[PDF] Geosteering Market – New Innovations, Research And Growth Factor In Near Future - Coherent Market Insights

Global geosteering market was valued at US$ 7,776.4 Mn in 2018, increasing from US$ 7,218.7 Mn in 2017. By 2027, the market is projected to reach US$ 17,071.2 Mn, exhibiting a CAGR of 9.2% over the forecast period (2019–2027). Among tools, rotary steerable systems segment accounted for the largest market share in 2017 and is expected to retain its dominance throughout the forecast period. Rotating steerable systems are available in the market at high cost and owning the system increases initial cost and maintenance cost.

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Stringent regulatory policies and environmental concerns hamper the market growth to certain extent. Increasing demand for oil and gas has led to a surge in drilling and exploration activities across the globe. Moreover, key players are focused on research and development activities, and oil field discoveries.

Software segment held dominant position in the market in 2017

Among components, the software segment held dominant position in the global geosteering market in 2017 and is projected to retain its dominance throughout the forecast period. Geosteering software offers reservoir modeling and analysis tool that incorporates all available geological and geophysical data into a clean, easy-to-use multifaceted display.

Geosteering software can combine the real-time geology interpretation changes while drilling and leveraging directional driller tools and sensors to provide an optimal well placement solution in a 3D environment. Furthermore, geosteering software can create an intelligent workflow, using real-time data integration and proactive 3D re-mappings to reduce drilling issues.

Global Geosteering Market: Key Players

Major players operating in the global geosteering industry include Cougar Drilling Solutions, Emerson Paradigm Holding LLC, Schlumberger Limited, GeoSteering Technologies, Petrolink, Geo-Steering Solutions Inc., Halliburton, Exlog, Geotech Logging Services LLC, United Oil & Gas Consulting Ltd., HMG Software, Horizontal Solutions International, Maxwell Dynamics, Terracosm Software, LLC, LMKR, Rogii Inc., and Lloyd's Register Group Services Ltd.

Detailed Segmentation:

Global Geosteering Market, By Component:

SoftwareServices
Global Geosteering Market, By Tools:
LWD Tools & Technologies
Density Image (DI) ToolsResistivity Image (RI) ToolsDirectional deep Resistivity (DDR) Tools
MWD Tools
Rotary Steerable Systems (RSS)Drive Systems3D Seismic/Gird ModelOthers (Mud Motors, etc.)

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Years Considered to Estimate the Market Size:

History Year: 2015-2019
Base Year: 2021
Estimated Year: 2021
Forecast Year: 2021-2028

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