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Dublin, December 18, 2020 (GLOBE NEWSWIRE) – The report “Geostation Services Market – Growth, Trends and Forecasts (2020-2025)” has been added to ResearchAndMarkets.com from offer.
The geostation services market is expected to grow at a CAGR of over 3% over the period 2020-2025. Factors such as an increase in the complexity of wellbore due to the increase in depth and use of more horizontal wells, the increase in the number of rigs and the increase in natural gas production are expected to stimulate the market. However, the volatility of crude oil and natural gas is expected to dampen market growth.
The steerable rotary system is expected to experience growth during the forecast period. It is a very important part of the geostation services market because it makes drilling the wellbore much easier by reducing the associated problems of zonal formation and horizontal drilling.
The production of gas hydrates may become an opportunity for market players, as its economically viable production may pose new challenges, which may require better geostation service techniques. Due to the high production of shale oil and gas, North America is expected to be the largest market during the forecast period, with majority demand coming from the United States and Canada.
Main market trends
Adjustable rotary system to assist growth
Having better control of the surface with the steerable rotary system can allow greater maneuverability to geosterate through complex geology, minimize seismic uncertainty and make informed geostation decisions to place your wells in specific areas. . This provides real-time control and information to help improve understanding of the area and get the most out of the well at the lowest cost. Contributing to the growth of oil and gas production increases the company’s reliability in the geostation services market.
- Geostation service providers continue to advance rotary steerable systems to provide precise borehole placement, optimize borehole quality, and enable maximum drilling efficiency. In 2019, Weatherford International plc unveiled the Magnus Steerable Rotary System. The system combines reliable, high-performance drilling with precise directional control, fully independent pad control, a fully rotating bias unit with minimal downhole, and assembly stabilization (BHA). The system includes several modular components to facilitate quick and easy maintenance, even in remote locations. The increase in progress of the industry is expected to help the market growth.
- The natural gas produced globally increased 3.4%, to 385.98 billion cubic feet in 2019, from 373.22 billion cubic feet in 2018. The increased utility of natural gas has ordered an increase in the production of natural gas to meet global consumption.
- The number of platforms in the world increased significantly by 11.13%, to 13,177 units, in 2019 against 11,857 units, in 2018. An increasing number of platforms corresponds directly to the increase in the industry demand for geo-guidance services. The number of platforms may further increase during the forecast period, thereby boosting the growth of the Geostation Rotary Steerable Services market.
- Therefore, the rotary steerable geostation services are expected to increase during the forecast period due to an increase in the number of platforms, increasing production of natural gas and advancements in georoute technology.
North America dominates the market
The North America region is one of the largest markets for geostation services and is expected to continue to dominate in the years to come. The region is made up of major oil and diesel production basins around the world, which provide fertile ground for the continued growth of the industry.
- The United States is the largest user of geostation services in the region, particularly with the boom in shale oil and gas in many land basins like the Permian Basin that have helped advance the services market. of geostation. Shale oil and gas have increased steadily in the country and rely heavily on geostation services to perform multilateral horizontal drilling in shale basins.
- North America increased its crude oil production significantly to 1,027.1 in 2018 from 918.7 in 2017. While the region’s gas production increased from 826.8, in 2017, to 906, 2, in 2018. The increase in production is expected to create a demand for better technical geo-guidance services.
- In 2018, the United States Department of the Interior authorized drilling in almost all United States waters, part of the largest offshore oil and gas rental expansions by the federal government in the United States. history of the United States. This new development is expected to boost offshore exploration and production activities, and therefore the demand for geo-guidance services is likely to increase in the future.
- Therefore, the North America region is expected to dominate the market due to its large upstream crude oil and natural gas industry, increasing exploration in the offshore industry, and growing demand for fossil fuels.
Competitive landscape
The geostation services market is moderately fragmented. Some of the major players in this market are Schlumberger Limited, Halliburton Company, Baker Hughes Company, Weatherford International PLC, National-Oilwell Varco, Inc.
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Main topics covered:
1. INTRODUCTION
1.1 Scope of the study
1.2 Market definition
1.3 Study hypotheses
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.1 Presentation
4.2 Market Size and Demand Forecast in USD Billion, to 2025
4.3 Forecast crude oil production and consumption, in thousands of barrels per day, to 2025
4.4 Forecast of natural gas production and consumption, in billions of cubic feet per day, until 2025
4.5 Recent trends and developments
4.6 Government policies and regulations
4.7 Market dynamics
4.7.1 Drivers
4.7.2 Constraints
4.8 Supply chain analysis
4.9 Porter’s five forces analysis
4.9.1 Bargaining power of suppliers
4.9.2 Bargaining power of consumers
4.9.3 Threat of new entrants
4.9.4 Threat of Substitute Products and Services
4.9.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Equipment
5.1.1 LWD Tools and Technologies
5.1.2 MWD Tools and Technologies
5.1.3 Rotary orientable systems
5.1.4 Drive systems
5.1.5 3D seismic model
5.1.6 Others
5.2 Geography
5.2.1 North America
5.2.2 Asia-Pacific
5.2.3 Europe
5.2.4 South America
5.2.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and acquisitions, joint ventures, collaborations and agreements
6.2 Strategies adopted by the main actors
6.3 Company profiles
6.3.1 Schlumberger Limited
6.3.2 Halliburton Company
6.3.3 Baker Hughes Company
6.3.4 Weatherford International PLC
6.3.5 Geotech Logging Services LLC
6.3.6 United Oil & Gas Consulting Ltd
6.3.7 HMG Software LLC
6.3.8 Maxwell Dynamics Inc.
6.3.9 National-Oilwell Varco, Inc.
6.3.10 Geo-Steering Solutions Inc.
6.3.11 Geosteering Technologies Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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