Geosteering Services Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Geosteering Services Market Analysis
The Geosteering Market is expected to register a CAGR of more than 4% during the forecast period. The market was negatively impacted by COVID-19 in 2020. Presently, the market has reached pre-pandemic levels.
- Over the long term, factors like increasing numbers of oil and gas rigs and increased demand for hydrocarbons are expected to drive the market during the forecasted period.
- On the other hand, high volatility in the prices of crude oil and natural gas is the main factor hindering the growth of the market.
- Nevertheless, the increasing interest in commercially viable production techniques for producing gas hydrates to meet the increasing natural gas demands is expected to create enormous opportunities for the geosteering market.
- Due to the high output of shale oil and gas, North America is expected to be the largest market during the forecast period, with the majority of demand coming from the United States and Canada.
Geosteering Services Market Trends
This section covers the major market trends shaping the Geosteering Services Market according to our research experts:
Rotary Steerable System to Witness Growth
- A rotary steerable system (RSS) is a form of drilling technology used in directional drilling. It is a tool designed to drill directionally with continuous rotation from the surface, eliminating the need to slide a steerable motor. Rotary steerable systems are typically deployed when drilling directional, horizontal, or extended-reach wells.
- They have better surface control and allow more maneuverability to geosteer through complex geology, minimize seismic uncertainty, and make informed geosteering decisions to place your wells in 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 oil and gas production increase the company's reliability in 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. Halliburton released the iCruise X intelligent rotary steerable system (RSS) last year. It is equipped with an advanced steering head fit for greater durability in operations with variable fluid conditions and in fluids with high solids content. It delivers in high-temperature environments and provides more power for steering. The increase in the advancements in the industry is expected to aid the growth of the market.
- Natural gas produced in the world increased by 4.8% to 390.58 billion cubic feet last year from 372.59 billion cubic feet in 2020. The increased utility of natural gas has ordained an increase in natural gas production to meet the world's consumption.
- The number of rigs globally increased significantly by 29% to 19,135 units by November 2022 from 16,333 units in 2020. An increasing number of rigs directly corresponds to the increase in the demand for 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.
- Therefore, geosteering rotary steerable services are expected to increase in the forecast period due to an increase in the number of rigs, rising production of natural gas, and advancements in the realm of geosteering technology.
North America to Dominate the Market
- North America is one of the largest geosteering services markets, and its dominance is expected to continue in the coming years. The region contains major oil and gas oil production basins in the world, which provide fertile ground for future industry growth.
- The United States is the region's largest user of geosteering services, notably with the boom in shale oil and gas in numerous onshore basins, such as the Permian basin, which has led to the advancement of the geosteering services market. Shale oil and gas production in the country has continuously expanded, and multilateral horizontal drillings in shale basins rely heavily on geosteering services.
- The production of oil and gas has increased significantly in the region. In 2021, crude oil production increased by 1.9% producing 23,942 thousand barrels of oil per day as compared to 23,500 thousand barrels of oil per day in 2020. Moreover, gas production in the region increased by 2.4%, producing 109.89 billion cubic feet in 2021 as compared to 107.31 billion cubic feet in 2020. Increasing production of hydrocarbons in the region is expected to create demand for better geosteering services techniques.
- According to the Energy Information Administration, drilling permit approval increased by 34% in 2021 as compared to 2017. In 2021, a total of 3,557 drilling permits were issued, as compared to 2,658 in 2017. This new development is expected to drive exploration and production activity, and hence, the demand for geosteering services is likely to increase in the future.
- Hence, the North American region is expected to dominate the market due to its vast crude oil and natural gas upstream sector, rising exploration in the offshore industry, and increasing demand for fossil fuel.
Geosteering Services Industry Overview
The geosteering services market is moderately fragmented. Some of the key players in this market (in no particular order) include Schlumberger Limited, Halliburton Company, Baker Hughes Company, Weatherford International PLC, and National-Oilwell Varco Inc.
Geosteering Services Market Leaders
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Schlumberger Limited
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Halliburton Company
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Baker Hughes Company
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Weatherford International PLC
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National-Oilwell Varco, Inc.
*Disclaimer: Major Players sorted in no particular order
Geosteering Services Market News
- Feb 2022: Schlumberger introduced the GeoSphere 360 3D reservoir mapping service while drilling. The service uses innovative cloud and digital solutions to provide real-time 3D profiles of reservoir objects, as well as to improve reservoir comprehension and well design to maximize returns from complicated reservoirs.
- Nov 2022: Stratagraph announced the launch of its latest subsidiary, Stratagraph Wellbore Placement. The Stratagraph corporation teamed up with First Directional Rentals to provide outstanding services and technology in wellbore placement through the combined services of Mudlogging, Geosteering, MWD tools, and Directional Drilling. Stratagraph Wellbore Placement will allow the company to provide a full array of services to clients in a customizable format and ensure better project execution in drilling a well.
Geosteering Services Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD Billion, till 2027
4.3 Crude Oil Production Forecast, in thousands barrels per day, till 2027
4.4 Natural Gas Production Forecast, in billion cubic feet per day, till 2027
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
4.9.1 Bargaining Power of Suppliers
4.9.2 Bargaining Power of Consumers
4.9.3 Threat of New Entrants
4.9.4 Threat of Substitutes Products and Services
4.9.5 Intensity of Competitive Rivalry
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 Other Equipment
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
6.3.1 Schlumberger Limited
6.3.2 Halliburton Company
6.3.3 Baker Hughes Company
6.3.4 Weatherford International PLC
6.3.5 United Oil & Gas Consulting Ltd
6.3.6 HMG Software LLC
6.3.7 Maxwell Dynamics Inc.
6.3.8 National-Oilwell Varco Inc.
6.3.9 Geo-Steering Solutions Inc.
6.3.10 Geonaft Company
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Geosteering Services Industry Segmentation
Geosteering is the process that is deployed while drilling oil or gas wells. In this process, the direction of the drilling is controlled by monitoring the petrophysical data of the drilling well. Geosteering is required when the geological marker is ill-defined, target tolerances are tight, or the geology is very complicated, which makes conventional deviated drilling impractical.
The Geosteering Market is segmented by Equipment (LWD Tools and Technologies, MWD Tools and Technologies, Rotary Steerable Systems, Drive Systems, 3D Seismic Model, and Other Equipment) and Geography (North America, Asia-Pacific, Europe, South America, and Middle-East and Africa). The report offers the market size and forecasts for Geosteering Services in revenue (USD Billion) for all the above segments.
| Equipment | |
| LWD Tools and Technologies | |
| MWD Tools and Technologies | |
| Rotary Steerable Systems | |
| Drive Systems | |
| 3D Seismic Model | |
| Other Equipment |
| Geography | |
| North America | |
| Asia-Pacific | |
| Europe | |
| South America | |
| Middle-East and Africa |
Geosteering Services Market Research FAQs
What is the current Geosteering Services Market size?
The Geosteering Services Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Geosteering Services Market?
Schlumberger Limited, Halliburton Company, Baker Hughes Company, Weatherford International PLC and National-Oilwell Varco, Inc. are the major companies operating in the Geosteering Services Market.
Which is the fastest growing region in Geosteering Services Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Geosteering Services Market?
In 2024, the North America accounts for the largest market share in Geosteering Services Market.
What years does this Geosteering Services Market cover?
The report covers the Geosteering Services Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Geosteering Services Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Geosteering Services Industry Report
Statistics for the 2024 Geosteering Services market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Geosteering Services analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
