Geosteering Technology Market to Grow at a CAGR of 11.8% to reach US$ 27.91 Billion from 2020 to 2027

report image

Geosteering Technology Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product (Logging While Drilling, Measurement-While-Drilling, Rotary Steerable Systems, Drive Systems, and Others) and Application (Petroleum Development, Natural Gas Transportation, and Others), and Geography

Publication Month: Sep 2020 | Report Code: TIPRE00013588 | No. of Pages: No. of Pages148 | Category: Manufacturing and Construction | Status: Published

The geosteering technology market was valued at US$ 15.27 billion in 2019 and is projected to reach US$ 27.91 billion by 2027; it is expected to grow at a CAGR of 11.8% during the forecast period.

Geosteering technology helps in adjusting well placement while drilling to enhance the well's overall performance. This technology utilizes the information across various equipment, geological insights and other critical data repositioning or redirecting the equipment during the drilling process.. Growing global population is driving the demand for oil and gas worldwide, leading to an increased usage of geosteering technology. For example, according to the Organization of the Petroleum Exporting Countries, in 2017, the global oil demand amounted to 97.32 million barrels per day. However, the global supply of oil was 96.10 million barrels per day. Thus, leading to increased investment in oil field exploration projects and subsequently geosteering related services in coming years. In August 2018, ExxonMobil announced the discovery of an oilfield in Guyana, South America. Increase in oil well drilling activities at the global level is also driving the growth of the geosteering technology market. For instance, according to the World Oil, in 2017, a total number of 58,294 oil well drilling activities took place. Such factors are anticipated to propel market growth in the near future.

Impact of COVID-19 Pandemic on Geosteering Technology Market

The COVID-19 pandemic continues to negatively influence the overall oil & gas industry owing to considerable disruption in the industry supply chain activities coupled with the several countries sealing off their international trade in wake of the pandemic.. , The discontinuation of drilling activities significantly disrupted the demand for any related supporting services and solution including geosteering technologies. As a result, several countries have witnessed significant negative impact on their demand for overall oil & gas and subsequently the geosteering related solution as well as services. Hence, the geosteering technologies market witnessed substantial decline in demand during the early months of 2020, however, the demand resumed upon the continuation of economic activities. Thus, the global market is projected to recover the lack of demand during the coming months and the subsequent years.

Lucrative Regions in Geosteering Technology Market

Lucrative Regions in Geosteering Technology Market

Get more information on this report :


Geosteering Technology Market Insights

Growing Demand for Precise Real-Time Information to Achieve Maximum Production

The geosteering technology also helps optimize the position of a horizontal wellbore within the reservoir at different spots. Exploration and production (E&P) technologies related to communication of vital data in real-time through the Internet, advanced and accurate directional drilling, as well as reduced cycle time associated with forward-looking 3D geo-modeling and visualization technologies, are currently converging. A rising motivation to cut down or decrease the associated costs is responsible for advancing the horizontal well-geosteering process by incorporating the MWD tool into mainstream drilling practices. Thus, the rising production of shale and a resulting hike in horizontal and unconventional drilling is one of the major factors driving the geosteering technology market’s growth.

Product-Based Market Insights

Based on product, the geosteering technology market is segmented into logging while drilling (LWD), measurement-while-drilling (MWD), rotary steerable systems (RSS), drive systems, and others. The companies present in the market are focusing on offering various tools, software, and services, which helps in gaining real-time information on the spot being drilled. Logging while drilling (LWD) is an oilfield technique that provides a tool within drill strings that helps in transmitting real-time formation information. LWD ensures the subsurface measurement in conditions where wellbores are difficult to measure using traditional wireline tools. LWD tools acquire formation evaluation data that aid in gathering data specific to oil reserves and assists in timely decision making and accurate well-placement of equipment for drilling operations.

