Europe 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 Europe geosteering technology market growth is majorly driven by the growing petroleum sector in the UK and Russia. Increasing demand for energy drives the oil & gas industry to adopt innovative technologies, such as geosteering hence driving the Europe geosteering technology market. The growing population across Europe is driving the demand for oil and gas, leading to an increased usage of geosteering technology which is further driving the Europe geosteering technology market. The increasing oil well drilling activities at the regional level is also driving the growth of the Europe geosteering technology market. Furthermore, increasing investments in offshore projects will drive the Europe geosteering technology market growth in the forthcoming years. Moreover, increasing demand for rotary steerable systems by oil & gas companies in the Europe is also anticipated to propel the Europe geosteering technology market growth. Furthermore, factor such as increase in production of shale and resulting rise in horizontal and unconventional drilling and surge in demand for precise real-time Information to achieve maximum production are expected to create significant demand of geosteering technology, which will drive the Europe geosteering technology market.
Furthermore, in case of COVID-19, Europe is highly affected specially UK and Russia. In Europe, several countries are expected to suffer an economic hit of the decline in business activities across the oil & gas sector due to lowering oil prices in the first quarter of 2020 which has affected the Europe geosteering technology market. Many of these member states have implemented drastic measures on imports & exports, and shipment of goods including partially closing their borders impacting the demand for energy in various industry verticals. This is anticipated to impact geosteering technology market growth and its associated services in Europe following the outbreak of pandemic. The lockdown is expected to continue negative impact on the geosteering technology market in Europe due to disruption in oil & gas sector and drilling activities across selected countries. However, as several countries begin to reopen industry vertical and subsequently drive the demand for energy is expected to resume the drilling activities to support the Europe geosteering technology market growth. Thus, the market is projected to recover steadily over the coming period and gain traction for geosteering technologies during the later forecast period which will drive the geosteering technology market in Europe.
Strategic insights for the Europe 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$ 4,190.86 Million |
| Market Size by 2027 | US$ 7,620.25 Million |
| Global CAGR (2020 - 2027) | 11.7 % |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | Europe
|
| Market leaders and key company profiles |
The geographic scope of the Europe 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 Europe is expected to grow from US$ 4,190.86 million in 2019 to US$ 7,620.25 million by 2027; it is estimated to grow at a CAGR of 11.7 % from 2020 to 2027. Growing Demand for Intensive research and development (R&D) is expected to boost up the Europe geosteering technology market. Advances in technology and improved focus on natural gas production are expected to increase geosteering technology demand during the forecast period in Europe which will drive the geosteering technology market. Growing demand for intensive R&D has led to the development of advanced products to help meet process requirements. High pressure, high temperature, and ultra-deep water of new reservoirs create challenges for the market across Europe resulting in the launch of innovative solutions. For example, Halliburton unveiled VisiTrak geospatial navigation and logging while drilling (LWD) analysis for merging reservoir navigation and advanced pre-well modeling to enhance efficiency and enable optimum well-placement for improved hydrocarbon recovery. Different challenges in the field of drilling has increased the demand of intensive R & D which has led to the development of advanced product and technology such as geosteering technology which ultimately drives the Europe geosteering technology market.
In terms of product, the logging while drilling (LWD) segment accounted for the largest share of the Europe geosteering technology market in 2019. Similarly, in terms of application, the petroleum development segment held a larger market share of the Europe geosteering technology market in 2019.
A few major primary and secondary sources referred to for preparing this report on the Europe 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 Europe Geosteering Technology Market is valued at US$ 4,190.86 Million in 2019, it is projected to reach US$ 7,620.25 Million by 2027.
As per our report Europe Geosteering Technology Market, the market size is valued at US$ 4,190.86 Million in 2019, projecting it to reach US$ 7,620.25 Million by 2027. This translates to a CAGR of approximately 11.7 % during the forecast period.
The Europe 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 Europe Geosteering Technology Market report:
The Europe Geosteering Technology Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Geosteering Technology Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Geosteering Technology Market value chain can benefit from the information contained in a comprehensive market report.
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