The Europe geosteering technology market is expected to grow from US$ 4,190.86 million in 2019 to US$ 7,620.25 million by 2027; it is estimated to grow at a CAGR of 11.7 % from 2020 to 2027.
The France, Germany, Italy, UK and Russia are major economies in Europe. Increase in production of shale and resulting rise in horizontal and unconventional drilling is expected to affect the Europe geosteering technology market in a positive way. Both shale oil and shale gas are hydrocarbon commodities extracted from shale formations that lie below the earth's surface via a horizontal drilling and hydraulic fracturing process in which water, sand, and chemical additives are injected under high pressure for maintaining and creating fractures in underground formations. They are referred to as unconventional hydrocarbon resources. 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 measurement-while-drilling tool into mainstream drilling practices. Thus, the increase in production of shale and a resulting rise in horizontal and unconventional drilling will increase the demand of geosteering technology which will drive the Europe geosteering technology market's growth.
Furthermore, in case of COVID-19, Europe is highly affected specially UK and Russia. In Europe, several countries are expected to suffer an economic hit of the decline in business activities across the oil & gas sector due to lowering oil prices in the first quarter of 2020 which will affect the geosteering technology market in region. Many of these member states have implemented drastic measures on imports & exports, and shipment of goods including partially closing their borders impacting the demand for energy in various industry verticals. This is anticipated to impact growth of geosteering technology market and its associated services in Europe following the outbreak of pandemic. The lockdown is expected to continue negative impact on the geosteering technology market in Europe due to disruption in oil & gas sector and drilling activities across selected countries. However, as several countries begin to reopen industry vertical and subsequently drive the demand for energy is expected to resume the drilling activities to support the growth. Thus, the market is projected to recover steadily over the coming period and gain traction for geosteering technologies during the later forecast period.
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 Europe geosteering technology market. The Europe geosteering technology market is expected to grow at a good CAGR during the forecast period.
Europe Geosteering Technology Market
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Europe Geosteering Technology Market Segmentation
Europe Geosteering Technology Market – By Product
- Logging While Drilling (LWD)
- Measurement-While-Drilling (MWD)
- Rotary Steerable Systems (RSS)
- Drive Systems
- Others
Europe Geosteering Technology Market – By Application
- Petroleum Development
- Natural Gas Transportation
- Others
Europe Geosteering Technology Market, by Country
- UK
- Germany
- France
- Italy
- Russia
- Rest of Europe
Europe Geosteering Technology Market - Companies Mentioned
- Cougar Drilling Solution Inc.
- Emerson Paradigm Holding LLC
- Exlog
- Geonaft
- Halliburton Energy Services, Inc.
- ROGII Inc.
- Schlumberger Limited
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
UK, Germany, France, Italy, Russia
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Europe Geosteering Technology Market Landscape
4.1 Market Overview
4.2 Europe PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Europe Geosteering Technology Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Surge in Demand for Precise Real-Time Information to Achieve Maximum Production
5.1.2 Increase in Production of Shale and Resulting Rise in Horizontal and Unconventional Drilling
5.2 Market Restraints
5.2.1 Expensive Materials and Overall Manufacturing Process
5.3 Market Opportunities
5.3.1 Rise in Initiatives by Market Players for Digitization of Geosteering Technology
5.4 Future Trends
5.4.1 Growing Demand for Intensive R&D
5.5 Impact Analysis of Drivers and Restraints
6. Geosteering Technology Market – Europe Analysis
6.1 Europe Geosteering Technology Market Overview
6.2 Europe Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
6.3 Market Positioning – Market Players Ranking
7. Europe Geosteering Technology Market Analysis – By Product
7.1 Overview
7.2 Europe Geosteering Technology Market, By Product (2019 and 2027)
7.3 Logging While Drilling
7.3.1 Overview
7.3.2 Logging While Drilling: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
7.4 Measurement-While-Drilling
7.4.1 Overview
7.4.2 Measurement-While-Drilling: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
7.5 Rotary Steerable Systems
7.5.1 Overview
7.5.2 Rotary Steerable Systems: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
7.6 Drive Systems
7.6.1 Overview
7.6.2 Drive Systems: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
7.7 Others
7.7.1 Overview
7.7.2 Others: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
8. Europe Geosteering Technology Market Analysis – By Application
8.1 Overview
8.2 Europe Geosteering Technology Market, By Application (2019 and 2027)
8.3 Petroleum Development
8.3.1 Overview
8.3.2 Petroleum Development: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
8.4 Natural Gas Transportation
8.4.1 Overview
8.4.2 Natural Gas Transportation: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
8.5 Others
8.5.1 Overview
8.5.2 Others: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
9. Europe Geosteering Technology Market – Country Analysis
