North America 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. The growing population is driving the demand for oil and gas across North America, leading to an increased usage of geosteering technology driving North America geosteering technology market. The increasing oil well drilling activities at the North America level is also driving the growth of the North America geosteering technology market. Furthermore, increasing investments in offshore projects will drive the North America geosteering technology market growth in the forthcoming years. Moreover, increasing demand for Rotary Steerable Systems (RSS) by oil & gas companies in the North America is also anticipated to propel the geosteering technology market growth. The geosteering technology market growth is majorly driven by the growing petroleum sector in the US and Canada. Factors such as rising demand for precise real-time information to achieve highest production and growing production of shale and resulting hike in horizontal and unconventional drilling are expected to create significant demand of geosteering technology, which will drive the North America geosteering technology market.
Furthermore, in case of COVID-19, the North America especially the US region witnessed an unprecedented rise in number of COVID cases which disrupted its manufacturing activities across several industry vertical including oil & gas sector and subsequently impacted the demand for geosteering technologies during the early months of 2020. Moreover, the considerable decline in overall global oil prices further restricted the oil drilling and other activities that negatively influenced the demand for geosteering services among its considerably large end-user base. Similar trend was also witnessed in other North American countries i.e., Canada and Mexico. However, the countries are expected to overcome the swift drop in demand as the countries continue to open their economic activities for revival of business activities in various industry verticals. 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 North America region for the next few quarters.
Strategic insights for the North America 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$ 4,988.03 Million |
| Market Size by 2027 | US$ 8,597.20 Million |
| Global CAGR (2020 - 2027) | 11.0% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America 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 North America is expected to grow from US$ 4,988.03 million in 2019 to US$ 8,597.20 million by 2027; it is estimated to grow at a CAGR of 11.0 % from 2020 to 2027. Increase in initiatives for digitization of geosteering technology by market players is expected to upswing the North America geosteering technology market. The digitization of geosteering technology is one of the most promising opportunities in the hi-tech market in oil production. The age of simple vertical drilling is coming to an end in conventional fields, while the future belongs to technologies that help maintain efficiency. 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. Further, geosteering technology market players 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, increase in initiatives for digitization of geosteering technology market players is one of the major factors anticipated to provide growth opportunities in the near future across North America which will drive the North America geosteering technology market.
In terms of product, the logging while drilling (LWD) segment accounted for the largest share of the North America geosteering technology market in 2019. Similarly, in terms of application, the petroleum development segment held a larger market share of the North America geosteering technology market in 2019.
A few major primary and secondary sources referred to for preparing this report on the North America 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.; HMG Software LLC; ROGII Inc.; Schlumberger Limited; Terracosm Software, LLC.
North America Geosteering Technology Market Segmentation
North America Geosteering Technology Market - Company Profiles
The North America Geosteering Technology Market is valued at US$ 4,988.03 Million in 2019, it is projected to reach US$ 8,597.20 Million by 2027.
As per our report North America Geosteering Technology Market, the market size is valued at US$ 4,988.03 Million in 2019, projecting it to reach US$ 8,597.20 Million by 2027. This translates to a CAGR of approximately 11.0% during the forecast period.
The North America 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 North America Geosteering Technology Market report:
The North America Geosteering Technology Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Geosteering Technology Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Geosteering Technology Market value chain can benefit from the information contained in a comprehensive market report.
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