Rotary Steerable Systems Market Size to Grow by USD 2.92 Billion, Increase in Investments Toward Directional Drilling to Drive Growth – Technavio

NEW YORK, Aug. 16, 2022 /PRNewswire/ — A rotary steerable system is a directional drilling tool that is designed for continuous rotation from the surface while drilling. Thus, it eliminates the need to slide the steerable motor. Rotary steerable systems are employed for directional drilling, horizontal drilling, and extended-reach drilling of wells. These systems offer the ability to drill directionally. In addition, these systems do not require stopping or slowing down to change direction, which enables continuous drilling activities.

Attractive Opportunities in Rotary Steerable Systems Market by Application and Geography – Forecast and Analysis 2022-2026

The rotary steerable systems market size is expected to grow by USD 2.92 billion from 2021 to 2026. In addition, the growth momentum of the market will accelerate at a CAGR of 7.69% during the forecast period.

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Market Driver

The increase in investments toward directional drilling is driving the growth of the market. Directional drilling helps in controlling the direction of the wellbore being drilled. It is mainly used for offshore and unconventional oil and gas production. Moreover, it helps reach the shale reservoir with a horizontal path to cover maximum contact with the reservoir. According to the IEA, the global investment in upstream oil and gas grew by around 5% in 2018 compared to 2017. The increase in upstream investments varies based on the upstream oil and gas companies. These factors will drive market growth during the forecast period.

Key Vendors

The rotary steerable systems market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market. APS Technology Inc., Baker Hughes Co., Compass Directional Guidance Inc., D Tech Rotary Steerable, DoubleBarrel RSS, Enteq Upstream Plc, Gyrodata Inc., Halliburton Co., Huisman Equipment BV, HXR Drilling Services, INCO DRILLING BV, LEAM Drilling Services, NOV Inc., Schlumberger Ltd., Scientific Drilling International, Turbo Drill Industries Inc., and Weatherford International Plc, among others, are the main players in the market.

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Rotary Steerable Systems Market Application Outlook (Revenue, USD bn, 2021-2026)

Rotary Steerable Systems Market Geography Outlook (Revenue, USD bn, 2021-2026)

  • North America – size and forecast 2021-2026

  • Europe – size and forecast 2021-2026

  • APAC – size and forecast 2021-2026

  • Middle East and Africa – size and forecast 2021-2026

  • South America – size and forecast 2021-2026

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Revenue-generating Application Segment

The onshore segment will be the largest revenue-generating application segment during the forecast period. Drilling automation is mainly used in onshore oil and gas projects. Onshore drilling includes the setting up of oil rigs as well as the drilling of oil wells on land surfaces. These projects have a low initial cost and time compared with offshore drilling. Such factors will fuel the growth of this segment during the forecast period.

Regional Analysis

North America will account for 50% of the market’s growth during the forecast period. The growth of this region is attributed to factors such as the recovery in crude oil prices and the significant growth in shale oil production in the US. Moreover, market growth in this region will be faster than the growth of the market in other regions. The US and Canada are the key countries for the rotary steerable systems market in North America.

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Rotary Steerable Systems Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 7.69%

Market growth 2022-2026

USD 2.92 billion

Market structure

Fragmented

YoY growth (%)

6.82

Regional analysis

North America, Europe, APAC, Middle East and Africa, and South America

Performing market contribution

North America at 50%

Key consumer countries

US, Canada, Oman, China, Russia, and Argentina

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

APS Technology Inc., Baker Hughes Co., Compass Directional Guidance Inc., D Tech Rotary Steerable, DoubleBarrel RSS, Enteq Upstream Plc, Gyrodata Inc., Halliburton Co., Huisman Equipment BV, HXR Drilling Services, INCO DRILLING BV, LEAM Drilling Services, NOV Inc., Schlumberger Ltd., Scientific Drilling International, Turbo Drill Industries Inc., and Weatherford International Plc

Market dynamics

Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Table of Contents

1 Executive Summary

  • 1.1 Market overview

2 Market Landscape

  • 2.1 Market ecosystem

3 Market Sizing

  • 3.1 Market definition

  • 3.3 Market size 2021

4 Five Forces Analysis

  • 4.1 Five forces summary

  • 4.6 Threat of rivalry

  • 4.7 Market condition

5 Market Segmentation by Application

  • 5.1 Market segments

6 Customer Landscape

7 Geographic Landscape

8 Drivers, Challenges, and Trends

  • 8.1 Market drivers

  • 8.2 Market challenges

  • 8.4 Market trends

9 Vendor Landscape

  • 9.1 Overview

  • 9.2 Vendor landscape

  • 9.3 Landscape disruption

  • 9.4 Industry risks

10 Vendor Analysis

  • 10.1 Vendors covered

  • 10.3 APS Technology Inc.

  • 10.4 Baker Hughes Co.

  • 10.6 DoubleBarrel RSS

  • 10.7 Halliburton Co.

  • 10.9 NOV Inc.

  • 10.10 Schlumberger Ltd.

11 Appendix

  • 11.1 Scope of the report

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Email: media@technavio.com
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Technavio (PRNewsfoto/Technavio)

Cision

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SOURCE Technavio

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