Global Geosteering Market Is Expected to Exhibit a CAGR of 9.2% During the Forecast Period (2019-2027)

According to Coherent Market Insights, the global geosteering market accounted for US$ 7,776.4 Mn in 2018 and is projected to exhibit a significant CAGR of 9.2% over the forecast period (2019–2027).

Market Dynamics of the Global Geosteering Market:

Geosteering, or next-generation directional control, uses combination of real-time electronic logs, analyzing data of drilling cuttings, and other details from various tools to identify thorough insights on rock layer that is being drilled. Various geosteering software and services are available in the market that along with other tools are used to retrieve the exact information of the spot being drilled. Such tools include LWD tools, MWD tools, RSS, and other drive systems, mud motors, and others. Drill bit is also part of the system, however is not considered in the report scope as the revenue contribution from drill bits overwhelms the market revenue for other systems. With rising demand for oil and gas, the capital expenditure for drilling and exploration is also increasing significantly. For instance, as per Coherent Market Insights, the capital expenditure of the U.S. in drilling and exploration activities has increased from US$ 102.0 billion in 2017 to US$ 128.1 billion in 2019. In the recent past, rather than relying solely on pre-calculated geometric targets, which can be inaccurate at times, oil drilling and exploration companies are adopting advance techniques such as geosteering.

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Geosteering techniques are widely implemented in the oil and gas industry for well placement operations. Geosteering is a technology that provides real-time information in the form of surveys imaging. This technology offers 2D and 3D projections of the terrain around the oil reservoir by continuous adjustment of the drill head placed above an oil well. In geosteering, the drill operating team uses a combination of drilled cutting operations, real-time electronic logs, and it also identifies paleontological properties of the area or surface to be drilled. For the aforementioned operations, geosteering uses different tools such as logging while drilling (LWD), measurement while drilling (MWD), and drive system. Therefore, growing demand for precise real-time information for achieving maximum production is driving growth of the global geosteering market.

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North America held the dominant position in the global geosteering market in 2017 and is projected to retain its dominance throughout the forecast period. The U.S. and Canada are the major growth engines in this region. High presence of directional drilling services providers in the region is expected to be major factor for growth of the market in this region. Moreover, large number of oil & gas companies are operating in the region, which has resulted in multiple boring and drilling operations in the region. According statistics published by International Energy Association in January 2018, hydraulically fractured horizontal wells accounted for 69% of all oil and natural gas wells drilled in the U.S. and 83% of the total linear footage drilled, in 2016.

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Key Market Takeaways:

• Global Geosteering market was valued at US$ 7,776.4 million in 2018. By 2027, the market is projected to reach US$ 17,071.2 million, exhibiting a CAGR of 9.2% over the forecast period (2019–2027)
• North America held second largest revenue share in the global geosteering market in 2017, and is projected to retain its dominance throughout the forecast period. The U.S. and Canada are the major growth engines in this region. North America geosteering market generated revenue of US$ 3,393.7.7 Mn in 2018. By 2027, the market is projected to reach US$ 7,612.6 Mn with a CAGR of 9.5% over the forecast period. Several developments in the oil & gas industry due to advancement in technologies used for oil & gas well drilling services and growing number of matured oil wells are the factors expected to aid in growth of the market
• Some of the major players operating in the global geosteering industry include, Cougar Drilling Solutions, Emerson Paradigm Holding LLC, Schlumberger Limited, GeoSteering Technologies, Petrolink, Geo-Steering Solutions Inc., Halliburton, Exlog, Geotech Logging Services LLC, United Oil & Gas Consulting Ltd., HMG Software, Horizontal Solutions International, Maxwell Dynamics, Terracosm Software, LLC, LMKR, Rogii Inc., and Lloyd's Register Group Services Ltd.

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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