DUBLIN--(BUSINESS WIRE)--The "Geosteering Services Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.

The Geosteering services market is expected to grow at a CAGR of more than 3% over the period of 2020-2025.

Factors such as an increase in the complexity of wellbore due to increased depth and use of multiple horizontal wells, increasing the number of rigs, and rising production of natural gas is expected to drive the market. However, the volatility of crude oil and natural gas is expected to restrain the market's growth.

Companies Mentioned

• Schlumberger Limited
• Halliburton Company
• Baker Hughes Company
• Weatherford International PLC
• Geotech Logging Services LLC
• United Oil & Gas Consulting Ltd
• HMG Software LLC
• Maxwell Dynamics Inc.
• National-Oilwell Varco, Inc.
• Geo-Steering Solutions Inc.
• Geosteering technologies Inc

Key Market Trends

Rotary Steerable System to Witness Growth

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 provides real-time control and insight to help enhance zonal understanding and get the most out of the well at the lowest cost. Aiding the growth of the oil and gas production increase the company's reliability of the geosteering services market.

• Geosteering service providers continue to advance rotary steerable systems to deliver accurate wellbore placement, optimize borehole quality, and enable maximum drilling efficiency. In 2019, Weatherford International plc unveiled the Magnus rotary steerable system. The system combines reliable, high-performance drilling with precise directional control, fully independent pad control, a fully rotating bias unit with a minimal bottom hole, and assembly (BHA) stabilization. The system comprises several modular components to facilitate quick and easy maintenance, even in remote locations. The increase in the advancements in the industry are expected to aid the growth of the market.
• Natural gas produced in the world has increased by 3.4%, to 385.98 billion cubic feet, in 2019 from 373.22 billion cubic feet, in 2018. The increased utility of natural gas has ordained an increase in natural gas production to meet the world's consumption.
• Rigs number in the world has increased significantly by 11.13%, to 13177 units, in 2019 from 11857 units, in 2018. An increasing number of rigs directly corresponds to the increase in the demand for the geosteering services in the industry. The number of rigs may increase further in the forecast period, thereby boosting the geosteering rotary steerable services market's growth.

North America to Dominate the Market

North America region is among the largest geosteering services market and is expected to continue its dominance in the coming years. The region consists of major oil and gas oil production basins in the world, which provide fertile ground for further growth in the industry.

• The United States is the largest user of the geosteering services in the region, especially with the boom in shale oil and gas in many of the onshore basins like the Permian basin have contributed to the advancement in the Geosteering services market. Shale oil and gas have steadily increased in the country and depend significantly on the geosteering services to conduct multilateral horizontal drillings in the shale basins.
• North America increased its output of crude oil increased significantly to 1027.1, in 2018 from 918.7, in 2017. Whereas, the region's gas production increased from 826.8, in 2017 to 906.2, in 2018. Increasing production is expected to create demand for better geosteering services techniques.
• In 2018, the United States Interior Department allowed drilling in nearly all the United States waters, which is among the biggest expansions of offshore oil & gas leasing by the federal government in the history of the United States. This new development is expected to drive offshore exploration and production activity, and hence, the demand for geosteering services is likely to increase in the future.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET OVERVIEW

4.1 Introduction

4.2 Market Size and Demand Forecast in USD Billion, till 2025

4.3 Crude Oil Production and Consumption Forecast, in thousands barrels per day, till 2025

4.4 Natural Gas Production and Consumption Forecast, in billion cubic feet per day, till 2025

4.5 Recent Trends and Developments

4.6 Government Policies and Regulations

4.7 Market Dynamics

4.7.1 Drivers

4.7.2 Restraints

4.8 Supply Chain Analysis

4.9 Porter's Five Forces Analysis

5 MARKET SEGMENTATION

5.1 Equipment

5.1.1 LWD Tools and Technologies

5.1.2 MWD Tools and Technologies

5.1.3 Rotary Steerable Systems

5.1.4 Drive Systems

5.1.5 3D Seismic Model

5.1.6 Others

5.2 Geography

5.2.1 North America

5.2.2 Asia-Pacific

5.2.3 Europe

5.2.4 South America

5.2.5 Middle-East and Africa

6 COMPETITIVE LANDSCAPE

6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

6.2 Strategies Adopted by Leading Players

6.3 Company Profiles

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/52y1no

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