Geosteering Market Report, By Component (Software and Services), by Tools (LWD Tools & Technologies, MWD Tools, Rotary Steerable Systems (RSS), Drive Systems, and 3D Seismic/Gird Model, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa) - Size, Share, Outlook, and Opportunity Analysis 2019 – 2027

  • Report code : CMI143030 |
  • Industry :

    Energy

  • Published On : Sep 2019 |
  • Pages : 260 Pages |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

Geosteering Market - Insights

Global geosteering market was valued at US$ 7,776.4 Mn in 2018, increasing from US$ 7,218.7 Mn in 2017. By 2027, the market is projected to reach US$ 17,071.2 Mn, exhibiting a CAGR of 9.2% over the forecast period (2019–2027). Among tools, rotary steerable systems segment accounted for the largest market share in 2017 and is expected to retain its dominance throughout the forecast period. Rotating steerable systems are available in the market at high cost and owning the system increases initial cost and maintenance cost.

Stringent regulatory policies and environmental concerns hamper the market growth to certain extent. Increasing demand for oil and gas has led to a surge in drilling and exploration activities across the globe. Moreover, key players are focused on research and development activities, and oil field discoveries. However, continuous exploration activities have raised concerns regarding the potential impact of drilling on public health and environment, due to improper management of oil waste from offshore exploration and production activities. As a result, government organizations are focused on implementing stringent regulatory policies to reduce the environmental impact (air and water quality), protect cultural resources, and reduce wastage of resources. For instance, in October 2016, the Environmental Protection Agency (EPA) finalized air pollution standards for natural-gas drilling to reduce harmful emissions from the oil and natural gas industry.

North America held the dominant position in the global geosteering market in 2017, and is projected to retain its dominance throughout the forecast period. Furthermore, Asia Pacific geosteering market is expected to exhibit a CAGR of 10.3% during the forecast period of 2019-2027.

Software segment held dominant position in the market in 2017

Among components, the software segment held dominant position in the global geosteering market in 2017 and is projected to retain its dominance throughout the forecast period. Geosteering software offers reservoir modeling and analysis tool that incorporates all available geological and geophysical data into a clean, easy-to-use multifaceted display. The software also contains quality control tools for geostatistical mapping and characterization, which reduces drilling time, dogleg severity, and increases well length in a zone. Moreover, geosteering software can create 3D visualization for reservoir characterization, petrophysical characterization, and visualization for analyzing the qualities of the reservoir.

Geosteering software can combine the real-time geology interpretation changes while drilling and leveraging directional driller tools and sensors to provide an optimal well placement solution in a 3D environment. Furthermore, geosteering software can create an intelligent workflow, using real-time data integration and proactive 3D re-mappings to reduce drilling issues.

Figure. Global Geosteering Market Share (%), by Region, 2017

Geosteering  | Coherent Market Insights

Source: CMI, 2018/19

North America held the largest share in the geosteering market in 2018

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.

North America held the dominant position in the market in 2018 and is expected to maintain its dominance over the forecast period, owing to rapidly growing petroleum sector in the U.S. and Canada. For instance, according to the U.S. Energy Information Administration (EIA), in August 2018, the U.S. crude oil production exceeded 11.3 million barrels per day, which is further expected to generate demand for geosteering in the region. Advanced drilling services such as geosteering assist companies in drilling process by offering access to real-time data. Geosteering technology offers real-time information by using 2D and 3D projections of the land around the oil wells by continuous placement of the drill head on the oil wells.

In drilling horizontal wells, accuracy and proper placement of geosteering are major factors for operators who are looking for maximum contact in the reservoir. This factor results in optimized geosteering operation in oil wells. Optimal geosteering operation can be achieved by using proper combination of tools such as measurement-while-drilling (MWD) and logging-while-drilling (LWD) tools. The data acquired by these tools are directly deployed for interpretation and monitoring of oil & gas wells. Therefore, real-time data interpretation and adoption of advanced drilling tools are the major factors driving growth of geosteering market in North America.

Figure. North America Geosteering Market Share Analysis, by Country, 2018 & 2027 (%)

Geosteering  | Coherent Market Insights

Source: CMI, 2018/19

Asia Pacific geosteering market is expected to exhibit the highest growth rate during the forecast period. Increasing demand for energy is driving oil & gas industries to adopt innovative technologies that allow access to inaccessible oil & gas reserves. There are significant improvements in directional drilling technologies that allow oil & gas industries to geo-steer wells in real-time that help in achieving high inclination and angles. The market growth is also attributed to increase in demand for rotary steerable system (RSS) by oil & gas companies in the region. Moreover, increase in horizontal drilling activities in countries such as China is another major factor that is expected to drive demand for geosteering in this region. The market is projected to reach US$ 2,293.1 Mn by 2027.

Global Geosteering Market: Key Players

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.

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 (US$ Mn), and compound annual growth rate (CAGR %) for the forecast period (2019–2027), considering 2018 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.

Detailed Segmentation:

  • Global Geosteering Market, By Component:
    • Software
    • Services
  • Global Geosteering Market, By Tools:
    • 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.)
  • Global Geosteering Market, By Region:
    • North America
      • By Component:
        • Software
        • Services
      • By Tools:
        • 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.)
      • By Country:
        • U.S.
        • Canada
    • Europe
      • By Component:
        • Software
        • Services
      • By Tools:
        • 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.)
      • By Country:
        • Russia
        • Italy
        • France
        • Spain
        • U.K.
        • Rest of Europe
    • Asia Pacific
      • By Component:
        • Software
        • Services
      • By Tools:
        • 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.)
      • By Country:
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • By Component:
        • Software
        • Services
      • By Tools:
        • 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.)
      • By Country:
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Middle East & Africa
      • By Component:
        • Software
        • Services
      • By Tools:
        • 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.)
      • By Sub-region:
        • GCC Countries
        • South Africa
        • Rest of Middle East & Africa
  • Company Profiles
    • Cougar Drilling Solutions *
      • Company Highlights
      • Key Developments
      • Product Portfolio
      • Market Presence
      • Strategic Presence
    • 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.

* Key pointers are provided for each company listed.

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Component
      • Market Snippet, By Tools
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Impact Analysis
      • Market Opportunities
    • Key Market Trends
    • New Product Approvals/Updates
    • Mergers & Acquisitions
    • Porter’s Five Forces Analysis
  4. Global Geosteering Market, By Component, 2017-2027  (US$ Mn)
    • Introduction
    • Segment Trends
      • Software
        • Introduction
        • Market Size and Forecast, 2017–2027, (US$ Mn)
      • Services
        • Introduction
        • Market Size and Forecast, 2017–2027, (US$ Mn)
  5. Global Geosteering Market, By Tools, 2017-2027  (US$ Mn)
    • Introduction
    • Segment Trends
      • LWD Tools & Technologies
        • Introduction
        • Market Size and Forecast, 2017–2027, (US$ Mn)
        • Density Image (DI) tools
        • Resistivity Image (RI) tools
        • Directional deep Resistivity (DDR) tools
      • MWD Tools
        • Introduction
        • Market Size and Forecast, 2017–2027, (US$ Mn)
      • Rotary Steerable Systems (RSS)
        • Introduction
        • Market Size and Forecast, 2017–2027, (US$ Mn)
      • Drive Systems
        • Introduction
        • Market Size and Forecast, 2017–2027, (US$ Mn)
      • 3D Seismic/Gird Model
        • Introduction
        • Market Size and Forecast, 2017–2027, (US$ Mn)
      • Others (Mud motors, etc.)
        • Introduction
        • Market Size and Forecast, 2017–2027, (US$ Mn)
  6. Global Geosteering Market, By Region, 2017-2027 (US$ Mn)
    • Introduction
    • Market Share Analysis, By Region, 2017 and 2026 (%)
    • North America
      • Introduction
      • Regional Trends
      • Market Size and Forecast, By Component, 2017–2027 (US$ Mn)
      • Market Size and Forecast, By Tools, 2017-2027 (US$ Mn)
      • Country Trends
        • U.S.
        • Canada
    • Europe
      • Introduction
      • Regional Trends
      • Market Size and Forecast, By Component, 2017–2027 (US$ Mn)
      • Market Size and Forecast, By Tools, 2017-2027 (US$ Mn)
      • Country Trends
        • Russia
        • Italy
        • France
        • Spain
        • U.K.
        • Rest of Europe
    • Asia Pacific
      • Introduction
      • Regional Trends
      • Market Size and Forecast, By Component, 2017–2027 (US$ Mn)
      • Market Size and Forecast, By Tools, 2017-2027 (US$ Mn)
      • Country Trends
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Introduction
      • Regional Trends
      • Market Size and Forecast, By Component, 2017–2027 (US$ Mn)
      • Market Size and Forecast, By Tools, 2017-2027 (US$ Mn)
      • Country Trends
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Middle East & Africa (MEA)
      • Introduction
      • Regional Trends
      • Market Size and Forecast, By Component, 2017–2027 (US$ Mn)
      • Market Size and Forecast, By Tools, 2017-2027 (US$ Mn)
      • Sub-region Trends
        • GCC Countries
        • South Africa
        • Rest of the Middle East and Africa (MEA)
  7. Competitive Landscape
    • Company Profiles
      • Cougar Drilling Solutions
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • 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.
  8. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse 80 market data tables and 50 figures on "Geosteering Market - Global forecast to 2027”.

* Key pointers are provided for each company listed

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