Asia Pacific Geosteering Technology Market
Geosteering technology helps in adjusting well placement while drilling to enhance the well's overall performance. Geosteering technology uses the analysis of drilling cuttings data, the combination of real-time electronic logs, and other details from various tools to gain insights into the drilled rock layer. Geosteering technology provides real-time information with 2D and 3D projections of the land around the oil wells. The APAC geosteering technology market growth is majorly driven by the growing petroleum sector in the China and India. Increasing demand for energy drives the oil & gas industry across APAC to adopt innovative technologies, such as geosteering. The growing population is driving the demand for oil and gas across APAC, leading to an increased usage of geosteering technology hence boosting the APAC geosteering technology market. The increasing oil well drilling activities at the regional level is also driving the growth of the APAC geosteering technology market. Further, increasing investments in offshore projects will drive the APAC geosteering technology market growth in the forthcoming years. Moreover, increasing demand for rotary steerable systems by oil & gas companies in the region is also anticipated to propel the APAC geosteering technology market growth. Furthermore, Factors such as escalating demand for precise real-time information to achieve maximum production and surge in production of shale and resulting hike in horizontal and unconventional drilling are expected to create significant demand of geosteering technology, which will drive the APAC geosteering technology market.
Furthermore, in case of COVID-19, APAC is highly affected specially China and India. The APAC region constitutes the world’s two most populated countries as well as prominent oil producing countries across the APAC region. China virtually imposed strict lockdown and social isolation, which stopped manufacturing activities which resulted in shrinking its country’s demand for oil and other energy commodities. Thus, the drilling activities across the Chinese region plummeted significantly and resulted in weak demand for geosteering services. Similarly, India also imposed a nationwide lockdown to control the growing number of COVID-19 cases. Subsequently, the lockdown and disruption of various manufacturing activities contributed significantly in reduced drilling activities in oil & gas sector. Thus, the overall decline of activities in oil & gas industries collectively reduced the demand for geosteering technologies across the APAC countries during the early months of the 2020 due to the outbreak of virus in respective countries. The coronavirus outbreak's impact is anticipated to be quite severe in the year 2020 and likely in 2021. Hence, the ongoing COVID-19 crisis will impact the geosteering technology market growth of the APAC region for the next few quarters.
Strategic insights for the Asia Pacific Geosteering Technology provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 2,766.90 Million |
| Market Size by 2027 | US$ 5,610.51 Million |
| Global CAGR (2020 - 2027) | 13.3 % |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |
The geographic scope of the Asia Pacific Geosteering Technology refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The geosteering technology market in APAC is expected to grow from US$ 2,766.90 million in 2019 to US$ 5,610.51 million by 2027; it is estimated to grow at a CAGR of 13.3 % from 2020 to 2027. Upswing in initiatives by geosteering technology market players for digitization of geosteering technology is expected to escalate the APAC geosteering technology market. The digitization of geosteering technology is one of the most promising opportunities in the hi-tech market in oil production across APAC. Companies in APAC have started to make investment in digitization of geosteering technology. For example, ZYFRA invested US$ 9 million in September 2019 to acquire a controlling stake in Geosteering Technologies (GTI), one of the leading suppliers of "smart drilling" software. The company's core product is Geonaft, a modular software package designed to provide full engineering support for directional and horizontal drilling by optimally positioning the wellbore within the target horizon. The market players across APAC are also focusing on rig data automation through wellsite information transfer standard markup language (WITSML), which is a standard for transmitting technical data between petroleum industry organizations. Once data gets loaded, it is possible to transform the 2, 4, 8, or 16 tracks of azimuthal gamma to create an image of the wellbore. Thus, the upswing in initiatives taken by the geosteering technology market players for the digitization of geosteering technology is one of the major factors anticipated to provide APAC geosteering technology market growth opportunities in the near future.
In terms of product, the logging while drilling (LWD) segment accounted for the largest share of the APAC geosteering technology market in 2019. Similarly, in terms of application, the petroleum development segment held a larger market share of the APAC geosteering technology market in 2019.
A few major primary and secondary sources referred to for preparing this report on the APAC geosteering technology market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Cougar Drilling Solution Inc.; Emerson Paradigm Holding LLC; Exlog; Geonaft; Halliburton Energy Services, Inc.; ROGII Inc.; Schlumberger Limited.
The Asia Pacific Geosteering Technology Market is valued at US$ 2,766.90 Million in 2019, it is projected to reach US$ 5,610.51 Million by 2027.
As per our report Asia Pacific Geosteering Technology Market, the market size is valued at US$ 2,766.90 Million in 2019, projecting it to reach US$ 5,610.51 Million by 2027. This translates to a CAGR of approximately 13.3 % during the forecast period.
The Asia Pacific Geosteering Technology Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Geosteering Technology Market report:
The Asia Pacific Geosteering Technology Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Geosteering Technology Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Geosteering Technology Market value chain can benefit from the information contained in a comprehensive market report.
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