Geosteering Technology Market- Global Industry Analysis and Forecast (2024-2030)

Global Geosteering Technology Market size was valued at US$ 17.85 Bn. in 2023 and the total revenue is expected to grow at 11.8% through 2024 to 2030, reaching nearly US$ 38.97 Bn.
Geosteering Technology Market Overview:
Geosteering technology is used in adjusting well placement during drilling to improve the overall performance of the well. Well location is adjusted using geosteering technology while drilling to optimise overall well performance. This technique repositions or redirects drilling equipment using data from several pieces of equipment, geological insights, and other critical data. It is the process of drilling a borehole and altering its position to assist it in reaching one or more targets.

Well placement can be done with ever-increasing accuracy due to the implementation of rotary steerable tools and an ever-expanding arsenal of geophysical tools. Direction and tilt sensors, as well as gamma ray tools, are included in the basic tool design. Due to the large amount of data collected by imaging instruments, the data conveyed to the surface is a carefully selected part of what is accessible. Data is collected for a data dump in memory when the tool returns to the surface.To know about the Research Methodology :- Request Free Sample Report

Global population growth is pushing up demand for oil and gas, which is driving up the use of geosteering technologies. According to the Organization of Petroleum Exporting Countries (OPEC), world oil demand was 97.32 million barrels per day in 2017. The world oil supply, on the other hand, was 96.10 million barrels per day. As a result, increasing investment in oil field exploration projects and geosteering-related services is expected in the future years. ExxonMobil announced the finding of an oilfield in Guyana, South America, in August 2018. The global increase in oil well drilling activities is also propelling the geosteering technology market forward.
Market Dynamics:
The market is likely to be driven by factors such as growing wellbore complexity due to greater depth and utilization of numerous horizontal wells, an increase in the number of rigs, and rising natural gas production. The market's expansion is projected to be limited by the volatility of crude oil and natural gas.

During the predicted period, the rotary steerable system is expected to grow. It's a significant aspect of the geosteering services industry since it makes drilling the wellbore considerably easier by decreasing concerns like zonal formation and horizontal drilling. Gas hydrates production may present an opportunity for market players because it is commercially viable. However, it may present new challenges, requiring better geosteering services methodologies.

North America is predicted to be the largest market during the projection period, with the majority of demand coming from the United States and Canada, because of the significant output of shale oil and gas.

Geosteering technology assists in the optimization of a horizontal wellbore's position within the reservoir at various locations. Exploration and production (E&P) technologies like as real-time data transmission via the Internet, improved and precise directional drilling, and reduced cycle time associated with forward-looking 3D geo-modeling and visualisation technologies are all convergent at the moment. The advancement of the horizontal well-geosteering process by introducing the MWD tool into mainstream drilling procedures is due to a growing need to reduce or eliminate associated costs. One of the primary factors driving the geosteering technology market's growth is the rise in shale output, which has resulted in an increase in horizontal and unconventional drilling.

The rise in oil and gas demand is a primary driver for geosteering technology market. Geosteering technology is used by oil and gas businesses to improve efficiencies, lower production costs, and optimise well placement. In mature oil and gas locations, geosteering is utilised to retain the wellbore in a certain reservoir portion, decreasing gas or water breakthrough and increasing economic productivity. Deep and narrow reservoirs, as well as unstable structural margins, can be resolved using geosteering drilling techniques.

The geosteering technology market is growing due to increased demand for oil, gas, and petroleum. Several important players are offering integrated solutions to help speed up the development of oil and gas reserves.

Schlumberger, for example, offered a large contract for the Sakarya gas field's engineering, procurement, construction, and installation (EPCI) of end-to-end production solutions in October 2021. Well completions, subsea production systems, and well design and construction are all part of the integrated project scope.

To strengthen market position, key players are creating innovative and next-generation geosteering technology software. For example, Halliburton Company introduced the iCruise X intelligent rotary steerable system in November 2021. This next-generation drilling system is built for difficult applications and requires less time. It may provide precise drilling and well placement.

