North America 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

Logging While Drilling (LWD) Segment to Dominate North America Geosteering Technology Market during 2019-2027

According to a new market research study on “North America Geosteering Technology Market to 2027 - COVID-19 Impact and Regional Analysis and Forecast by Product and Application” is expected to reach US$8,597.20 million by 2027 from US$4,988.03 million in 2019. The market is estimated to grow at a CAGR of 11.0% from 2020 to 2027. The report provides trends prevailing in the North America geosteering technology market along with the drivers and restraints pertaining to the market growth. Rising demand for precise real-time information to achieve highest production and growing production of shale and resulting hike in horizontal and unconventional drilling are the major factor driving the growth of the North America geosteering technology market. However, high materials and manufacturing process cost hinder the growth of North America geosteering technology market.

In the case of COVID-19, the North America especially the US region witnessed an unprecedented rise in number of COVID cases which disrupted its manufacturing activities across several industry vertical including oil & gas sector and subsequently impacted the demand for geosteering technologies during the early months of 2020. Moreover, the considerable decline in overall global oil prices further restricted the oil drilling and other activities that negatively influenced the demand for geosteering services among its considerably large end-user base. Similar trend was also witnessed in other North American countries i.e., Canada and Mexico. However, the countries are expected to overcome the swift drop in demand as the countries continue to open their economic activities especially in the latter half of 2020 for revival of business activities in various industry verticals. The coronavirus outbreak's impact is anticipated to be quite severe in the year 2020 and likely in 2021. Hence, the ongoing COVID-19 crisis and critical situation will impact the geosteering technology market growth of the North America region for the next few quarters.

The North America 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; Geotech Logging Services LLC; Halliburton Energy Services, Inc.; HMG Software LLC; ROGII Inc.; Schlumberger Limited; Terracosm Software, LLC are among the leading companies in the North America 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 2020, Emerson Paradigm Holding LLC released Paradigm 19 software suits for all its all E&P software domains which will save cost, increase workflow efficiency, and educed uncertainty. The software suite is available for cloud as well as on premise platform.

The report segments the North America Geosteering Technology Market as follows:

North America Geosteering Technology Market - By Product

• Logging While Drilling (LWD)
• Measurement-While-Drilling (MWD)
• Rotary Steerable Systems (RSS)
• Drive Systems
• Others

North America Geosteering Technology Market - By Application

• Petroleum Development
• Natural Gas Transportation
• Others

North America Geosteering Technology Market - By Country

• US
• Canada
• Mexico

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