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

Regional Analysis

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.

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.