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By 2030, the market for rotary steerable systems is projected to be worth USD 12200.80 million, growing at a 6.7% CAGR from 2023 to 2030.
By the end of the forecast period, the global market for rotary steerable systems is anticipated to be worth USD 12200.80 million with a CAGR of 5.7%. Due to rising investments in the offshore drilling industry, it is predicted that the global market for rotary steerable systems would expand significantly over the forecast period. Additionally, it is anticipated that during the forecast period, the growing need for energy across the globe will aid in the expansion of the global market. However, during the projected period, environmental issues related to the hydraulic fracturing method are anticipated to hinder market growth. Despite this, it is anticipated that expanding shale gas production projects would offer profitable prospects for suppliers in the rotary steerable system market.
The need for directional drilling is anticipated to expand in the coming years, particularly in developing economies due to growing investments by major governments. India is expected to play a significant role in the rise of non-OECD countries' petroleum consumption. From US$70.72 billion in 2016–17 to US$101.4 billion in 2019–20, crude oil imports rose sharply.
Fracking, or hydraulic fracturing, is an oil and gas well development technique that involves drilling a well and injecting chemicals, sand and high-pressure water into a bedrock formation. With this process, new cracks will be formed in the rock in addition to extending, joining, and widening existing fractures. In order to increase oil and/or gas flow to a well from petroleum-bearing rock formations in low-permeability rocks such tight sandstone, shale, and some coal beds, hydraulic fracturing is a well-stimulation technique. A similar method is used to increase permeability in subsurface geothermal reservoirs. Hydraulic fracturing is used in several established oil and gas producing regions as well as other areas that are new to the petroleum industry.
the shove During the projected period, the bit is anticipated to have the greatest market share worldwide. Push-the-bit tools have pads on the outside of the tool that press against the wellbore and eventually cause the bit to press on the other side, changing the bit's direction. In the push-the-bit steering system, the drill bit makes a three-point contact with the lower, middle, and upper centralizers. Under the command of the control platform, the ribs extend and interact with the formation, and the reaction force of the formation performs the bias steering function of the bit direction. The drill directs the bit through a three-point contact with the lower, middle, and higher centralizers. Under the control of the control platform, the internal structure "bends" the system shaft, which is then attached to the drill shaft to implement the offset guiding function.
Report Coverage
Global Rotary Steerable System research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Rotary Steerable System report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Rotary Steerable System competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Rotary Steerable System market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Rotary Steerable System market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Rotary Steerable System market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Baker Hughes, a GE Company LLC, Halliburton, National Oilwell Varco, Schlumberger Limited, Weatherford International Plc, APS Technology, Inc., Double Barrel RSS, Nabors Industries, Ltd., Gyrodata Incorporated, Leam Drilling Systems, LLC, Target Energy Solutions, Huisman Equipment B.V., and D-Tech Rotary Steerable
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Rotary Steerable System market based on the below-mentioned segments:
Global Rotary Steerable System Market, By Type
Push the Bit
Point the Bit
Global Rotary Steerable System market, By Application
Onshore
Offshore
Global Rotary Steerable System market, Regional Analysis
By the end of the forecast period, the global market for rotary steerable systems is anticipated to be worth USD 12200.80 million with a CAGR of 5.7%. Due to rising investments in the offshore drilling industry, it is predicted that the global market for rotary steerable systems would expand significantly over the forecast period. Additionally, it is anticipated that during the forecast period, the growing need for energy across the globe will aid in the expansion of the global market. However, during the projected period, environmental issues related to the hydraulic fracturing method are anticipated to hinder market growth. Despite this, it is anticipated that expanding shale gas production projects would offer profitable prospects for suppliers in the rotary steerable system market.
The need for directional drilling is anticipated to expand in the coming years, particularly in developing economies due to growing investments by major governments. India is expected to play a significant role in the rise of non-OECD countries' petroleum consumption. From US$70.72 billion in 2016–17 to US$101.4 billion in 2019–20, crude oil imports rose sharply.
Fracking, or hydraulic fracturing, is an oil and gas well development technique that involves drilling a well and injecting chemicals, sand and high-pressure water into a bedrock formation. With this process, new cracks will be formed in the rock in addition to extending, joining, and widening existing fractures. In order to increase oil and/or gas flow to a well from petroleum-bearing rock formations in low-permeability rocks such tight sandstone, shale, and some coal beds, hydraulic fracturing is a well-stimulation technique. A similar method is used to increase permeability in subsurface geothermal reservoirs. Hydraulic fracturing is used in several established oil and gas producing regions as well as other areas that are new to the petroleum industry.
the shove During the projected period, the bit is anticipated to have the greatest market share worldwide. Push-the-bit tools have pads on the outside of the tool that press against the wellbore and eventually cause the bit to press on the other side, changing the bit's direction. In the push-the-bit steering system, the drill bit makes a three-point contact with the lower, middle, and upper centralizers. Under the command of the control platform, the ribs extend and interact with the formation, and the reaction force of the formation performs the bias steering function of the bit direction. The drill directs the bit through a three-point contact with the lower, middle, and higher centralizers. Under the control of the control platform, the internal structure "bends" the system shaft, which is then attached to the drill shaft to implement the offset guiding function.
Report Coverage
Global Rotary Steerable System research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Rotary Steerable System report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Rotary Steerable System competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Rotary Steerable System market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Baker Hughes, a GE Company LLC, Halliburton, National Oilwell Varco, Schlumberger Limited, Weatherford International Plc, APS Technology, Inc., Double Barrel RSS, Nabors Industries, Ltd., Gyrodata Incorporated, Leam Drilling Systems, LLC, Target Energy Solutions, Huisman Equipment B.V., and D-Tech Rotary Steerable |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Rotary Steerable System Market from 2021 to 2030.
- Market Forecast for Rotary Steerable System Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Rotary Steerable System competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Rotary Steerable System
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Rotary Steerable System market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Rotary Steerable System market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Baker Hughes, a GE Company LLC, Halliburton, National Oilwell Varco, Schlumberger Limited, Weatherford International Plc, APS Technology, Inc., Double Barrel RSS, Nabors Industries, Ltd., Gyrodata Incorporated, Leam Drilling Systems, LLC, Target Energy Solutions, Huisman Equipment B.V., and D-Tech Rotary Steerable
Primary Target Market
- Market Players of Rotary Steerable System
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Rotary Steerable System market based on the below-mentioned segments:
Global Rotary Steerable System Market, By Type
Push the Bit
Point the Bit
Global Rotary Steerable System market, By Application
Onshore
Offshore
Global Rotary Steerable System market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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