling (LWD)
• Measurement-While-Drilling (MWD)
• Rotary Steerable Systems (RSS)
• Drive Systems
• Others

APAC Geosteering Technology Market – By Application

• Petroleum Development
• Natural Gas Transportation
• Others

APAC Geosteering Technology Market, by Country

• China
• Japan
• India
• Australia
• South Korea
• Rest of APAC

APAC Geosteering Technology Market - Companies Mentioned

• Cougar Drilling Solution Inc.
• Emerson Paradigm Holding LLC
• Exlog
• Geonaft
• Halliburton Energy Services, Inc.
• ROGII Inc.
• Schlumberger Limited

Asia Pacific Geosteering Technology Report Scope