South 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

Petroleum Development Segment to Dominate SAM Geosteering Technology Market during 2019-2027

According to a new market research study on “SAM Geosteering Technology Market to 2027 - COVID-19 Impact and Regional Analysis and Forecast by Product and Application” is expected to reach US$1,926.00 million by 2027 from US$1,146.47 million in 2019. The market is estimated to grow at a CAGR of 10.6% from 2020 to 2027. The report provides trends prevailing in the SAM geosteering technology market along with the drivers and restraints pertaining to the market growth. Increasing demand for precise real-time information to achieve highest production and escalating production of shale and resulting rise in horizontal and unconventional drilling are the major factor driving the growth of the SAM geosteering technology market. However, high costs involved hinder the growth of SAM geosteering technology market.
In the case of COVID-19, SAM is highly affected especially Brazil. The Brazil has the highest number of COVID-19 cases, followed by Ecuador, Chile, Peru, and Argentina, among others. Among the SAM countries, Brazil continues to occupy a dominant position in the region’s overall oil producing capabilities. The country also witnessed a major decline in its oil drilling activities following the huge decline in oil prices and subsequent limited drilling activities similar to other global market players. Thus, the country also registered a sharp decline in the demand for geosteering technologies owing to the outbreak of COVID-19 across the SAM region and subsequent lower business activities in the oil & gas sector. Other SAM countries have also witnessed significant negative impact of COVID-19 in their demand for overall oil & gas and subsequently the geosteering related solution as well as services in the wake of global pandemic. Hence, the SAM geosteering technology market witnessed substantial decline in demand during the early months for the year 2020. 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 SAM region for the next few quarters.

The SAM 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 SAM 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, ROGII Inc. introduced Solo Cloud, a platform that integrates company's StarSteer and all Solo products, which enable the clients to seamlessly monitor & manage their operations and access data.

The report segments the SAM Geosteering Technology Market as follows:

SAM Geosteering Technology Market - By Product

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

SAM Geosteering Technology Market - By Application

• Petroleum Development
• Natural Gas Transportation
• Others

SAM Geosteering Technology Market - By Country

• Brazil
• Argentina
• Rest of SAM

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