Market expansion is hampered by strict regulatory laws and environmental concerns. Drilling and exploring activities have increased worldwide due to rising demand for oil and gas. Furthermore, significant players are concentrating their efforts on research and development as well as oil field finds. However, due to inappropriate handling of oil waste from offshore exploration and production activities, ongoing exploratory efforts have prompted worries about the possible impact of drilling on public health and the environment. As a result, government agencies are concentrating their efforts on enacting strict regulatory regulations to limit environmental effect (air and water quality), protect cultural values, and prevent resource waste.

COVID-19 Impact on Geosteering Technology Market:

The COVID-19 pandemic continues to have a detrimental impact on the oil and gas industry as a result of significant disruptions in industrial supply chain activities, as well as numerous countries shutting down their international trade as a result of the pandemic. Drilling activities ceased, causing a significant drop in demand for any connected services and solutions, including geosteering technologies. As a result, numerous countries have experienced a major drop in demand for overall oil and gas, as well as geosteering-related solutions and services. As a result, the geosteering technologies market saw a significant drop in demand in the first months of 2020, but demand rebounded after economic activity restarted.
Geosteering Technology Market Segment Analysis:
Based on Product, The Geosteering Technology Market is segmented into Logging While Drilling, Measurement-While-Drilling, Rotary Steerable Systems, Drive Systems, and Others on the basis of product. Companies in the market are concentrating on providing a variety of equipment, software, and services that aid in obtaining real-time information on the drilling site. LWD (logging while drilling) is an oilfield technique that uses a gadget embedded in drill strings to communicate real-time formation data. LWD ensures subsurface measurement in settings when typical wireline equipment is unable to measure wellbores. These tools collect formation evaluation data that aids in the gathering of data relevant to oil reserves, as well as rapid decision-making and correct well-placement of drilling equipment.

Having better surface control through the rotary steerable system may allow more maneuverability to geosteer through complex geology, minimize seismic uncertainty, and make informed geosteeering decisions to place your wells in the specific zones. This gives real-time control and insight to help better understand zones and get the most out of well at the lowest expense. Increasing the company's geosteering services market reliability by assisting the growth of oil and gas production.

Geosteering service providers are working to improve rotary steerable systems so that they can give accurate wellbore placement, improve borehole quality, and increase drilling efficiency.

Based on Application, The Geosteering Technology Market is segmented into Petroleum Development, Natural Gas Transportation and Others on the basis of application. Oil and gas companies use geosteering technology to improve efficiencies, lower production costs, and optimise well placement. The market is being driven by rising demand for geosteering technologies from oil and gas companies. Another aspect that is predicted to promote market expansion is the growing utilisation of horizontal directional drilling.

Geosteering is used in mature oil and gas locations to keep the wellbore in a certain reservoir portion, reducing gas or water breakthrough and improving economic productivity. Geosteering drilling techniques can help with issues like deep and thin reservoirs, as well as unstable structural margins. Furthermore, a geosteering strategy has several advantages, including increased drilling efficiency (better ROP, less sliding, and longer lateral reach), improved reservoir penetration, completion efficiencies, and a higher return on investment.
Regional Insights:
North America is one of the largest geosteering services markets, and its dominance is projected to remain in the coming years. The region contains some of the world's largest oil and gas producing basins, providing fertile ground for industrial expansion. The United States is the region's largest user of geosteering services, owing to the rise in shale oil and gas production in numerous onshore basins, such as the Permian, which has boosted the market for geosteering services. The demand for better geosteering services is projected to rise as production rises.

In 2018, the US Interior Department approved drilling in nearly all US waters, marking one of the most significant expansions of offshore oil and gas leasing by the federal government in the country's history. This new breakthrough is projected to boost offshore exploration and production activity, resulting in increased demand for geosteering technology market in the future.