Geosteering Technology Market, by Product – 2019 and 2027

Geosteering Technology Market, by Product – 2019 and 2027

Get more information on this report :


Application-Based Market Insights

Based on application, the geosteering technology market is segmented into petroleum development, natural gas transportation, and others. The geosteering technology is used by oil and gas companies to improve their efficiencies, reduce production costs, and optimize the well-placement. Growing demand for geosteering technologies by oil and gas companies is the major factor driving the market. Increasing adoption of the horizontal directional drilling  technique is another factor that is expected to support the market growth. In mature oil & gas areas, geosteering is used to keep the wellbore in a particular reservoir section to reduce the gas or water breakthrough and improve economic productivity. The geosteering drilling techniques help in addressing problems such as deep and thin reservoirs and unstable structure margin. Moreover, a geosteering approach offers various advantages such as drilling efficiencies (including better ROP, less sliding, and longer lateral reach), better reservoir penetration, completion efficiencies, and better ROI.

Strategic Insights

Report Coverage - Geosteering Technology Market
Report CoverageDetails
Market Size Value inUS$ 15.27 Billion in 2019
Market Size Value byUS$ 27.91 Billion by 2027
Growth rateCAGR of 11.8% from 2020-2027
Forecast Period2020-2027
Base Year2020
No. of Pages148
No. of Tables56
No. of Charts & Figures75
Historical data availableYes
Segments coveredProduct and Application , and Geography
Regional scopeNorth America; Europe; Asia Pacific; Latin America; MEA
Country scopeUS, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Free Sample Copy Available

The players in the geosteering technology market focus on strategies such as market initiatives, acquisitions, and product launches to maintain their positions in the market. A few developments by key players are listed below:

In 2020, Emerson Paradigm Holding LLC released Paradigm 19 software suits for all its all E&P software domains which would save cost, increase workflow efficiency, and educed uncertainty. The software suite is available for cloud as well as on premise platform.

In 2019, Schlumberger Limited announced that it ended the Sensia joint venture with Rockwell Automation Inc. Sensia was the oil & gas industry's first digitally enabled automated integrated solution.

 

Geosteering Technology Market – by Product

  • Logging While Drilling
  • Measurement-While-Drilling
  • Rotary Steerable Systems
  • Drive Systems
  • Others

Geosteering Technology Market – by Application

  • Petroleum Development
  • Natural Gas Transportation
  • Others

Geosteering Technology Market – by Geography

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • Italy
    • UK
    • Russia
    • Rest of Europe
  • Asia Pacific (APAC)
    • Australia
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Middle East & Africa (MEA)
    • Saudi Arabia
    • UAE
    • South Africa
    • Rest of MEA
  • South America (SAM)
    • Brazil
    • Argentina
    • Rest of SAM

Geosteering Technology Market – Company Profiles

  • Cougar Drilling Solution Inc.
  • Emerson Paradigm Holding LLC
  • Exlog
  • Geonaft
  • Geotech Logging Services LLC
  • Halliburton Energy Services, Inc.
  • HMG Software LLC
  • ROGII Inc.
  • Schlumberger Limited
  • Terracosm Software, LLC

The List of Companies - Geosteering Technology Market

  1. Cougar Drilling Solution Inc.
  2. Emerson Paradigm Holding LLC
  3. Exlog
  4. Geonaft
  5. Geotech Logging Services LLC
  6. Halliburton Energy Services, Inc.
  7. HMG Software LLC
  8. ROGII Inc.
  9. Schlumberger Limited
  10. Terracosm Software, LLC
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global 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 the global 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 global market trends and outlook coupled with the factors driving the 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.
TIPRE00013588
Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

Get the Latest COVID-19 Analysis on this market




tip-analyst

Have a question?

Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.

Speak To Analyst
Pricing
  • $3000
  • $4550 $3640
  • $6550 $5240
  • $8550 $6840

Sample PDF showcases the content structure and the nature of the information included in the report which presents a qualitative and quantitative analysis.

    Inquire for Discount