New York, US, Oct. 31, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Rotary Steerable System Market Research Report: Information by Type, Application and Region - Forecast till 2028, the market is anticipated to acquire a valuation of approximately USD 10,912.13 Million by the end of 2028. The reports further predict the market to flourish at a robust CAGR of over 5.74% during the assessment timeframe.
Rotary Steerable System Market Key Players
The global rotary steerable system market is fragmented and competitive due to the presence of numerous international and domestic industry players. Contracts, partnerships, collaborations, contracts, new product launches, joint ventures, geographic expansions, and other innovative techniques have been used by these players to stay ahead of the competition while satisfying increasing client demand. They are also investing in other research and development activities.
Eminent market players profiled in the global rotary steerable system market report include-
- Baker Hughes
- a GE Company LLC
- Halliburton
- National Oilwell Varco
- Schlumberger Limited
- Weatherford International Plc
- APS Technology, Inc.
- Double Barrel RSS
- Nabors Industries, Ltd.
- Gyrodata Incorporated
- Leam Drilling Systems, LLC
- Target Energy Solutions
- Huisman Equipment B.V.
- D-Tech Rotary Steerable
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Rotary Steerable System Market Report Scope:
| Report Metric | Details |
| Revenue forecast in 2028 | USD 10,912.13 Million |
| Growth Rate | CAGR of 5.74% from 2021 to 2028 |
| Base Year | 2020 |
| Study Period | 2021-2028 |
| Key Market Opportunities | New oilfield discoveries |
| Key Market Drivers | Increase in investments toward directional drilling |
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Rotary Steerable System Market Drivers
Rising Investments in Directional Drilling to Boost Market Growth
The market is expanding due to an increase in investments in directional drilling. Directional drilling aids in the control of the wellbore being drilled. Its primary application is in offshore and unconventional oil and gas extraction. Furthermore, it aids in reaching the shale reservoir via a horizontal approach to ensure maximum contact with the reservoir. According to the IEA, global investment in upstream oil and gas increased by about 5% in 2018 over 2017. The rise in upstream investments varies every upstream oil and gas company. During the forecast period, these factors will drive market growth.
Rotary Steerable System Market Opportunities
Surge in Energy Demand to offer Robust Opportunities
Energy demand has risen tremendously in recent years as a result of increasing urbanization and a fast growing global population. The majority of the world's energy is produced from fossil fuels, although the total energy supply based on fossil fuels amounts for 77% of the world's energy mix. Furthermore, the United Nations predicts that the world's population will reach around US$ 8.5 billion by 2027. The growing global population raises energy demand and consumption. As a result, rising demand for electricity for power generation is likely to propel the global rotary steerable system market forward.
Market Restraints and Challenges
Environmental Issues to act as Market Restraint
Various environmental issues associated with hydraulic fracturing process and growing attention to renewable energy may act as market restraints over the forecast period.
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COVID-19 Analysis
COVID-19 has had a significant impact on all industries worldwide. Because of the rapid growth, governments around the world have taken stronger measures for the functioning of industrial plants and offices, resulting in stricter lockdowns. The COVID-19 pandemic has had extensive economic effects on households and enterprises worldwide, which has ramifications for the rotary steerable system market forecast. The current reduction in oil prices has thrown a crushing blow to the already struggling business of rotary steerable systems. When the oil price fell from the mid-$50s to the low-$20s in early March 2020, many rotary steerable system companies were still battling with their balance sheets and profitability after the 2014 price drop and accompanying fallout. The COVID-19 crisis reduced demand, and a price war between OPEC & Russia ensued, resulting in this historic price reduction. As a result, the market for rotary steerable systems has grown.
Regional Analysis
North America to Lead Rotary Steerable System Market
North America had 43.59% of the market in 2020 and is likely to grow at a CAGR of 6.23% during the forecast period. Because of increased drilling and production activities, North America is one of the main rotary steerable system markets. Advances in hydraulic drilling technology in the United States have assisted operators in increasing shale production in this region. As a result, this country is indeed amid the most important markets for drilling rotary steerable system. In 2018, the United States had 968 operational rigs and over a million producing wells, making it one of the world's largest markets for drilling rotary steerable systems. This region's expansion is linked to causes such as the recovery of crude oil prices and the huge increase in shale oil production in the United States. Furthermore, market growth in this region will be faster than growth in other regions. North America's rotary steerable systems market is dominated by the United States and Canada.
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Europe to Have Significant Growth in Rotary Steerable System Market
Europe is divided into Russia, Germany, France, Italy, the United Kingdom, Norway, , Spain, and the Rest of Europe. Natural gas reserves in Europe's North Sea, Black Sea, Caspian, Mediterranean, Norwegian Sea, and Barents Sea, as well as the presence of huge shale gas reservoirs, give profitable potential for European and international market participants. Demand is extremely high in other countries, like the United Kingdom as well as the Netherlands. Because of decreased production levels in recent years and a shift to significantly deeper seas in search of new oil and gas reserves, the North Sea region offers a good market potential for drilling and completion fluids. Because of the recent reduction in crude oil prices, oil and gas companies have reduced output while simultaneously undertaking efficiency measures to reduce operational expenses. Norway's operating expenses have been reduced by 30%. The unit operating costs on the UK Continental Shelf have reduced by nearly 50% in the last two to three years, and this trend in fact is expected to continue.
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