Growth of Rotary Steerable Systems Market to Be Impacted by the Increase in Investments Toward Directional Drilling | Technavio

  • Mar 19, 2020
  • Business Wire

LONDON--(BUSINESS WIRE)--The report, global rotary steerable systems (RSS) market 2020-2024, has been added to Technavio's catalog. It provides a comprehensive analysis of the market, including its global and regional market share, as well as market segmentation based on geographic regions and application for the forecast period 2020-2024.

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The report on the rotary steerable systems market includes:

Rotary Steerable Systems Market Analysis and Forecast 2020-2024: Features

Rotary Steerable Systems Market 2020-2024: Competitive Landscape

Rotary Steerable Systems Market Application Outlook (Revenue, USD Million, 2020-2024)

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Increase in investments toward directional drilling will drive the rotary steerable systems market

Directional drilling is an unconventional drilling technique which includes extended-reach wells, multilateral wells, and horizontal wells. This drilling technique helps in controlling the direction of the wellbore being drilled. The offshore and unconventional oil and gas production activities are carried out using directional drilling because they minimize the need to drill multiple wells. The production of oil and gas from unconventional reserves is increasing in countries such as Saudi Arabia, Canada, and the US due to the rise in investments and adoption of directional drilling technologies

Growing consumption of oil and gas – An emerging trend in the rotary steerable systems market

The global liquid fuel consumption is increasing due to the rise in industrialization and urbanization in developing countries, according to the EIA. Also, the consumption is expected to grow from 120 trillion cubic feet (Tcf) in 2012 to 203 Tcf in 2040. Some of the largest consumers of fuel in the world include Japan, South Korea, China, and India. This is propelling major oil and gas companies to meet this rise in fuel demand by increasing oil and gas exploration and production projects. As a result, several companies such as Lukoil, Shell, ExxonMobil, and TOTAL are expanding their exploration and production activities. Therefore, with the growth of directional drilling activities, the demand for rotary steerable systems will increase further over the forecast period.

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