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

Published In : Sep 2019

Code : CMI3030

Pages :260

Formats :

Excel and PDF

Industry : Energy

Geosteering MarketSize and Trends

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.

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.