Sep 13, 2019 (Heraldkeepers) -- 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.
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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.
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.
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.
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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.
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, By Component:
Global Geosteering Market, By Tools: