Europe Geosteering Technology Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product (Logging While Drilling (LWD), Measurement-While-Drilling (MWD), Rotary Steerable Systems (RSS), Drive Systems, and Others) and Application (Petroleum Development, Natural Gas Transportation, and Others)
Market Introduction
Geosteering technology helps in adjusting well placement while drilling to enhance the well's overall performance. Geosteering technology uses the analysis of drilling cuttings data, the combination of real-time electronic logs, and other details from various tools to gain insights into the drilled rock layer. Geosteering technology provides real-time information with 2D and 3D projections of the land around the oil wells. The Europe geosteering technology market growth is majorly driven by the growing petroleum sector in the UK and Russia. Increasing demand for energy drives the oil & gas industry to adopt innovative technologies, such as geosteering hence driving the Europe geosteering technology market. The growing population across Europe is driving the demand for oil and gas, leading to an increased usage of geosteering technology which is further driving the Europe geosteering technology market. The increasing oil well drilling activities at the regional level is also driving the growth of the Europe geosteering technology market. Furthermore, increasing investments in offshore projects will drive the Europe geosteering technology market growth in the forthcoming years. Moreover, increasing demand for rotary steerable systems by oil & gas companies in the Europe is also anticipated to propel the Europe geosteering technology market growth. Furthermore, factor such as increase in production of shale and resulting rise in horizontal and unconventional drilling and surge in demand for precise real-time Information to achieve maximum production are expected to create significant demand of geosteering technology, which will drive the Europe geosteering technology market.
Furthermore, in case of COVID-19, Europe is highly affected specially UK and Russia. In Europe, several countries are expected to suffer an economic hit of the decline in business activities across the oil & gas sector due to lowering oil prices in the first quarter of 2020 which has affected the Europe geosteering technology market. Many of these member states have implemented drastic measures on imports & exports, and shipment of goods including partially closing their borders impacting the demand for energy in various industry verticals. This is anticipated to impact geosteering technology market growth and its associated services in Europe following the outbreak of pandemic. The lockdown is expected to continue negative impact on the geosteering technology market in Europe due to disruption in oil & gas sector and drilling activities across selected countries. However, as several countries begin to reopen industry vertical and subsequently drive the demand for energy is expected to resume the drilling activities to support the Europe geosteering technology market growth. Thus, the market is projected to recover steadily over the coming period and gain traction for geosteering technologies during the later forecast period which will drive the geosteering technology market in Europe.
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Market Overview and Dynamics
The geosteering technology market in Europe is expected to grow from US$ 4,190.86 million in 2019 to US$ 7,620.25 million by 2027; it is estimated to grow at a CAGR of 11.7 % from 2020 to 2027. Growing Demand for Intensive research and development (R&D) is expected to boost up the Europe geosteering technology market. Advances in technology and improved focus on natural gas production are expected to increase geosteering technology demand during the forecast period in Europe which will drive the geosteering technology market. Growing demand for intensive R&D has led to the development of advanced products to help meet process requirements. High pressure, high temperature, and ultra-deep water of new reservoirs create challenges for the market across Europe resulting in the launch of innovative solutions. For example, Halliburton unveiled VisiTrak geospatial navigation and logging while drilling (LWD) analysis for merging reservoir navigation and advanced pre-well modeling to enhance efficiency and enable optimum well-placement for improved hydrocarbon recovery. Different challenges in the field of drilling has increased the demand of intensive R & D which has led to the development of advanced product and technology such as geosteering technology which ultimately drives the Europe geosteering technology market.
Key Market Segments
In terms of product, the logging while drilling (LWD) segment accounted for the largest share of the Europe geosteering technology market in 2019. Similarly, in terms of application, the petroleum development segment held a larger market share of the Europe geosteering technology market in 2019.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the Europe geosteering technology market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Cougar Drilling Solution Inc.; Emerson Paradigm Holding LLC; Exlog; Geonaft; Halliburton Energy Services, Inc.; ROGII Inc.; Schlumberger Limited.
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- To understand the Europe geosteering technology market landscape and identify market segments that are most likely to guarantee a strong return
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- Obtain geosteering technology market revenue forecast for market by various segments from 2020-2027 in Europe region.
Europe Geosteering Technology Market Segmentation
Europe Geosteering Technology Market - By Product
- Logging While Drilling (LWD)
- Measurement-While-Drilling (MWD)
- Rotary Steerable Systems (RSS)
- Drive Systems
- Others
Europe Geosteering Technology Market - By Application
- Petroleum Development
- Natural Gas Transportation
- Others
Europe Geosteering Technology Market - By Country
- UK
- Germany
- France
- Italy
- Russia
- Rest of Europe
Europe Geosteering Technology Market - Company Profiles
- Cougar Drilling Solution Inc.
- Emerson Paradigm Holding LLC
- Exlog
- Geonaft
- Halliburton Energy Services, Inc.
- ROGII Inc.
