Geosteering, often referred as 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. The global geosteering market is segmented on the basis of component and tools across North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
Market opportunities: New Oilfield Discoveries
Increasing global population is propelling demand for oil and gas in the global geosteering market and this demand is excessing the production of oil and gas globally. For instance, according to the Organization of the Petroleum Exporting Countries (OPEC), in 2017, the world oil demand was 97.32 million barrels per day, whereas, the global supply was 96.10 million barrels per day. Due to this, many companies are investing in exploration of oil fields to increase their market share, and gain a competitive advantage in the market by meeting the increasing consumer demand. For instance, in August 2018, ExxonMobil announced the discovery of an oilfield in Guyana, South America.
Key features of the study
- This report provides in-depth analysis of global geosteering market size (USD Mn), and compound annual growth rate (CAGR %) for the forecast period (2026–2033), considering 2025 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global geosteering market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, key developments, strategies, and future plans
- Companies covered as part of this study 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.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decision regarding their future product launches, product upgrades, market expansion, and marketing tactics
- The global geosteering market report caters to various stakeholders in this industry including investors, suppliers, manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision making through various strategy matrices used in analyzing the global geosteering market.
Market Segmentation
- Component Insights (Revenue, USD Mn, 2026 - 2033)
- Tools Insights (Revenue, USD Mn, 2026 - 2033)
- LWD Tools & Technologies
- Density Image (DI) tools
- Resistivity Image (RI) tools
- Directional deep Resistivity (DDR) tools
- MWD Tools
- Rotary Steerable Systems (RSS)
- Drive Systems
- 3D Seismic/Gird Model
- Others (Mud motors, etc.)
- Regional Insights (Revenue, USD Mn, 2026 - 2033)
- North America
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC
- Israel
- Rest of Middle East
- Africa
- North Africa
- Central Africa
- South Africa
- Key Players Insights
- 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.
- Lloyd's Register Group Services Ltd.
