Geosteering Market is expected to be Valued at USD 8,267.4 Million in 2022, Increase in the R&D activities For a Better Horizontal Drilling

According to Precision Business Insights (PBI), the latest report, geosteering market size is expected to be valued at USD 8,267.4 million in 2022 which is expected to grow at a CAGR of 9.5% over 2022-2028. The primary factors that drive the geosteering market growth are increasing shale production, subsequent hikes in horizontal and unconventional drilling, and increasing demand for accurate real-time information in order to get the highest production.

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Rotary Steerable System to Dominate the Geosteering Market:
Based on product type, the rotary steerable system holds the highest market share. The major factor for the rise of this segment is that it provides good surface control which may permit maneuverability to geosteer vis complicated geology, minimize seismic ambiguity, and make important decisions related to geosteering to locate the well in specific positions. This helps in predicting real-time control and perception in order to increase zonal understandings and get the most of the well at minimum cost. These properties can drive the growth of the global geosteering market growth. Apart from this, increasing demand for oil and gas production can also drive the growth of the market as it relies on the geosteering technology market.

North America Geosteering Market:
North America leads the global geosteering market due to the presence of major oil and gas basins in these regions which provides fertile ground for the expansion of the industry. North America leads the global market due to entrenched research infrastructure, increasing funding from public and private sectors, and rising collaborations among global key players have contributed to increasing the sales of geosteering in this region. Apart from this, the major factor that drives the market in this region is the increase in shale gas and oil production in various onshore basins such as the Permian in the United States which majorly relies on geosteering services.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global Geosteering market further reveals that the key players are implementing strategies such as the extension of product collection through research and development activities, product launches, acquisitions, mergers, and strategic alliances to improve their market position and strengthen the market revenue share. In February 2022, Schlumberger announced a new drilling service, GeoSphere 360 3D reservoir mapping while drilling service. In November 2021, iCruise X intelligent rotary steerable system was introduced by Halliburton Company which provides accurate placement and drilling mechanism in less time.

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The geosteering market is segmented based on, product type, application, end users, and region.
Based on the product type, the market is segmented into the following:
• Logging While Drilling
• Measurement-While-Drilling
• Rotary Steerable Systems
• Drive Systems
• Others

Based on the application type, the market is segmented into the following:
• Petroleum Development
• Natural Gas Transportation
• Others

Based on the end users, the market is segmented into the following:
• Oil and Gas Companies
• Energy Service Providers
• Others

Based on the region, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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Key players' profiles in the geosteering market report are 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, and Terracosm Software LLC.

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