Geosteering Technology Market Size, Industry Analysis Report By Product (Logging While Drilling, Measurement While Drilling, Rotary Steerable Systems, Drive Systems), By Application (Petroleum Development, Natural Gas Transportation) & Region – Forecast By 2030
- PUBLISHED ON
- 1970-01-01
- NO OF PAGES
- 221
- CATEGORY
- Information Communication & Technology
Geosteering Technology Market is valued at around USD 14.29 billion in 2022 and is expected to reach USD 27.91 billion by 2030, registering a CAGR of 11.8% over the forecast period. Geosteering technology is used to change the well's placement during drilling.
Market Growth Factor
Growing wellbore complexity brought on by deeper wells and the use of numerous horizontal wells, an increase in the number of rigs, and rising natural gas production are likely to be the main drivers of the market.
Market Trends
• The market for geosteering technology is primarily driven by the increase in oil and gas demand. Oil and gas companies use geosteering technology to increase productivity, cut costs, and place wells optimally.
• Geosteering is used in established oil and gas regions to keep the wellbore in a particular reservoir section, reducing gas or water breakthrough and raising economic productivity.
• Geosteering drilling techniques can be used to stabilise unstable structural margins as well as deep and narrow reservoirs.
• The market for geosteering technology is expanding as a result of the rising demand for oil, gas, and petroleum. Integrative solutions are being provided by a number of significant players to aid in hastening the development of oil and gas reserves.
Market Segmentation
Geosteering Technology Market fragrance concentrates market has been sub-classified into product, application.
On The Basis Of Product, The Geosteering Technology Market Is Bifurcated Into:
• Logging while drilling
• Measurement while drilling
• Rotary steerable systems
• Drive systems
• Others
On The Basis Of Application, The Market Segmented Into:
• Petroleum development
• Natural gas transportation
• Others
Market Regional Analysis
Geosteering Technology Market, due to the significant output of shale oil and gas, is anticipated to be the largest market during the projection period, with the majority of demand coming from the United States and Canada.
Key Market players
Quality Assurance Process
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Market Research Process
We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.
To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Frequently Asked Questions
What is the market size and growth projections?
The Geosteering Technology Market is valued at around USD 14.29 billion in 2022 and is expected to reach USD 27.91 billion by 2030, registering a CAGR of 11.8% over the forecast period.
What are the drivers shaping various markets?
The market for geosteering technology is primarily driven by the increase in oil and gas demand. Oil and gas companies use geosteering technology to increase productivity, cut costs, and place wells optimally.
Who are the key competitors of market Players?
Some of the major players operating within the market are 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, and others.
What are the top performing segments, and countries / regions of each of the markets?
North America dominated the global Geosteering Technology Market, due to the significant output of shale oil and gas, is anticipated to be the largest market during the projection period, with the majority of demand coming from the United States and Canada.
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