The objective of the report is to present a complete picture of global Geosteering Technology market. Data from past years is compiled to anticipate the future prospects of this market. Porter's five forces help to identify where power lies in a business situation. This is useful both in understanding the strength of an organisation's current competitive position, and the strength of a position that an organisation may look to move into. The report helps in identifying competitive rivalry currently running in the Geosteering Technology market. It also helps to understand bargaining power of suppliers and consumers.

The report also presents PESTLE analysis which helps to gain a macro picture of Geosteering Technology market. Political factors help to identify the influence of government over Geosteering Technology market. Economic factors a have direct impact on a company’s long-term prospects in a market. The economic environment may affect how a company dealing in Geosteering Technology market price their products or influence the supply and demand model.

Social factors, such as demographics and culture can impact the Geosteering Technology market by influencing peak buying periods, purchasing habits, and lifestyle choices. Technological factors may have a direct or an indirect influence on an industry. The legal and regulatory environment can affect the policies and procedures of an industry, and can control employment, safety and regulations. Environmental factors include all those relating to the physical environment and to general environmental protection requirements.
Geosteering Technology Market Scope: Inquiry Before Buying



Geosteering Technology Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 17.85 Bn.


Forecast Period 2024 to 2030 CAGR:
11.8%
Market Size in 2030:
US $ 38.97 Bn.


 Segments Covered:
by Product
Logging While Drilling
Measurement-While-Drilling
Rotary Steerable Systems
Drive Systems
Others


by Application
Petroleum Development
Natural Gas Transportation
Others



Geosteering Technology Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Geosteering Technology Market Key Players are:
1. Cougar Drilling Solution Inc. (Canada)
2. Emerson Paradigm Holding LLC (US)
3. Exlog (London)
4. Geonaft (Russia)
5. Geotech Logging Services LLC (US)
6. Halliburton Energy Services, Inc. (US)
7. HMG Software LLC (US)
8. ROGII Inc. (US)
9. Schlumberger Limited (US)
10.Terracosm Software, LLC (US)
11.GeoSteering Technologies (Russia)
12.Petrolink (US)
13.Geo-Steering Solutions Inc. (Canada)
14.United Oil & Gas Consulting Ltd. (Canada)
15.Horizontal Solutions International (US)
16.Maxwell Dynamics (US)
17.LMKR (UAE)
18.Lloyd's Register Group Services Ltd. (UK)
19.Baker Hughes Company (US)
20.Weatherford International (US)
21.National Oilwell Varco (US)

Frequently Asked Questions:

1. What is the CAGR of the Geosteering Technology Market in the forecast period (2024-2030)?
Ans. Geosteering Technology Market revenue is expected to grow at 11.8% through 2024 to 2030.

2. Who are the key players in the Geosteering Technology Market?
Ans. Cougar Drilling Solution Inc. (Canada), Emerson Paradigm Holding LLC (US), Exlog (London), Geonaft (Russia), Geotech Logging Services LLC (US), Halliburton Energy Services, Inc. (US), HMG Software LLC (US), ROGII Inc. (US), Schlumberger Limited (US), Terracosm Software, LLC (US), GeoSteering Technologies (Russia), Petrolink (US), Geo-Steering Solutions Inc. (Canada), United Oil & Gas Consulting Ltd. (Canada), Horizontal Solutions International (US), Maxwell Dynamics (US), LMKR (UAE), Lloyd's Register Group Services Ltd. (UK), Baker Hughes Company (US), Weatherford International (US) and National Oilwell Varco (US) are the key players in Geosteering Technology Market.

3. Which are the applications in the Geosteering Technology Market?
Ans. Petroleum Development, Natural Gas Transportation and Others are the applications in the Geosteering Technology Market.

4. What segments are covered in the Geosteering Technology Market report?
Ans. The segments covered in Geosteering Technology Market report are based on product, application and region.

5. What is the forecast period for the Geosteering Technology Market?
Ans. The forecast period for the Geosteering Technology Market is 2024-2030.