New York, July 27, 2023 (GLOBE NEWSWIRE) -- The global rotary steerable system market size is slated to expand at ~7% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 8 billion by the end of 2035, up from a revenue of ~USD 4 billion in the year 2022. The primary application of an RSS is drilling wells, as it also contributes to energy production by enabling more efficient and cost-effective extraction of hydrocarbon resources.
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The global demand for energy is anticipated to rise by 55% between the year 2005 and 2030, it will surge from 11.4 billion tonnes to 17.7 billion tonnes. Furthermore, the demand will be highest in developing countries.
Rotary Steerable System Market: Key Takeaways
- Market in North America to Propel the highest growth
- The Onshore segment to garner the highest growth
- Market in Europe to grow at a tremendous rate
Higher Exploration of Unconventional Oil & Gas Sources to Expand the Growth of the Rotary Steerable System Market
Lately, the rotary steerable system has found its application in the extraction of unconventional oil and gas. A directional drilling tool is a specific equipment that is most suitable for the drilling of these sources, including oil sands and shale gas. Oil sand is widely available all across the world. Nevertheless, the one in Venezuela and Alberta has the largest volume. It is expected that oil sand in Alberta has about 2 to 3 trillion barrels of oil, which is confined to the mixture of oil and sand. On the other hand, the world has realized the potential of natural gas, which naturally has increased its demand and production. As per the statistics of the U.S. Energy Information Administration, the production of natural gas from shale gas across the globe will expectedly increase from 42 Bcf/d to 168 Bcf/d between the years 2015 and 2040, respectively. Moreover, the overall production of natural gas in the world is most likely to ascend from 342 billion cubic feet each day to 554 Bcf/d during the same time frame.
Rotary Steerable System Market: Regional Overview
The global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Higher Shale Gas Production to Boost Market Growth in North America Region
The market in North America region is estimated to have the highest share by the end of 2035. The region possesses vast shale gas reserves, particularly in the United States, including major basins such as Marcellus, Barnett, and Haynesville. These basins are characterized by large quantities of recoverable shale gas, providing a strong resource base for production. Therefore, the generation of shale gas has particularly increased in the region which is primarily the region’s market growth. The extraction of shale gas in the United States will jump to 16.7 million MMcf by 2040 from the levels of 7.8 million MMcf in 2011, as per the estimates of the U.S. Bureau of Labor. Owing to this increased extraction, by 2040, the production of shale gas in the country will beat around 40% production of total natural gas in China. Besides this, Canada will be responsible for around 30% of the total natural gas production of North America by 2040.
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Growing Demand for Oil & Gas to Elevate Market Growth in the Europe Region
The Europe rotary steerable system market is projected to have significant growth by the end of 2035. The economic expansion and increased industrial activities have contributed to a rise in oil demand which is attributed to the region’s market growth. As the economies grow, there is an increased need for transportation, manufacturing, and energy generation, which typically rely heavily on oil-based products. Moreover, after the removal of the COVID-19 movement restriction, the demand for jet kerosene surged by 25.55%. Furthermore, the efforts to transition to cleaner and more sustainable energy sources, such as renewable energy and electric vehicles, are also underway in Europe, which further drives its market growth.
Rotary Steerable System Segmentation by Type
- Push the Bit
- Point the Bit
On the basis of type, the push the bit segment is expected to gain the highest market revenue over the forecasted period. It has become an attractive option, since it enables simultaneous rotation and steering of the drill bit, providing more efficient drilling. It aids drillers to navigate through complex formations, reach specific targets, and optimize reservoir contact. According to the count of the International Association of Directional Drilling (IADD), different brands in the world have deployed around 70 different models of RSS technology as of August 2020, out of which around 70% are push the bit type RSS. Furthermore, push the bit is a valuable tool in increasing the hydrocarbon recovery as it provides accurate wellbore placement and boosts the production rate and overall efficiency of the well.
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Rotary Steerable System Segmentation by Application
- Onshore
- Offshore
By 2035, the onshore segment is expected to have the biggest market share of the two applications of rotary steerable systems. The drilling of onshore rigs for the extraction of crude oil has been increased, therefore the demand for oil rigs on the land is also elevated. Out of all the oil rigs present in the world, most of them are positioned on land. Onshore drilling operations may encounter unstable formations or hazardous zones. RSS tools have real-time measurements and steering capabilities that allow drillers to unfold such formations, improving wellbore stability and avoiding potential drilling hazards. Moreover, in 2021 nearly 1300 oil rigs were operating on onshore wells, which is a big number when compared to around 200 offshore rigs.
A few of the well-known market leaders in the global rotary steerable system market that are profiled by Research Nester are Halliburton Energy Services, Inc., Schlumberger Limited, Weatherford International Plc, APS Technology, Inc., Baker Hughes Company, NOV, Inc., Double Barrel RSS, Nabors Industries, Ltd., Gyrodata Incorporated, D-Tech Rotary Steerable, and other key market players.
Recent Developments in the Market
- November 2021, Halliburton Company, announced the launch of their next-generation drilling system, iCruise X Intelligent Rotary Steerable System. It is designed to run for a longer duration and tackle even a harsher area while not compromising the accuracy of the good placement. It performs well even in high-temperature settings and gives higher steering power.
- August 2021, Schlumberger, introduced Autonomous Directional Drilling, which autonomously steers to any part of the wellbore. It is an enormous advancement in the digital revolution of the drilling sector, it will help consumers in achieving unprecedented levels of efficient construction of well, with better uniformity, and supports compliance to sustainability.
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