South 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. Geosteering technology provides real-time information with 2D and 3D projections of the land around the oil wells. The SAM geosteering technology market growth is majorly driven by the growing petroleum sector in the Brazil and Argentina. The growing population is driving the demand for oil and gas across SAM, leading to an increased usage of geosteering technology which is driving the. SAM geosteering technology market. The increasing oil well drilling activities at the regional level is also driving the growth of the SAM geosteering technology market. Moreover, increasing demand for rotary steerable systems (RSS) by oil & gas companies in the region is also anticipated to propel the SAM geosteering technology market growth. Furthermore, increasing investments in offshore projects will drive the SAM geosteering technology market growth in the forthcoming years. Also, other factors such as increasing demand for precise real-time information to achieve highest production and escalating production of shale and resulting rise in horizontal and unconventional drilling are expected to create significant demand of geosteering technology, which will drive the SAM geosteering technology market.
Furthermore, in case of COVID-19, SAM is highly affected especially Brazil. The Brazil has the highest number of COVID-19 cases, followed by Ecuador, Chile, Peru, and Argentina, among others. Among the SAM countries, Brazil continues to occupy a dominant position in the region’s overall oil producing capabilities. The country also witnessed a major decline in its oil drilling activities following the huge decline in oil prices and subsequent limited drilling activities similar to other global market players which has affected the SAM geosteering technology market. Thus, the country also registered a sharp decline in the demand for geosteering technologies owing to the outbreak of COVID-19 across the SAM region and subsequent lower business activities in the oil & gas sector. Other SAM countries have also witnessed significant negative impact of COVID-19 in their demand for overall oil & gas and subsequently the geosteering related solution as well as services in the wake of global pandemic which has affected the SAM geosteering technology market. Hence, the SAM geosteering technology market witnessed substantial decline in demand during the early months for the year 2020. 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 SAM region for the next few quarters.
Strategic insights for the South 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$ 1,146.47 Million |
| Market Size by 2027 | US$ 1,926.00 Million |
| Global CAGR (2020 - 2027) | 10.6 % |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | South and Central America
|
| Market leaders and key company profiles |
The geographic scope of the South 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 SAM is expected to grow from US$ 1,146.47 million in 2019 to US$ 1,926.00 million by 2027; it is estimated to grow at a CAGR of 10.6 % from 2020 to 2027. Upswing in demand for intensive research and development (R&D) is expected to accelerate the SAM geosteering technology market. Advances in technology and improved focus on natural gas production are expected to increase geosteering technology demand during forecast period across SAM. The upswing in demand for intensive R&D across SAM has led to the development of advanced products to meet process requirements thereby driving the SAM geosteering technology market. High pressure, high temperature, and ultra-Deepwater 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. Different challenges 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 SAM geosteering technology market.
In terms of product, the logging while drilling (LWD) segment accounted for the largest share of the SAM geosteering technology market in 2019. Similarly, in terms of application, the petroleum development segment held a larger market share of the SAM geosteering technology market in 2019.
A few major primary and secondary sources referred to for preparing this report on the SAM 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 South America Geosteering Technology Market is valued at US$ 1,146.47 Million in 2019, it is projected to reach US$ 1,926.00 Million by 2027.
As per our report South America Geosteering Technology Market, the market size is valued at US$ 1,146.47 Million in 2019, projecting it to reach US$ 1,926.00 Million by 2027. This translates to a CAGR of approximately 10.6 % during the forecast period.
The South 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 South America Geosteering Technology Market report:
The South America Geosteering Technology Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South America Geosteering Technology Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South America Geosteering Technology Market value chain can benefit from the information contained in a comprehensive market report.
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