Dublin, Aug. 17, 2023 (GLOBE NEWSWIRE) -- The "Geosteering Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The geosteering services market in [Europe/North America/Global] is expected to witness robust growth, registering a compound annual growth rate (CAGR) of more than 4% during the forecast period.
Despite facing challenges during the COVID-19 pandemic in 2020, the market has now recovered and reached pre-pandemic levels.
Key Highlights
- Over the long term, factors such as increasing numbers of oil and gas rigs and the rising demand for hydrocarbons are expected to drive the geosteering market in the forecasted period.
- On the other hand, high volatility in crude oil and natural gas prices remains a primary factor hindering the market's growth.
- The increasing interest in commercially viable production techniques for gas hydrates to meet the growing natural gas demands is expected to create enormous opportunities for the geosteering market.
- Due to the high output of shale oil and gas, [North America/Europe] is expected to be the largest market during the forecast period, with the majority of demand coming from the [United States/Canada].
Geosteering Services Market Trends
Rotary Steerable System to Witness Growth
A rotary steerable system (RSS) is a drilling technology used in directional drilling, providing continuous rotation from the surface, eliminating the need to slide a steerable motor. These systems have better surface control and maneuverability, allowing geosteering through complex geology and optimizing borehole quality.
The demand for rotary steerable systems is expected to witness substantial growth due to increased oil and gas production, driven by the rising utility of natural gas and the increasing number of rigs globally. Companies such as Halliburton have introduced advanced rotary steerable systems, enhancing steering capabilities in high-temperature environments and fluids with high solids content.
North America to Dominate the Market
North America holds a prominent position in the geosteering services market and is expected to maintain its dominance in the coming years. The region boasts major oil and gas production basins, including the Permian basin, contributing to future industry growth.
The United States is the largest user of geosteering services, particularly in shale oil and gas production. The region's increasing production of hydrocarbons, coupled with a surge in drilling permit approvals, is expected to drive the demand for geosteering services.
Geosteering Services Market Competitor Analysis
The geosteering services market is moderately fragmented, with key players such as Schlumberger Limited, Halliburton Company, Baker Hughes Company, Weatherford International PLC, and National-Oilwell Varco Inc. leading the industry.
A selection of companies mentioned in this report includes
- Schlumberger Limited
- Halliburton Company
- Baker Hughes Company
- Weatherford International PLC
- United Oil & Gas Consulting Ltd
- HMG Software LLC
- Maxwell Dynamics Inc.
- National-Oilwell Varco Inc.
- Geo-Steering Solutions Inc.
- Geonaft Company
For more information about this report visit https://www.researchandmarkets.com/r/jhkm69
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