Global geosteering market
was valued at US$ 7,776.4 Mn in 2018, up 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), according to Global 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) published by .
Increasing demand for precision while drilling is driving growth of the global geosteering market. Moreover, new discoveries of oil fields is also driving the market growth.
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.
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Key Takeaways of the Market:
- Asia Pacific is expected to be the fastest growing market with China and India poised to be growth engines of the market. Asia Pacific geosteering market is projected to witness the highest growth rate of 10.3% 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. Asia Pacific region is expected to exhibit high growth, owing 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 other major factor that is expected to drive demand for geosteering in this region.
- Among tools, others segment which included mud motors accounted for a major market share in the global geosteering market in 2017. A drilling motor or mud motor is a progressive cavity positive displacement (PCPD) pump, which is placed at the drill string, which provides extra power to the drill bit while drilling horizontally or vertically. Mud motors are used to turn the drill bit by converting hydraulic energy from the drilling fluid into mechanical energy. At the time of steerable motor assemblies, mud-motor and assembly of deviation tools such as bent housing or bent sub provides power to the drill bit. Mud motors also use compressed air or another form of compressed gas to provide power to the drill bit. Mud motors can be adjusted or calibrated to provide the desired power, to improve the efficiency and power of a down-hole drill bit.
- Major players operating in the global geosteering market 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.