9.1 Overview
9.1.1 Europe: Geosteering Technology Market, by Key Country
9.1.1.1 UK: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
9.1.1.1.1 UK: Geosteering Technology Market, by Product
9.1.1.1.2 UK: Geosteering Technology Market, by Application
9.1.1.2 Germany: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
9.1.1.2.1 Germany: Geosteering Technology Market, by Product
9.1.1.2.2 Germany: Geosteering Technology Market, by Application
9.1.1.3 France: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
9.1.1.3.1 France: Geosteering Technology Market, by Product
9.1.1.3.2 France: Geosteering Technology Market, by Application
9.1.1.4 Italy: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
9.1.1.4.1 Italy: Geosteering Technology Market, by Product
9.1.1.4.2 Italy: Geosteering Technology Market, by Application
9.1.1.5 Russia: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
9.1.1.5.1 Russia: Geosteering Technology Market, by Product
9.1.1.5.2 Russia: Geosteering Technology Market, by Application
9.1.1.6 Rest of Europe: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
9.1.1.6.1 Rest of Europe: Geosteering Technology Market, by Product
9.1.1.6.2 Rest of Europe: Geosteering Technology Market, by Application
10. Impact of COVID-19 Pandemic - Europe Geosteering Technology Market
10.1 Europe: Impact Assessment of COVID-19 Pandemic
11. Industry Landscape
11.1 Market Initiative
11.2 Merger and Acquisition
11.3 New Development
12. Company Profiles
12.1 Cougar Drilling Solution Inc.
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Emerson Paradigm Holding LLC
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Exlog
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Geonaft
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Halliburton Energy Services, Inc.
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 ROGII Inc.
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Schlumberger Limited
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. Europe Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
Table 2. UK: Geosteering Technology Market, by Product –Revenue and Forecast to 2027 (US$ Million)
Table 3. UK: Geosteering Technology Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 4. Germany: Geosteering Technology Market, by Product –Revenue and Forecast to 2027 (US$ Million)
Table 5. Germany: Geosteering Technology Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 6. France: Geosteering Technology Market, by Product –Revenue and Forecast to 2027 (US$ Million)
Table 7. France: Geosteering Technology Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 8. Italy: Geosteering Technology Market, by Product –Revenue and Forecast to 2027 (US$ Million)
Table 9. Italy: Geosteering Technology Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 10. Russia: Geosteering Technology Market, by Product –Revenue and Forecast to 2027 (US$ Million)
Table 11. Russia: Geosteering Technology Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 12. Rest of Europe: Geosteering Technology Market, by Product –Revenue and Forecast to 2027 (US$ Million)
Table 13. Rest of Europe: Geosteering Technology Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 14. List of Abbreviati
LIST OF FIGURES
Figure 1. Europe Geosteering Technology Market Segmentation
Figure 2. Europe Geosteering Technology Market Segmentation – By Country
Figure 3. Europe Geosteering Technology Market Overview
Figure 4. Europe Geosteering Technology Market Outlook
Figure 5. Europe Geosteering Technology Market – Product Analysis
Figure 6. Europe Geosteering Technology Market – Application Analysis
Figure 7. Europe Geosteering Technology Market – Country Analysis
Figure 8. Europe: PEST Analysis
Figure 9. Europe Geosteering Technology Market – Ecosystem Analysis
Figure 10. Expert Opinion
Figure 11. Europe Geosteering Technology Market Impact Analysis of Drivers and Restraints
Figure 12. Europe Geosteering Technology Market – Revenue and Forecast to 2027 (US$ Million)
Figure 13. Europe Geosteering Technology Market Revenue Share, by Product (2019 and 2027)
Figure 14. Europe Logging While Drilling: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 15. Europe Measurement-While-Drilling: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 16. Europe Rotary Steerable Systems: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 17. Europe Drive Systems: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 18. Europe Others: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 19. Europe Geosteering Technology Market Revenue Share, by Application (2019 and 2027)
Figure 20. Europe Petroleum Development: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 21. Europe Natural Gas Transportation: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 22. Europe Others: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 23. Europe: Geosteering Technology Market Revenue Share, by Key Country (2019 and 2027)
Figure 24. UK: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 25. Germany: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 26. France: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 27. Italy: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 28. Russia: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 29. Rest of Europe: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 30. Impact of COVID-19 Pandemic on Europe Country Markets
- Cougar Drilling Solution Inc.
- Emerson Paradigm Holding LLC
- Exlog
- Geonaft
- Halliburton Energy Services, Inc.
- ROGII Inc.
- Schlumberger Limited
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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