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North America 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)

Code: TIPRE00015438 | Pages: 116 | Industry: Electronics and Semiconductor | Date: Oct 2020
Covid

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. The growing population is driving the demand for oil and gas across North America, leading to an increased usage of geosteering technology driving North America geosteering technology market. The increasing oil well drilling activities at the North America level is also driving the growth of the North America geosteering technology market. Furthermore, increasing investments in offshore projects will drive the North America geosteering technology market growth in the forthcoming years. Moreover, increasing demand for Rotary Steerable Systems (RSS) by oil & gas companies in the North America is also anticipated to propel the geosteering technology market growth. The geosteering technology market growth is majorly driven by the growing petroleum sector in the US and Canada. Factors such as rising demand for precise real-time information to achieve highest production and growing production of shale and resulting hike in horizontal and unconventional drilling are expected to create significant demand of geosteering technology, which will drive the North America geosteering technology market.

Furthermore, in case of COVID-19, the North America especially the US region witnessed an unprecedented rise in number of COVID cases which disrupted its manufacturing activities across several industry vertical including oil & gas sector and subsequently impacted the demand for geosteering technologies during the early months of 2020. Moreover, the considerable decline in overall global oil prices further restricted the oil drilling and other activities that negatively influenced the demand for geosteering services among its considerably large end-user base. Similar trend was also witnessed in other North American countries i.e., Canada and Mexico. However, the countries are expected to overcome the swift drop in demand as the countries continue to open their economic activities for revival of business activities in various industry verticals. The coronavirus outbreak's impact is anticipated to be quite severe in the year 2020 and likely in 2021. Hence, the ongoing COVID-19 crisis and critical situation will impact the geosteering technology market growth of the North America region for the next few quarters.

Market Overview and Dynamics

The geosteering technology market in North America is expected to grow from US$ 4,988.03 million in 2019 to US$ 8,597.20 million by 2027; it is estimated to grow at a CAGR of 11.0 % from 2020 to 2027. Increase in initiatives for digitization of geosteering technology by market players is expected to upswing the North America geosteering technology market. The digitization of geosteering technology is one of the most promising opportunities in the hi-tech market in oil production. The age of simple vertical drilling is coming to an end in conventional fields, while the future belongs to technologies that help maintain efficiency. For example, ZYFRA invested US$ 9 million in September 2019 to acquire a controlling stake in Geosteering Technologies (GTI), one of the leading suppliers of "smart drilling" software. The company's core product is Geonaft, a modular software package designed to provide full engineering support for directional and horizontal drilling by optimally positioning the wellbore within the target horizon. Further, geosteering technology market players are also focusing on rig data automation through wellsite information transfer standard markup language (WITSML), which is a standard for transmitting technical data between petroleum industry organizations. Once data gets loaded, it is possible to transform the 2, 4, 8, or 16 tracks of azimuthal gamma to create an image of the wellbore. Thus, increase in initiatives for digitization of geosteering technology market players is one of the major factors anticipated to provide growth opportunities in the near future across North America which will drive the North America geosteering technology market.

Key Market Segments

In terms of product, the logging while drilling (LWD) segment accounted for the largest share of the North America geosteering technology market in 2019. Similarly, in terms of application, the petroleum development segment held a larger market share of the North America 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 North America 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; Geotech Logging Services LLC; Halliburton Energy Services, Inc.; HMG Software LLC; ROGII Inc.; Schlumberger Limited; Terracosm Software, LLC.

Reasons to buy report

  • To understand the North America geosteering technology market landscape and identify market segments that are most likely to guarantee a strong return
  • Stay ahead of the race by comprehending the ever-changing competitive landscape for North America geosteering technology market
  • Efficiently plan M&A and partnership deals in North America geosteering technology market by identifying market segments with the most promising probable sales
  • Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form North America geosteering technology market
  • Obtain market revenue forecast for market by various segments from 2020-2027 in North America region.


North America Geosteering Technology Market Segmentation

North America Geosteering Technology Market - By Product

  • Logging While Drilling (LWD)
  • Measurement-While-Drilling (MWD)
  • Rotary Steerable Systems (RSS)
  • Drive Systems
  • Others

North America Geosteering Technology Market - By Application

  • Petroleum Development
  • Natural Gas Transportation
  • Others

North America Geosteering Technology Market - By Country

  • US
  • Canada
  • Mexico

North America Geosteering Technology Market - Company Profiles

  • Cougar Drilling Solution Inc.
  • Emerson Paradigm Holding LLC
  • Exlog
  • Geonaft
  • Geotech Logging Services LLC
  • Halliburton Energy Services, Inc.
  • HMG Software LLC
  • ROGII Inc.
  • Schlumberger Limited
  • Terracosm Software, LLC          

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.           North America Geosteering Technology Market Landscape

4.1         Market Overview

4.2         North America PEST Analysis

4.3         Ecosystem Analysis

4.4         Expert Opinion

5.           North America Geosteering Technology Market – Key Market Dynamics

5.1         Market Drivers

5.1.1        Rising Demand for Precise Real-Time Information to Achieve Highest Production

5.1.2        Growing Production of Shale and Resulting Hike in Horizontal and Unconventional Drilling

5.2         Market Restraints

5.2.1        High Materials and Manufacturing Process Cost

5.3         Market Opportunities

5.3.1        Increase in Initiatives for Digitization of Geosteering Technology by Market Players

5.4         Future Trends

5.4.1        Surge in Demand for Intensive R&D

5.5         Impact Analysis of Drivers and Restraints

6.           Geosteering Technology Market – North America Analysis

6.1         North America Geosteering Technology Market Overview

6.2         North America Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)

6.3         Market Positioning – Market Players Ranking

7.           North America Geosteering Technology Market Analysis – By Product

7.1         Overview

7.2         North America 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.           North America Geosteering Technology Market Analysis – By Application

8.1         Overview

8.2         North America 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.           North America Geosteering Technology Market – Country Analysis

9.1         Overview

9.1.1        North America: Geosteering Technology Market, by Key Country

9.1.1.1          US: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)

9.1.1.1.1          US: Geosteering Technology Market, by Product

9.1.1.1.2          US: Geosteering Technology Market, by Application

9.1.1.2          Canada: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)

9.1.1.2.1          Canada: Geosteering Technology Market, by Product

9.1.1.2.2          Canada: Geosteering Technology Market, by Application

9.1.1.3          Mexico: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)

9.1.1.3.1          Mexico: Geosteering Technology Market, by Product

9.1.1.3.2          Mexico: Geosteering Technology Market, by Application

10.        Impact of COVID-19 Pandemic- North America Geosteering Technology Market

10.1      North America: 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      Geotech Logging Services LLC

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      Halliburton Energy Services, 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      HMG Software LLC

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

12.8      ROGII Inc.

12.8.1     Key Facts

12.8.2     Business Description

12.8.3     Products and Services

12.8.4     Financial Overview

12.8.5     SWOT Analysis

12.8.6     Key Developments

12.9      Schlumberger Limited

12.9.1     Key Facts

12.9.2     Business Description

12.9.3     Products and Services

12.9.4     Financial Overview

12.9.5     SWOT Analysis

12.9.6     Key Developments

12.10   Terracosm Software, LLC

12.10.1  Key Facts

12.10.2  Business Description

12.10.3  Products and Services

12.10.4  Financial Overview

12.10.5  SWOT Analysis

12.10.6  Key Developments

13.        Appendix

13.1      About The Insight Partners

13.2      Word Index

LIST OF TABLES

Table 1.             North America Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)

Table 2.             US: Geosteering Technology Market, by Product –Revenue and Forecast to 2027 (US$ Million)

Table 3.             US: Geosteering Technology Market, by Application –Revenue and Forecast to 2027 (US$ Million)

Table 4.             Canada: Geosteering Technology Market, by Product –Revenue and Forecast to 2027 (US$ Million)

Table 5.             Canada: Geosteering Technology Market, by Application –Revenue and Forecast to 2027 (US$ Million)

Table 6.             Mexico: Geosteering Technology Market, by Product –Revenue and Forecast to 2027 (US$ Million)

Table 7.             Mexico: Geosteering Technology Market, by Application –Revenue and Forecast to 2027 (US$ Million)

Table 8.             List of Abbreviation

LIST OF FIGURES

Figure 1.           North America Geosteering Technology Market Segmentation

Figure 2.           North America Geosteering Technology Market Segmentation – By Country

Figure 3.           North America Geosteering Technology Market Overview

Figure 4.           North America Geosteering Technology Market Outlook

Figure 5.           North America Geosteering Technology Market – Product Analysis

Figure 6.           North America Geosteering Technology Market – Application Analysis

Figure 7.           North America Geosteering Technology Market – Country Analysis

Figure 8.           North America: PEST Analysis

Figure 9.           North America Geosteering Technology Market – Ecosystem Analysis

Figure 10.        Expert Opinion

Figure 11.        North America Geosteering Technology Market Impact Analysis of Drivers and Restraints

Figure 12.        North America Geosteering Technology Market – Revenue and Forecast to 2027 (US$ Million)

Figure 13.        North America Geosteering Technology Market Revenue Share, by Product (2019 and 2027)

Figure 14.        North America Logging While Drilling: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)

Figure 15.        North America Measurement-While-Drilling: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)

Figure 16.        North America Rotary Steerable Systems: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)

Figure 17.        North America Drive Systems: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)

Figure 18.        North America Others: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)

Figure 19.        North America Geosteering Technology Market Revenue Share, by Application (2019 and 2027)

Figure 20.        North America Petroleum Development: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)

Figure 21.        North America Natural Gas Transportation: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)

Figure 22.        North America Others: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)

Figure 23.        North America: Geosteering Technology Market Revenue Share, by Key Country (2019 and 2027)

Figure 24.        US: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)

Figure 25.        Canada: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)

Figure 26.        Mexico: Geosteering Technology Market – Revenue, and Forecast to 2027 (US$ Million)

Figure 27.        Impact of COVID-19 Pandemic on North American Country Markets

 

  1. Cougar Drilling Solution Inc.
  2. Emerson Paradigm Holding LLC
  3. Exlog
  4. Geonaft
  5. Geotech Logging Services LLC
  6. Halliburton Energy Services, Inc.
  7. HMG Software LLC
  8. ROGII Inc.
  9. Schlumberger Limited
  10. Terracosm Software, LLC

 

  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America geosteering technology market.
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in North America geosteering technology market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth North America market trends and outlook coupled with the factors driving geosteering technology market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

 


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