Worldwide Industry for Geosteering Technology to 2027 - Growing Initiatives by Market Players for Digitization Presents Opportunities

DUBLIN, Nov. 6, 2020 /PRNewswire/ -- The "Geosteering Technology Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product and Application, and Geography" report has been added to ResearchAndMarkets.com's offering.

According to this latest report the 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% from 2020 to 2027. The report highlights the key factors driving the market growth, and prominent players and their developments in the market.

The geosteering technology market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North America dominated the geosteering technology market in 2019 and it is likely to maintain its dominance over the forecast period. The market growth is majorly driven by the growing petroleum sector in the US and Canada. As per the US Energy Information Administration (EIA), in August 2018, crude oil production in the US exceeded 11.3 million barrels per day. Geosteering technology provides real-time information with 2D and 3D projections of the land around the oil wells.

In addition, the geosteering technology market in Asia Pacific is anticipated to grow at the highest CAGR during the forecast period. Increasing demand for energy drives the oil & gas industry to adopt innovative technologies, such as geosteering. Significant developments and improvements are being made in directional drilling technologies that enable oil and gas industries to geo-steer wells. Moreover, increasing demand for RSS by oil & gas companies in the region is anticipated to propel the market growth.

Advances in technology and improved focus on natural gas production are expected to increase the demand for geosteering technology during the forecast period. Rise in demand for intensive R&D has led to the development of advanced products to help meet process requirements. High pressure, high temperature, and ultra-deep water of new reservoirs create challenges for the market resulting in the launch of innovative solutions. For example, Halliburton unveiled VisiTrak geospatial navigation and LWD analysis for merging reservoir navigation and advanced pre-well modeling to enhance efficiency and enable optimum well-placement for improved hydrocarbon recovery.

US Continues to Dominate Global Geosteering Technology Market

Increase in oil & gas production is the most substantial factor driving the market growth in the country. For instance, as per EIA, crude oil production in the country has grown in recent months after decreasing from 12.7 million b/d (barrels per day) in the first quarter of 2020 to 10.0 million b/d in May. In August, crude oil production has increased to 10.8 million b/d. With advanced geosteering technology, it is possible to drill completely horizontal wells. The technology also enables geologists to predict where and at what depth the reservoir layer would appear; thus, it is likely to impact market growth positively. In addition, companies in the US are fully involved in offering robust geosteering technology. For instance, in July 2019, Halliburton ramped up 3D reservoir mapping, an LWD capability, which offers a representation of subsurface structures to enhance well placement. The technology allows full 3D characterization of the reservoir, enabling precise well placement.

Reasons to Buy

• 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

Key Topics Covered:

1. Introduction
1.1 Study Scope
1.2 Report Guidance
1.3 Market Segmentation

2. Key Takeaways

3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research

4. Geosteering Technology Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 APAC
4.2.4 MEA
4.2.5 SAM
4.3 Ecosystem Analysis
4.4 Expert Opinion

5. Geosteering Technology Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Growing Demand for Precise Real-Time Information to Achieve Maximum Production
5.1.2 Rising Production of Shale and Resulting Hike in Horizontal and Unconventional Drilling
5.2 Market Restraints
5.2.1 High Cost of Materials and Overall Manufacturing Process
5.3 Market Opportunities
5.3.1 Growing Initiatives by Market Players for Digitization of Geosteering Technology
5.4 Future Trends
5.4.1 Increasing Demand for Intensive R&D
5.5 Impact Analysis of Drivers and Restraints

6. Geosteering Technology - Global Market Analysis
6.1 Geosteering Technology Market Overview
6.2 Geosteering Technology Market - Revenue, and Forecast to 2027 (US$ Billion)
6.3 Market Positioning - Global Market Players Ranking

7. Geosteering Technology Market Analysis - By Product
7.1 Overview
7.2 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. Geosteering Technology Market Analysis - By Application
8.1 Overview
8.2 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. Geosteering Technology Market - Geographic Analysis
9.1 Overview
9.2 North America: Geosteering Technology Market
9.3 Europe: Geosteering Technology Market
9.4 APAC: Geosteering Technology Market
9.5 MEA: Geosteering Technology Market
9.6 SAM: Geosteering Technology Market

10. Impact of COVID-19 Pandemic- Geosteering Technology Market
10.1 Overview
10.2 North America: Impact Assessment of COVID-19 Pandemic
10.3 Europe: Impact Assessment of COVID-19 Pandemic
10.4 Asia-Pacific: Impact Assessment of COVID-19 Pandemic
10.5 MEA: Impact Assessment of COVID-19 Pandemic
10.6 SAM: 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 Geotech Logging Services LLC
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 Halliburton Energy Services, 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 HMG Software LLC
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
12.8 ROGII Inc.
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Schlumberger Limited
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Terracosm Software, LLC
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments

13. Appendix

For more information about this report visit https://www.researchandmarkets.com/r/6452ih

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

SOURCE Research and Markets

Related Links

http://www.researchandmarkets.com