- Schlumberger Limited
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Europe Geosteering Technology Market Landscape
4.1 Market Overview
4.2 Europe PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Europe Geosteering Technology Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Surge in Demand for Precise Real-Time Information to Achieve Maximum Production
5.1.2 Increase in Production of Shale and Resulting Rise in Horizontal and Unconventional Drilling
5.2 Market Restraints
5.2.1 Expensive Materials and Overall Manufacturing Process
5.3 Market Opportunities
5.3.1 Rise in Initiatives by Market Players for Digitization of Geosteering Technology
5.4 Future Trends
5.4.1 Growing Demand for Intensive R&D
5.5 Impact Analysis of Drivers and Restraints
6. Geosteering Technology Market – Europe Analysis
6.1 Europe Geosteering Technology Market Overview
6.2 Europe Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
6.3 Market Positioning – Market Players Ranking
7. Europe Geosteering Technology Market Analysis – By Product
7.1 Overview
7.2 Europe Geosteering Technology Market, By Product (2019 and 2027)
7.3 Logging While Drilling
7.3.1 Overview
7.3.2 Logging While Drilling: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
7.4 Measurement-While-Drilling
7.4.1 Overview
7.4.2 Measurement-While-Drilling: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
7.5 Rotary Steerable Systems
7.5.1 Overview
7.5.2 Rotary Steerable Systems: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
7.6 Drive Systems
7.6.1 Overview
7.6.2 Drive Systems: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
7.7 Others
7.7.1 Overview
7.7.2 Others: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
8. Europe Geosteering Technology Market Analysis – By Application
8.1 Overview
8.2 Europe Geosteering Technology Market, By Application (2019 and 2027)
8.3 Petroleum Development
8.3.1 Overview
8.3.2 Petroleum Development: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
8.4 Natural Gas Transportation
8.4.1 Overview
8.4.2 Natural Gas Transportation: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
8.5 Others
8.5.1 Overview
8.5.2 Others: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
9. Europe Geosteering Technology Market – Country Analysis
9.1 Overview
9.1.1 Europe: Geosteering Technology Market, by Key Country
9.1.1.1 UK: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
9.1.1.1.1 UK: Geosteering Technology Market, by Product
9.1.1.1.2 UK: Geosteering Technology Market, by Application
9.1.1.2 Germany: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
9.1.1.2.1 Germany: Geosteering Technology Market, by Product
9.1.1.2.2 Germany: Geosteering Technology Market, by Application
9.1.1.3 France: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
9.1.1.3.1 France: Geosteering Technology Market, by Product
9.1.1.3.2 France: Geosteering Technology Market, by Application
9.1.1.4 Italy: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
9.1.1.4.1 Italy: Geosteering Technology Market, by Product
9.1.1.4.2 Italy: Geosteering Technology Market, by Application
9.1.1.5 Russia: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
9.1.1.5.1 Russia: Geosteering Technology Market, by Product
9.1.1.5.2 Russia: Geosteering Technology Market, by Application
9.1.1.6 Rest of Europe: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
9.1.1.6.1 Rest of Europe: Geosteering Technology Market, by Product
9.1.1.6.2 Rest of Europe: Geosteering Technology Market, by Application
10. Impact of COVID-19 Pandemic - Europe Geosteering Technology Market
10.1 Europe: Impact Assessment of COVID-19 Pandemic
11. Industry Landscape
11.1 Market Initiative
11.2 Merger and Acquisition
11.3 New Development
12. Company Profiles
12.1 Cougar Drilling Solution Inc.
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Emerson Paradigm Holding LLC
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Exlog
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Geonaft
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Halliburton Energy Services, Inc.
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 ROGII Inc.
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Schlumberger Limited
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. Europe Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
Table 2. UK: Geosteering Technology Market, by Product –Revenue and Forecast to 2027 (US$ Million)
Table 3. UK: Geosteering Technology Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 4. Germany: Geosteering Technology Market, by Product –Revenue and Forecast to 2027 (US$ Million)
Table 5. Germany: Geosteering Technology Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 6. France: Geosteering Technology Market, by Product –Revenue and Forecast to 2027 (US$ Million)
Table 7. France: Geosteering Technology Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 8. Italy: Geosteering Technology Market, by Product –Revenue and Forecast to 2027 (US$ Million)
Table 9. Italy: Geosteering Technology Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 10. Russia: Geosteering Technology Market, by Product –Revenue and Forecast to 2027 (US$ Million)
Table 11. Russia: Geosteering Technology Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 12. Rest of Europe: Geosteering Technology Market, by Product –Revenue and Forecast to 2027 (US$ Million)
Table 13. Rest of Europe: Geosteering Technology Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 14. List of Abbreviati
LIST OF FIGURES
Figure 1. Europe Geosteering Technology Market Segmentation
Figure 2. Europe Geosteering Technology Market Segmentation – By Country
Figure 3. Europe Geosteering Technology Market Overview
Figure 4. Europe Geosteering Technology Market Outlook
Figure 5. Europe Geosteering Technology Market – Product Analysis
Figure 6. Europe Geosteering Technology Market – Application Analysis
Figure 7. Europe Geosteering Technology Market – Country Analysis
Figure 8. Europe: PEST Analysis
Figure 9. Europe Geosteering Technology Market – Ecosystem Analysis
Figure 10. Expert Opinion
Figure 11. Europe Geosteering Technology Market Impact Analysis of Drivers and Restraints
Figure 12. Europe Geosteering Technology Market – Revenue and Forecast to 2027 (US$ Million)
Figure 13. Europe Geosteering Technology Market Revenue Share, by Product (2019 and 2027)
Figure 14. Europe Logging While Drilling: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 15. Europe Measurement-While-Drilling: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 16. Europe Rotary Steerable Systems: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 17. Europe Drive Systems: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 18. Europe Others: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 19. Europe Geosteering Technology Market Revenue Share, by Application (2019 and 2027)
Figure 20. Europe Petroleum Development: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 21. Europe Natural Gas Transportation: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 22. Europe Others: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 23. Europe: Geosteering Technology Market Revenue Share, by Key Country (2019 and 2027)
Figure 24. UK: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 25. Germany: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 26. France: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 27. Italy: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 28. Russia: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 29. Rest of Europe: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 30. Impact of COVID-19 Pandemic on Europe Country Markets
- Cougar Drilling Solution Inc.
- Emerson Paradigm Holding LLC
- Exlog
- Geonaft
- Halliburton Energy Services, Inc.
- ROGII Inc.
- Schlumberger Limited
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