The "Asia Pacific Geosteering Technology Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product, Measurement-While-Drilling, Rotary Steerable Systems, Drive Systems, and Others and Application" report has been added to ResearchAndMarkets.com's offering.
According to this report the market is expected to reach US$5,610.51 million by 2027 from US$2,766.90 million in 2019. The market is estimated to grow at a CAGR of 13.3% from 2020 to 2027. The report provides trends prevailing in the APAC geosteering technology market along with the drivers and restraints pertaining to the market growth. Escalating demand for precise real-time information to achieve maximum production and surge in production of shale and resulting hike in horizontal and unconventional drilling are the major factor driving the growth of the APAC geosteering technology market. However, high-priced materials and manufacturing process hinder the growth of APAC geosteering technology market.
In the case of COVID-19, APAC is highly affected specially China and India. The APAC region constitutes the world's two most populated countries as well as prominent oil producing countries across the APAC region. China virtually imposed strict lockdown and social isolation, which stopped manufacturing activities which resulted in shrinking its country's demand for oil and other energy commodities.
Thus, the drilling activities across the Chinese region plummeted significantly and resulted in weak demand for geosteering services. Similarly, India also imposed a nationwide lockdown to control the growing number of COVID-19 cases. Subsequently, the lockdown and disruption of various manufacturing activities contributed significantly in reduced drilling activities in oil & gas sector. Thus, the overall decline of activities in oil & gas industries collectively reduced the demand for geosteering technologies across the APAC countries during the early months of the 2020 due to the outbreak of virus in respective countries. The coronavirus outbreak's impact is anticipated to be quite severe in the year 2020 and likely in 2021. Hence, the ongoing COVID-19 crisis and critical situation will impact the geosteering technology market growth of the APAC region for the next few quarters.
The APAC geosteering technology market is segmented in terms of product, application, and country. Based on the product, the market is segmented into logging while drilling (LWD), measurement-while-drilling (MWD), rotary steerable systems (RSS), drive systems, and others. Logging while drilling (LWD) segment held the largest market share in 2019. Measurement-while-drilling (MWD) segment is expected to be fastest growing during forecast period. Based on the application, the market is segmented into petroleum development, natural gas transportation, and others. The petroleum development segment held the largest share of market in 2019 and is expected to be fastest growing segment during forecast period.
Reasons to Buy
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the APAC geosteering technology market.
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in APAC geosteering technology market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth APAC market trends and outlook coupled with the factors driving geosteering technology market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Escalating Demand for Precise Real-Time Information to Achieve Maximum Production
Surge in Production of Shale and Resulting Hike in Horizontal and Unconventional Drilling
High-Priced Materials and Manufacturing Process
Upswing in Initiatives by Market Players for Digitization of Geosteering Technology
Rising Demand for Intensive R&D
Cougar Drilling Solution Inc.
Emerson Paradigm Holding LLC
Halliburton Energy Services, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/mltw7m
View source version on businesswire.com: https://www.businesswire.com/news/home/20210104005387/en/
Laura Wood, Senior Press Manager
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