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The rotary steerable systems market share is expected to increase to USD 2.92 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 7.69%.
This rotary steerable systems market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers rotary steerable systems market segmentation by application (onshore and offshore) and geography (North America, Europe, APAC, Middle East and Africa, and South America). The rotary steerable systems market report also offers information on several market vendors, including APS Technology Inc., Baker Hughes Co., Compass Directional Guidance Inc., D Tech Rotary Steerable, DoubleBarrel RSS, Enteq Upstream Plc, Gyrodata Inc., Halliburton Co., Huisman Equipment BV, HXR Drilling Services, INCO DRILLING BV, LEAM Drilling Services, NOV Inc., Schlumberger Ltd., Scientific Drilling International, Turbo Drill Industries Inc., and Weatherford International Plc among others.
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Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increase in investments toward directional drilling is notably driving the rotary steerable systems market growth, although factors such as volatility of global crude oil prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the rotary steerable systems industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Rotary Steerable Systems Market Driver
Key Rotary Steerable Systems Market Trend
Key Rotary Steerable Systems Market Challenge
This rotary steerable systems market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global rotary steerable systems market as a part of the global oilfield equipment and services within the global oil and gas market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the rotary steerable systems market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the rotary steerable systems market encompasses successful business strategies deployed by the key vendors. The rotary steerable systems market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The rotary steerable systems market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the rotary steerable systems market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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50% of the market's growth will originate from North America during the forecast period. The US and Canada are the key markets for the rotary steerable systems market in North America. Market growth in this region will be faster than the growth of the market in other regions.
Recovery in crude oil prices and the significant growth in shale oil production in the US will facilitate the rotary steerable systems market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 had a negative impact on the rotary steerable systems market in North America. However, the reducing number of COVID-19 cases and lifting of lockdowns due to large vaccination drives will increase the mass movement and transportation, thereby increasing the demand for crude oil. This will help E&P companies to recover and increase investment in oil and gas projects. These factors are expected to drive the regional market during the forecast period.
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The rotary steerable systems market share growth by the onshore segment will be significant during the forecast period. Drilling automation is rapidly finding applications in onshore oil and gas projects. Onshore and offshore drilling machines are similar in function and require the installation of additional equipment, such as exploratory equipment and separators, to segregate wastewater from oil pumps, storage tanks, and pipelines. However, onshore drilling involves the setting up of oil rigs and the drilling of oil wells on land surfaces. These projects require a lower initial cost and lesser time compared with offshore drilling. Such factors will boost the market growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the rotary steerable systems market size and actionable market insights on post COVID-19 impact on each segment.
Rotary Steerable Systems Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.69% |
Market growth 2022-2026 |
$ 2.92 billion |
Market structure |
Fragmented |
YoY growth (%) |
6.82 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 50% |
Key consumer countries |
US, Canada, Oman, China, Russia, and Argentina |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
APS Technology Inc., Baker Hughes Co., Compass Directional Guidance Inc., D Tech Rotary Steerable, DoubleBarrel RSS, Enteq Upstream Plc, Gyrodata Inc., Halliburton Co., Huisman Equipment BV, HXR Drilling Services, INCO DRILLING BV, LEAM Drilling Services, NOV Inc., Schlumberger Ltd., Scientific Drilling International, Turbo Drill Industries Inc., and Weatherford International Plc |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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