Geosteering Market Overview and Expected Developments 2024 - 2031 | Halliburton, Exlog, Geotech Logging Services LLC

Market Overview:

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)

Market Dynamics:

Geosteering technology adoption is growing significantly owing to rising shale exploration projects worldwide. shale reservoirs require precise well placement to extract oil and gas efficiently. Additionally, the need to maximize production from mature fields is also augmenting geosteering deployment. Advanced geosteering solutions provide accurate wellbore placement and continual adjustment of well path based on cuttings, logging and LWD measurements. This optimizes resource recovery and sustainability of operations.

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Geosteering Market Drivers:

Increasing oil & gas exploration activities to meet the rising energy demand

With the rapid growth in global energy demand, oil and gas companies are focusing their exploration efforts to discover new oil and gas reserves. According to the International Energy Agency (IEA), the global energy demand is projected to increase by around 25% by 2040. This will compel oil and gas exploration companies to increase their exploration activities across potential onshore and offshore areas. Geosteering tools and technologies play a vital role in maximizing reservoir penetration and improving well placement during drilling. Thus, to meet the objectives of maximizing production and minimizing drilling costs, adoption of geosteering solutions is expected to increase among E&P companies.

Geosteering Market Opportunity:

Growth of unconventional oil and gas reserves

Development of vast unconventional oil and gas reserves such as tight oil & gas and shale gas provides major opportunities for geosteering market. Horizontal/directional drilling along with complex wellbore placements is essential for efficient development of these unconventional resources. Geosteering helps in critical wellbore steering to target the hydrocarbon zones accurately and maximize production. Rapid expansion of shale gas production in countries like the U.S. and China and increasing tight oil extraction worldwide will propel the need for reliable geosteering solutions in the coming years.

Geosteering Market Trend:

Adoption of cloud computing and advanced visualization systems

Geosteering service providers are focused on integrating advanced visualization and cloud computing technologies to provide enhanced real-time well bore navigation during drilling operations. Advanced visualization systems facilitate geosteering specialists to view downhole data in 3D for improved wellbore placement decision making. Cloud computing allows geosteering specialists to access reservoir and drilling data from remote locations. It helps operators monitor drilling jobs through web or mobile-based dashboards. Integration of artificial intelligence and machine learning algorithms is also enhancing geosteering accuracy by accurately interpreting formation trends. Such technological enhancements are expected to augment geosteering efficiency and drive wider acceptance of these solutions.

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Top Companies Included in This Report:

• Halliburton
• Exlog
• Geotech Logging Services LLC
• United Oil & Gas Consulting Ltd.
• HMG Software
• Horizontal Solutions International
• Maxwell Dynamics
• Terracosm Software LLC
• LMKR
• Rogii Inc.
• Lloyd's Register Group Services Ltd.

Key Regions/Countries Classified as Follows:

» North America (U.S., Canada, Mexico)

» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)

» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)

» South America (Brazil, Argentina, Rest of SA)

» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

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Author Bio:

Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.

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