Middle East & Africa 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

Measurement-While-Drilling (MWD) Segment is Expected to be Fastest Growing During Forecast Period for MEA region

According to a new market research study on “MEA Geosteering Technology Market to 2027 - COVID-19 Impact and Regional Analysis and Forecast by Product and Application” is expected to reach US$4,159.04 million by 2027 from US$2,175.75 million in 2019. The market is estimated to grow at a CAGR of 12.4% from 2020 to 2027. The report provides trends prevailing in the MEA geosteering technology market along with the drivers and restraints pertaining to the market growth. Rise in shale production and resulting hike in horizontal and unconventional drilling and upswing in demand for accurate real-time information to achieve highest production are the major factor driving the growth of the MEA geosteering technology market. However, excessive costs involved hinder the growth of MEA geosteering technology market. In the case of COVID-19, MEA is highly affected especially South Africa. The MEA region especially the GCC countries witnessed a notable decline in their oil & gas sector owing to sharp decline in demand of oil from major end-user countries across Asia, Europe and North American regions as a result, the countries registered a lowered volume of oil production and subsequently the demand for geosteering activities. Countries such as Saudi Arabia, UAE, Qatar and selected other members of OPEC countries also observed similar trends during the early months of the pandemic outbreak. Hence, the region also witnessed a significant decline in demand for the geosteering technologies during the first quarter of 2020. Furthermore, as the global oil prices plummeted significantly owing to limited demand further added to the considerable decline in production activities among the major oil producing MEA countries. Consequently, the discontinuation of drilling activities virtually disrupted the demand for any related supporting services and solution including MEA geosteering technology market. 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 MEA region for the next few quarters.

The MEA 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.; ROGII Inc.; Schlumberger Limited are among the leading companies in the MEA 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, Halliburton Energy Services, Inc. formed joint venture in Azerbaijan with SOCAR-AQS to provide oilfield products and services.

The report segments the MEA Geosteering Technology Market as follows:

MEA Geosteering Technology Market - By Product

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

MEA Geosteering Technology Market - By Application

• Petroleum Development
• Natural Gas Transportation
• Others

MEA Geosteering Technology Market - By Country

• Saudi Arabia
• UAE
• South Africa
• Rest of MEA

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