- Logging While Drilling
- Measurement-While-Drilling
- Rotary Steerable Systems
- Drive Systems
- Others
Geosteering Market size is expected to be valued at USD 8,267.4 million in 2022 and is poised to grow at a CAGR of 9.5% over 2023-2029. Geosteering technology is used in regulating well location during drilling to expand the overall activity of the well. This technology utilizes data from geological perceptions, multiple types of equipment, and other important information to reposition the device during the drilling process. It is the process of penetrating a borehole and altering the borehole position to reach one or more targets. With the arrival of rotary steerable tools and an ever-rising store of geophysical tools, well placement can be done with better accuracy. The increasing demand for natural gas and oil can lead to geosteering market growth. The natural gas and oil industry utilizes steering technology to decrease production costs, enhance the placement of wells, and increase efficacy. Apart from this, the growing usage of horizontal directional drilling methods can drive market growth. Moreover, geosteering is used in mature gas and oil regions in order to keep the borewell in the exact reservoir section, enhance economic efficiency, and decrease water or gas breakthroughs which further drive the market. geostreeing techniques can help in resolving many issues such as uneven structure limits, and thin and deep reservoirs. However, some factors such as stringent regulatory requirements, and environmental concerns can restrain the growth of the market. Rising oil well drilling activities and growing investments in offshore projects can create an opportunity for the global Geosteering market growth. Moreover, gas hydrate production can provide a lucrative opportunity for key players as it is commercially viable.
Geosteering Market Summary
Study Period
2024-2030
Base Year
2023
CAGR
9.5%
Largest Market
Asia Pacific
Fastest Growing Market
North America
Geosteering Market Dynamics
One of the major reasons for the global geosteering market growth is the rising wellbore difficulties due to more depth and usage of many horizontal wells, as well as the increase in rigs number. Geostreeing technology helps to enhance the position of a horizontal wellbore inside the reservoir at different levels. Exploration and production (E&P) technologies related to the announcement of important information instantaneously through the Internet, abridged cycle time related to forward-looking 3D geo-modeling and imagining technologies, and innovative and precise directional drilling are currently converging. Thus, subsequent hikes in horizontal and unconventional drilling and increasing shale production can drive the market future.
North America Got Significant Share
Geosteering Market Regional Analysis
North America is dominating the global geosteering market growth, due to the presence of important oil and gas basins in this region, which offers fertile ground for industrial growth. Moreover, the United States is the largest user of geosteering technology owing to the presence of shale oil and gas in various onshore basins which relies on geostreeing technology that can future drive the market growth in this region. In addition, Asia Pacific is one of the profitable regions and is generating new prospects for global players. Increasing demand for energy encourages the oil and gas industries to come up with innovative technology such as geosteering which has the potential to increase the demand for geosteering in these regions. Apart from this, important developments and enhancements are made in the field of directional drilling techniques that helps the oil and gas industries to use geosteering walls that have created a demand for the use of the geosteering market.
Latin America
Europe
Asia Pacific
Middle East
North America
Key Features of the Reports
- The geosteering market report provides granular level information about the market size, regional market share, historic market (2018-2022) and forecast (2023-2029)
- The report covers in-detail insights about the competitors overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startups details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porters Five Force Analysis in addition to recent technology advancements and innovations in the market
Geosteering Market Segmentation
By Product Type
By Application
- Petroleum Development
- Natural Gas Transportation
- Others
End User Type
- Oil and Gas Companies
- Energy Service Providers
- Others
Frequently Asked Questions
The geosteering market is projected to expand at a CAGR of 9.5% during the forecast period
Emerson Paradigm Holding LLC, Halliburton Energy Services, Inc., Geonaft, Geotech Logging Services LLC, ROGII Inc., HMG Software LLC, Schlumberger Limited, Terracosm Software, LLC
North America is the fastest-growing region for geosteering market
| 1. Executive Summary |
| 2. Global Geosteering Market Introduction |
| 2.1. Global Geosteering Market - Taxonomy |
| 2.2. Global Geosteering Market -Definitions |
| 2.2.1. Product Type |
| 2.2.2. Application |
| 2.2.3. End User |
| 2.2.4. By Region |
| 3. Global Geosteering Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Global Geosteering Market Dynamic Factors - Impact Analysis |
| 3.6. Global Geosteering Market - Competition Landscape |
| 3.7. Epidemiology |
| 4. Global Geosteering Market Analysis, 2018-2022 and Forecast, 2023-2029 |
| 4.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5. Global Geosteering Market, By Product Type, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 5.1. Logging While Drilling |
| 5.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Measurement-While-Drilling |
| 5.2.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Rotary Steerable Systems |
| 5.3.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 5.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 5.4. Drive Systems |
| 5.4.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 5.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.4.3. Market Opportunity Analysis |
| 5.5. Others |
| 5.5.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 5.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.5.3. Market Opportunity Analysis |
| 6. Global Geosteering Market, By Application, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 6.1. Petroleum Development |
| 6.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Natural Gas Transportation |
| 6.2.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Others |
| 6.3.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 7. Global Geosteering Market, By End User, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 7.1. Oil and Gas Companies |
| 7.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Energy Service Providers |
| 7.2.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Others |
| 7.3.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 8. Global Geosteering Market Forecast, By Region, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 8.1. North America |
| 8.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.1.3. Market Opportunity Analysis |
| 8.2. Europe |
| 8.2.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.2.3. Market Opportunity Analysis |
| 8.3. Asia-Pacific |
| 8.3.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.3.3. Market Opportunity Analysis |
| 8.4. Latin America |
| 8.4.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 8.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.4.3. Market Opportunity Analysis |
| 8.5. Middle East and Africa |
| 8.5.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 8.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.5.3. Market Opportunity Analysis |
| 8.6. Global Geosteering Market - Opportunity Analysis Index, By Product Type, By Application, By End User, and Region, 2023-2029 |
| 9. North America Geosteering Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 9.1. Product Type Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1. Logging While Drilling |
| 9.1.2. Measurement-While-Drilling |
| 9.1.3. Rotary Steerable Systems |
| 9.1.4. Drive Systems |
| 9.1.5. Others |
| 9.2. Application Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1. Petroleum Development |
| 9.2.2. Natural Gas Transportation |
| 9.2.3. Others |
| 9.3. End User Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.3.1. Oil and Gas Companies |
| 9.3.2. Energy Service Providers |
| 9.3.3. Others |
| 9.4. Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 9.4.1. USA |
| 9.4.2. Canada |
| 9.5. North America Geosteering Market - Opportunity Analysis Index, By Product Type, By Application, By End User, and Country, 2023-2029 |
| 9.6. North America Geosteering Market Dynamics - Trends |
| 10. Europe Geosteering Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 10.1. Product Type Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1. Logging While Drilling |
| 10.1.2. Measurement-While-Drilling |
| 10.1.3. Rotary Steerable Systems |
| 10.1.4. Drive Systems |
| 10.1.5. Others |
| 10.2. Application Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1. Petroleum Development |
| 10.2.2. Natural Gas Transportation |
| 10.2.3. Others |
| 10.3. Others End User Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1. Oil and Gas Companies |
| 10.3.2. Energy Service Providers |
| 10.3.3. Others |
| 10.4. Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 10.4.1. Germany |
| 10.4.2. UK |
| 10.4.3. France |
| 10.4.4. Spain |
| 10.4.5. Italy |
| 10.4.6. Rest of Europe |
| 10.5. Europe Geosteering Market - Opportunity Analysis Index, By Product Type, By Application, By End User, and Country, 2023-2029 |
| 10.6. Europe Geosteering Market Dynamics - Trends |
| 11. Asia-Pacific Geosteering Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 11.1. Product Type Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1. Logging While Drilling |
| 11.1.2. Measurement-While-Drilling |
| 11.1.3. Rotary Steerable Systems |
| 11.1.4. Drive Systems |
| 11.1.5. Others |
| 11.2. Application Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1. Petroleum Development |
| 11.2.2. Natural Gas Transportation |
| 11.2.3. Others |
| 11.3. End User Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1. Oil and Gas Companies |
| 11.3.2. Energy Service Providers |
| 11.3.3. Others |
| 11.4. Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 11.4.1. China |
| 11.4.2. India |
| 11.4.3. Japan |
| 11.4.4. ASEAN |
| 11.4.5. Australia & New Zealand |
| 11.4.6. Rest of Asia-Pacific |
| 11.5. Asia-Pacific Geosteering Market - Opportunity Analysis Index, By Product Type, By Application, By End User, and Country, 2023-2029 |
| 11.6. Asia-Pacific Geosteering Market Dynamics - Trends |
| 12. Latin America Geosteering Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 12.1. Product Type Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1. Logging While Drilling |
| 12.1.2. Measurement-While-Drilling |
| 12.1.3. Rotary Steerable Systems |
| 12.1.4. Drive Systems |
| 12.1.5. Others |
| 12.2. Application Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1. Petroleum Development |
| 12.2.2. Natural Gas Transportation |
| 12.2.3. Others |
| 12.3. End User Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 12.3.1. Oil and Gas Companies |
| 12.3.2. Energy Service Providers |
| 12.3.3. Others |
| 12.4. Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 12.4.1. Brazil |
| 12.4.2. Mexico |
| 12.4.3. Rest of Latin America |
| 12.5. Latin America Geosteering Market - Opportunity Analysis Index, By Product Type, By Application, By End User, and Country, 2023-2029 |
| 12.6. Latin America Geosteering Market Dynamics - Trends |
| 13. Middle East and Africa Geosteering Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 13.1. Product Type Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 13.1.1. Logging While Drilling |
| 13.1.2. Measurement-While-Drilling |
| 13.1.3. Rotary Steerable Systems |
| 13.1.4. Drive Systems |
| 13.1.5. Others |
| 13.2. Application Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 13.2.1. Petroleum Development |
| 13.2.2. Natural Gas Transportation |
| 13.2.3. Others |
| 13.3. End User Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 13.3.1. Automotive Industry |
| 13.3.2. Communication And Technology Industry |
| 13.3.3. Consumer Electronics Industry |
| 13.4. Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 13.4.1. Gulf Cooperation Council (GCC) Countries |
| 13.4.2. South Africa |
| 13.4.3. Rest of MEA |
| 13.5. MEA Geosteering Market- Opportunity Analysis Index, By Product Type, By Application, By End User, and Country, 2023-2029 |
| 13.6. MEA Geosteering Market Dynamics - Trends |
| 14. Competition Landscape |
| 14.1. Strategic Dashboard of Top Market Players |
| 14.2. Company Profiles (Introduction, Financial Analysis, Key Product Types, Key Developments, Strategies, and SWOT Analysis |
| 14.2.1. Cougar Drilling Solution Inc. |
| 14.2.2. Exlog |
| 14.2.3. Emerson Paradigm Holding LLC |
| 14.2.4. Halliburton Energy Services, Inc. |
| 14.2.5. Geonaft |
| 14.2.6. Geotech Logging Services LLC |
| 14.2.7. ROGII Inc. |
| 14.2.8. HMG Software LLC |
| 14.2.9. Schlumberger Limited |
| 14.2.10. Terracosm Software, LLC |
| 15. Research Methodology |
| 16. Key Assumptions and Acronyms |
- Cougar Drilling Solution Inc.
- Exlog
- Emerson Paradigm Holding LLC
- Halliburton Energy Services, Inc.
- Geonaft
- Geotech Logging Services LLC
- ROGII Inc.
- HMG Software LLC
- Schlumberger Limited
- Terracosm Software, LLC