The Geosteering Technology Market was valued at US$ 15. 27 billion in 2019 and is projected to reach US$ 27. 91 billion by 2027; it is expected to grow at a CAGR of 11% during the forecast period 2021-2027.
Geosteering technology helps to adjust well placement during drilling to improve the overall performance of the well. The technology leverages information about various rigs, geological insights, and other important data to relocate or reorient rigs during drilling. Global population growth is driving the global demand for oil and gas, increasing the use of geosteering technology. For example, according to The Petroleum Exporting Countries, global oil demand in 2017 reached 97.32 million barrels per day. However, world oil supply was 96.1 million barrels per day. Therefore, investment in oilfield exploration projects will increase and geosteering related services will increase over the next few years. In August 2018, ExxonMobil announced a genetic discovery in Guyana, South America. The increase in oil well drilling activity at the global level is also driving the growth of the geosteering technology market.
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Market Segmentation
By Product
- Logging While Drilling
- Measurement-While-Drilling
- Rotary Steerable Systems
- Drive Systems
- Others
By Application
- Petroleum Development
- Natural Gas Transportation
- Others
Key Players
Key players profiled in the report include Cougar Drilling Solutions, Eerson Paradigm Holding LLC, Exlog, Geonaft, Geotech Logging Services LLC, Halliburton, HMG Software, OGII, Schlumberger Limited, and Terracosm Software, LLC.
Scope of the Report
The research study analyzes the global Geosteering Technology industry from 360-degree analysis of the market thoroughly delivering insights into the market for better business decisions, considering multiple aspects some of which are listed below as:
Recent Developments
o Market Overview and growth analysis
o Import and Export Overview
o Volume Analysis
o Current Market Trends and Future Outlook
o Market Opportunistic and Attractive Investment Segment
A full report of Global Geosteering Technology Market is available at: https://www.orionmarketreports.com/geosteering-technology-2-market/60597/
Geographic Coverage
o North America Market Size and/or Volume
o Latin America Market Size and/or Volume
o Europe Market Size and/or Volume
o Asia-Pacific Market Size and/or Volume
o Rest of the world Market Size and/or Volume
Key Questions Answered by Geosteering Technology Market Report
1. What was the Geosteering Technology Market size in 2019 and 2020; what are the estimated growth trends and market forecast (2021-2027).
2. What will be the CAGR of Geosteering Technology Market during the forecast period (2021-2027)?
3. Which segments (product type/applications/end-user) were most attractive for investments in 2021? How these segments are expected to grow during the forecast period (2021-2027).
4. Which manufacturer/vendor/players in the Geosteering Technology Market was the market leader in 2020?
5. Overview on the existing product portfolio, products in the pipeline, and strategic initiatives taken by key vendors in the market.
The report covers the following objectives:
- Proliferation and maturation of trade in the global Geosteering Technology market.
- The market share of the global Geosteering Technology market, supply and demand ratio, growth revenue, supply chain analysis, and business overview.
- Current and future market trends that are influencing the growth opportunities and growth rate of the global Geosteering Technology market.
- Feasibility study, new market insights, company profiles, investment return, revenue (value), and consumption (volume) of the global Geosteering Technology market.
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