Middle East & Africa Geosteering Technology Market

Market Introduction

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 MEA geosteering technology market growth is majorly driven by the growing petroleum sector in the UAE and Saudi Arabia. The growing population is driving the demand for oil and gas across MEA, leading to an increased usage of geosteering technology. The increasing oil well drilling activities at the regional level is also driving the growth of the MEA geosteering technology market. Furthermore, increasing investments in offshore projects will drive the MEA geosteering technology market growth in the forthcoming years. Moreover, increasing demand for rotary steerable systems (RSS) by oil & gas companies in the region is also anticipated to propel the MEA geosteering technology market growth. Also factors, such as upswing in demand for accurate real - time information to achieve highest production and rise in shale production and resulting hike in horizontal and unconventional drilling are expected to create significant demand of geosteering technology, which will drive the MEA geosteering technology market.

Furthermore, in case of COVID-19, MEA is highly affected especially South Africa. The MEA region especially the GCC countries witnessed a notable decline in their oil & gas sector owing to sharp decline in demand of oil from major end-user countries across Asia, Europe and North American regions as a result, the countries registered a lowered volume of oil production and subsequently the demand for geosteering activities. Countries such as Saudi Arabia, UAE, Qatar and selected other members of OPEC countries also observed similar trends during the early months of the pandemic outbreak. Hence, the region also witnessed a significant decline in demand for the geosteering technologies during the first quarter of 2020. Furthermore, as the global oil prices plummeted significantly owing to limited demand has resulted in considerable decline in production activities among the major oil producing MEA countries. Consequently, the discontinuation of drilling activities virtually disrupted the demand for any related supporting services and solution including MEA geosteering technology market. 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 and critical situation will impact the geosteering technology market growth of the MEA region for the next few quarters.

Middle East & Africa Geosteering Technology Strategic Insights

Strategic insights for the Middle East & Africa 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.

Middle East & Africa Geosteering Technology Report Scope

Middle East & Africa Geosteering Technology Regional Insights

The geographic scope of the Middle East & Africa 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 MEA is expected to grow from US$ 2,175.75 million in 2019 to US$ 4,159.04 million by 2027; it is estimated to grow at a CAGR of 12.4 % from 2020 to 2027. Growth in demand for intensive research and development (R&D) is expected to upsurge the MEA geosteering technology market. Advances in technology and improved focus on natural gas production are expected to increase geosteering technology demand during the forecast period across MEA. Growth in demand for intensive R&D across MEA has led to the development of advanced products to meet process requirements. High pressure, high temperature, and ultra-deep water of new reservoirs create challenges for the market, resulting in 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. Challenges regarding high pressure, high temperature in the field of drilling have increased the demand for intensive R & D, which has led to the development of advanced products and technology such as geosteering technology, which ultimately drives the MEA geosteering technology market.

Key Market Segments

In terms of product, the logging while drilling (LWD) segment accounted for the largest share of the MEA geosteering technology market in 2019. Similarly, in terms of application, the petroleum development segment held a larger market share of the MEA geosteering technology market in 2019.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the MEA 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; Geotech Logging Services LLC; Halliburton Energy Services, Inc.; ROGII Inc.; Schlumberger Limited.

Reasons to buy report  

• To understand the MEA geosteering technology market landscape and identify market segments that are most likely to guarantee a strong return
• Stay ahead of the race by comprehending the ever-changing competitive landscape for MEA geosteering technology market
• Efficiently plan M&A and partnership deals in MEA geosteering technology market by identifying market segments with the most promising probable sales
• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form MEA geosteering technology market
• Obtain market revenue forecast for market by various segments from 2020-2027 in MEA region.

MEA Geosteering Technology Market Segmentation

By Product

• Logging While Drilling (LWD)
• Measurement-While-Drilling (MWD)
• Rotary Steerable Systems (RSS)
• Drive Systems
• Others

By

Application

• Petroleum Development
• Natural Gas Transportation
• Others

By Country

• Saudi Arabia
• UAE
• South Africa
• Rest of MEA

Company Profiles

• Cougar Drilling Solution Inc.
• Emerson Paradigm Holding LLC
• Exlog
• Geonaft
• Geotech Logging Services LLC
• Halliburton Energy Services, Inc.
• ROGII Inc.
• Schlumberger Limited