Dec 2, 2020   SOURCE: BusinessWire

Europe Geosteering Technology Market Forecast to 2027 - COVID-19 Impact and Regional Analysis - ResearchAndMarkets.com

The "Europe Geosteering Technology Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product, Measurement-While-Drilling, Rotary Steerable Systems, Drive Systems, and Others and Application" report has been added to ResearchAndMarkets.com's offering.

According to this report the European geosteering technology market is expected to reach US$7,620.25 million by 2027 from US$4,190.86 million in 2019.

The market is estimated to grow at a CAGR of 11.7% from 2020 to 2027. The report provides trends prevailing in the Europe geosteering technology market along with the drivers and restraints pertaining to the market growth. Surge in demand for precise real-time information to achieve maximum production and increase in production of shale and resulting rise in horizontal and unconventional drilling are the major factor driving the growth of the Europe geosteering technology market. However, expensive materials and overall manufacturing process hinder the growth of Europe geosteering technology market.

In the case of COVID-19, Europe is highly affected specially UK and Russia. In Europe, several countries are expected to suffer an economic hit of the decline in business activities across the oil & gas sector due to lowering oil prices in the first quarter of 2020. Many of these member states have implemented drastic measures on imports & exports, and shipment of goods including partially closing their borders impacting the demand for energy in various industry verticals. This is anticipated to impact market growth of geosteering technologies and its associated services in Europe following the outbreak of pandemic. The lockdown is expected to continue negative impact on the geosteering technology market in Europe due to disruption in oil & gas sector and drilling activities across selected countries. However, as several countries begin to reopen industry vertical and subsequently drive the demand for energy is expected to resume the drilling activities to support the growth. Thus, the market is projected to recover steadily over the coming period and gain traction for geosteering technologies during the later forecast period.

The Europe geosteering technology market is segmented in terms of product, application, and country. Based on the product, the market is segmented into logging while drilling (LWD), measurement-while-drilling (MWD), rotary steerable systems (RSS), drive systems, and others. Logging while drilling (LWD) segment held the largest market share in 2019. Measurement-while-drilling (MWD) segment is expected to be fastest growing during forecast period. Based on the application, the market is segmented into petroleum development, natural gas transportation, and others. The petroleum development segment held the largest share of market in 2019 and is expected to be fastest growing segment during forecast period.

Cougar Drilling Solution Inc.; Emerson Paradigm Holding LLC; Exlog; Geonaft; Halliburton Energy Services, Inc.; ROGII Inc.; Schlumberger Limited are among the leading companies in the Europe geosteering technology market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, Schlumberger Limited entered in JV with Rockwell Automation Inc. to develop Sensia, the oil and gas industry's pioneer of digital enabled automated integrated solution.

Reasons to Buy

  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Europe 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 Europe 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 Europe 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

Market Dynamics

Drivers

  • Surge in Demand for Precise Real-Time Information to Achieve Maximum Production
  • Increase in Production of Shale and Resulting Rise in Horizontal and Unconventional Drilling

Restraints

  • Expensive Materials and Overall Manufacturing Process

Opportunities

  • Rise in Initiatives by Market Players for Digitization of Geosteering Technology

Future Trends

  • Growing Demand for Intensive R&D

Companies Mentioned

  • Cougar Drilling Solution Inc.
  • Emerson Paradigm Holding LLC
  • Exlog
  • Geonaft
  • Halliburton Energy Services, Inc.
  • ROGII Inc.
  • Schlumberger Limited

For more information about this report visit https://www.researchandmarkets.com/r/6vaw28