Asia Pacific Geosteering Technology Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product (Logging While Drilling (LWD), Measurement-While-Drilling (MWD), Rotary Steerable Systems (RSS), Drive Systems, and Others) and Application (Petroleum Development, Natural Gas Transportation, and Others)
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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.
The Australia, China, India, Japan and South Korea are major economies in APAC. Escalating demand for precise real-time information to achieve maximum production is expected to accelerate the APAC geosteering technology market. For well-placement activities in the oil & gas industry across APAC, geosteering technologies are widely applied. In the form of imaging surveys, geosteering provides real-time information. By constantly changing the drill head positioned above an oil well, this technology gives 2D and 3D terrain projections around the oil reservoir. Moreover, the drill operating team uses a combination of electronic logs and drilled cutting operations, which helps in identifying the area's paleontological properties and surfaces to be drilled. This use is driving the APAC geosteering technology market growth. Geosteering uses various tools such as logging while drilling (LWD), measurement-while-drilling (MWD), and drive system for the operations mentioned above. Therefore, the escalation in demand for precise real-time information to achieve maximum production is expected to increase demand of geosteering technology due to several advantages such as accurate real-time information, different terrain projection etc. which will drive the APAC geosteering technology market.
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
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APAC Geosteering Technology Market Segmentation
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
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the APAC geosteering technology market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in APAC geosteering technology market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth APAC market trends and outlook coupled with the factors driving geosteering technology market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution