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Geosteering Technology Market to Grow at a CAGR of 11.8% to reach US$ 27.91 Billion from 2020 to 2027

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Geosteering Technology Market to Grow at a CAGR of 11.8% to reach US$ 27.91 Billion from 2020 to 2027

March 10
13:30 2021
Geosteering Technology Market to Grow at a CAGR of 11.8% to reach US$ 27.91 Billion from 2020 to 2027
Geosteering Technology Market Forecast to 2027 – COVID-19 Impact and Global Analysis by Product (Logging While Drilling, Measurement-While-Drilling, Rotary Steerable Systems, Drive Systems, and Others) and Application (Petroleum Development, Natural Gas Transportation, and Others), and Geography

The COVID-19 pandemic continues to negatively influence the overall oil & gas industry owing to considerable disruption in the industry supply chain activities coupled with the several countries sealing off their international trade in wake of the pandemic.. , The discontinuation of drilling activities significantly disrupted the demand for any related supporting services and solution including geosteering technologies. As a result, several countries have witnessed significant negative impact on their demand for overall oil & gas and subsequently the geosteering related solution as well as services. Hence, the geosteering technologies market witnessed substantial decline in demand during the early months of 2020, however, the demand resumed upon the continuation of economic activities. Thus, the global market is projected to recover the lack of demand during the coming months and the subsequent years.

Geosteering technology helps in adjusting well placement while drilling to enhance the well’s overall performance. This technology utilizes the information across various equipment, geological insights and other critical data repositioning or redirecting the equipment during the drilling process.. Growing global population is driving the demand for oil and gas worldwide, leading to an increased usage of geosteering technology. For example, according to the Organization of the Petroleum Exporting Countries, in 2017, the global oil demand amounted to 97.32 million barrels per day. However, the global supply of oil was 96.10 million barrels per day. Thus, leading to increased investment in oil field exploration projects and subsequently geosteering related services in coming years. In August 2018, ExxonMobil announced the discovery of an oilfield in Guyana, South America. Increase in oil well drilling activities at the global level is also driving the growth of the geosteering technology market. For instance, according to the World Oil, in 2017, a total number of 58,294 oil well drilling activities took place. Such factors are anticipated to propel market growth in the near future.

 

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The List of Companies: Cougar Drilling Solution Inc., Emerson Paradigm Holding LLC, Exlog, Geonaft, Geotech Logging Services LLC, Halliburton Energy Services, HMG Software LLC, ROGII Inc., Schlumberger Limited, Terracosm Software

The latest research report on the “Geosteering Technology Market – Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027” provides a comprehensive assessment of the Geosteering Technology market for the forecast period from 2020 to 2027, including market values for the years 2018 and 2019. The investigative report provides a detailed analysis of the impact of COVID-19 on various segments in the Geosteering Technology market based on product type, application, and end-use across numerous countries around the world. Further, the report also provides insights into market developments, trends, supply and demand changes across various regions across the globe. Thereby, the report provides a holistic view on the Geosteering Technology Market in order to help decision makers with various strategic insights and future outlook. The Geosteering Technology market is expected to witness continued growth during the forecast period from 2020 to 2027.

This is a professional and in-depth study on the current state of the Geosteering Technology Market with a basic overview of the industry including definitions, classifications, applications and industry chain structure. The Strategic Insights and Development plans are also discussed and manufacturing processes and cost structures analyzed. Geosteering Technology Market import/export consumption, supply and demand figures and cost price and production value gross margins are also provided.

The report focuses on global major leading Geosteering Technology Market players providing information such as company profiles, product picture and specification, capacity, production, price, cost, revenue and contact information. Upstream raw materials and equipment and downstream demand analysis is also carried out.

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