LONDON--(BUSINESS WIRE)--Technavio has announced the release of their research report on the global rotary steerable systems market for the forecast period 2019-2023. This rotary steerable systems market analysis report segments the market by application (onshore and offshore) and geography (the Americas, APAC, and EMEA).
Global rotary steerable systems market size will grow by over USD 2 billion during 2019-2023, at a CAGR of more than 7%. The primary motive of advance of oil and gas equipment is to reduce the drilling time and cost of drilling, to increase the profitability of the companies, and at the same time improve the productivity of oil and gas drilling activities. The implementation of integrated rotary steerable system is crucial in increasing the stability of wells drilled in multistage hydraulic fracturing. It provides a customized, high-performance and high-velocity drilling motor that can be remotely navigated through the reservoir by integrating the rotary steerable system with measurement-while-drilling equipment, which provides various types of data required for effective steering through the underground reservoir.
Directional drilling controls the direction of the wellbore being drilled as the drill bit moves through a predetermined path underground. Directional drilling consists of horizontal wells, multilateral wells, and extended-reach wells. It is primarily used in offshore and unconventional oil and gas production, as they are able to support oil and gas production from multiple underlying wells from a single vertical well and reduce the need for drilling multiple wells. This also increases the reservoir contact in the form of horizontal wells.
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“Nearly 55% of the market’s growth will come from the Americas. In this region, US is the leading refiner and consumer of crude oil. The low availability of conventional crude oil reserves in the US and Canada is driving these countries to invest in oil and gas production from alternative reserves which is increasing in unconventional oil and gas production. In order to gain access to natural gas supporting the large-scale production of shale gas using the directional drilling technique, the production of shale gas using directional drilling techniques is widely adopted in the US,” says an analyst at Technavio.
Companies such as ExxonMobil announced an expansion plan to triple the shale production per day in the Permian Basin by 2025. In the US, the Permian Basin is a major unconventional oil and gas producing region. In March 2018 China's state-owned oil company, China Petrochemical, prepared to increase its investment by around 20% in 2018 compared to 2017. These investments will be made toward upstream expansion in natural gas production, which includes enhanced storage, pipeline construction, and shale gas production in the city of Chongqing.
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This rotary steerable systems industry research report provides in-depth analysis of the major drivers, upcoming trends, and challenges that will impact market growth over the forecast period. The report analyzes the competitive landscape and offers details on several rotary steerable systems products manufacturers including –
Some of the key topics covered in the report include:
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