Rotary Steerable Systems Market by Application and Geography - Forecast and Analysis 2022-2026

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.

What will the Rotary Steerable Systems Market Size be During the Forecast Period?

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Rotary Steerable Systems Market: Key Drivers, Trends, and Challenges

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

• The increase in investments toward directional drilling is one of the key drivers supporting the rotary steerable systems market growth.
• Directional drilling helps control the direction of the wellbore being drilled as the drill bit moves through a predetermined path underground.
• Directional drilling is mainly adopted for offshore and unconventional oil and gas production as they support oil and gas production from multiple underlying wells from a single vertical well and reduce the need for drilling multiple wells.
• Directional drilling is an unconventional drilling technique widely used for the production of oil and gas from unconventional reserves. Moreover, it helps reach the shale reservoir with a horizontal path to cover maximum contact with the reservoir.
• According to the IEA, the global investment in upstream oil and gas is expected to increase by around 5% in 2018 compared to 2017. However, the increase in upstream investments varies based on the upstream oil and gas companies. This, in turn, will drive market growth during the forecast period.

Key Rotary Steerable Systems Market Trend

• An increase in the adoption of integrated rotary steerable systems is one of the key rotary steerable systems market trends contributing to the market growth.
• The use of an integrated rotary steerable system is essential to increase the stability of wells drilled in multistage hydraulic fracturing.
• An integrated drilling system 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.
• There is an increase in the adoption of integrated directional drilling equipment for unconventional oil and gas drilling activities, which will provide more efficient and reliable equipment for oil and gas production. Thus, this factor is expected to contribute to the market growth during the forecast period.

Key Rotary Steerable Systems Market Challenge

• The volatility of global crude oil prices is one of the factors hampering the rotary steerable systems market growth.
• The rapid decline in crude oil prices has affected the profitability of many upstream companies and impacted the revenue generated by them.
• Several oil and gas companies stopped or postponed their exploration and production projects as the low revenue made it difficult for companies to sustain themselves in the market.
• The fluctuations in the prices can be seen on a monthly basis as well. For instance, the monthly average crude oil price was recorded at $57 per barrel in October 2019. In September and August 2019, the average crude oil prices were recorded at $60.0 and $57.7 per barrel, respectively.
• The uncertainty of crude oil prices may affect the investments in exploration and production projects, which would affect the growth of the global rotary steerable systems market during the forecast period.

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.

Parent Market Analysis

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.

Who are the Major Rotary Steerable Systems Market Vendors?

The report analyzes the market's competitive landscape and 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.
• Weatherford International Plc

 

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.

Product Insights and News

• APS Technology Inc. - The logging while driving segment includes SureLog Ipzig, SureLog WPR, and others. 
• APS Technology Inc. - The company offers rotary steerable systems named SureSteer Rotary Steerable Motor, which combines a rotary steerable steering unit with a drilling motor power section. 

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.

Rotary Steerable Systems Market Value Chain Analysis

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.

Which are the Key Regions for Rotary Steerable Systems Market?

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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.

What are the Revenue-generating Application Segments in the Rotary Steerable Systems Market?

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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.

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What are the Key Data Covered in this Rotary Steerable Systems Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive rotary steerable systems market growth during the next five years
• Precise estimation of the rotary steerable systems market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the rotary steerable systems industry across North America, Europe, APAC, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of rotary steerable systems market vendors

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