Please Wait.....
Report
Geosteering Services - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2025 - 2030)
Market Report I 2025-04-28 I 125 Pages I Mordor Intelligence
The Geosteering Services Market is expected to register a CAGR of greater than 4% during the forecast period.
Key Highlights
- Over the long term, factors like increasing numbers of oil and gas rigs and increased demand for hydrocarbons are expected to drive the market during the forecasted period.
- On the other hand, high volatility in the prices of crude oil and natural gas is the main factor hindering the growth of the market.
- Nevertheless, the increasing interest in commercially viable production techniques for producing gas hydrates to meet the increasing natural gas demands is expected to create enormous opportunities for the geosteering market.
- Due to the high output of shale oil and gas, North America is expected to be the largest market during the forecast period, with the majority of demand coming from the United States and Canada.
Geosteering Services Market Trends
Rotary Steerable System to Witness Growth
- A rotary steerable system (RSS) is a form of drilling technology used in directional drilling. It is a tool designed to drill directionally with continuous rotation from the surface, eliminating the need to slide a steerable motor. Rotary steerable systems are typically deployed when drilling directional, horizontal, or extended-reach wells.
- They have better surface control and allow more maneuverability to geosteer through complex geology, minimize seismic uncertainty, and make informed geosteering decisions to place your wells in specific zones. This provides real-time control and insight to help enhance zonal understanding and get the most out of the well at the lowest cost. Aiding the growth of oil and gas production increase the company's reliability in the geosteering services market.
- Geosteering service providers continue to advance rotary steerable systems to deliver accurate wellbore placement, optimize borehole quality, and enable maximum drilling efficiency. Halliburton released the iCruise X intelligent rotary steerable system (RSS) last year. It is equipped with an advanced steering head fit for greater durability in operations with variable fluid conditions and in fluids with high solids content. It delivers in high-temperature environments and provides more power for steering. The increase in the advancements in the industry is expected to aid the growth of the market.
- Natural gas produced in the world increased by 4.8% to 390.58 billion cubic feet last year from 372.59 billion cubic feet in 2020. The increased utility of natural gas has ordained an increase in natural gas production to meet the world's consumption.
- The number of rigs globally increased significantly by 29% to 19,135 units by November 2022 from 16,333 units in 2020. An increasing number of rigs directly corresponds to the increase in the demand for geosteering services in the industry. The number of rigs may increase further in the forecast period, thereby boosting the geosteering rotary steerable services market's growth.
- Therefore, geosteering rotary steerable services are expected to increase in the forecast period due to an increase in the number of rigs, rising production of natural gas, and advancements in the realm of geosteering technology.
North America to Dominate the Market
- North America is one of the largest geosteering services markets, and its dominance is expected to continue in the coming years. The region contains major oil and gas oil production basins in the world, which provide fertile ground for future industry growth.
- The United States is the region's largest user of geosteering services, notably with the boom in shale oil and gas in numerous onshore basins, such as the Permian basin, which has led to the advancement of the geosteering services market. Shale oil and gas production in the country has continuously expanded, and multilateral horizontal drillings in shale basins rely heavily on geosteering services.
- The production of oil and gas has increased significantly in the region. In 2021, crude oil production increased by 1.9% producing 23,942 thousand barrels of oil per day as compared to 23,500 thousand barrels of oil per day in 2020. Moreover, gas production in the region increased by 2.4%, producing 109.89 billion cubic feet in 2021 as compared to 107.31 billion cubic feet in 2020. Increasing production of hydrocarbons in the region is expected to create demand for better geosteering services techniques.
- According to the Energy Information Administration, drilling permit approval increased by 34% in 2021 as compared to 2017. In 2021, a total of 3,557 drilling permits were issued, as compared to 2,658 in 2017. This new development is expected to drive exploration and production activity, and hence, the demand for geosteering services is likely to increase in the future.
- Hence, the North American region is expected to dominate the market due to its vast crude oil and natural gas upstream sector, rising exploration in the offshore industry, and increasing demand for fossil fuel.
Geosteering Services Industry Overview
The geosteering services market is moderately fragmented. Some of the key players in this market (in no particular order) include Schlumberger Limited, Halliburton Company, Baker Hughes Company, Weatherford International PLC, and National-Oilwell Varco Inc.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD Billion, till 2027
4.3 Crude Oil Production Forecast, in thousands barrels per day, till 2027
4.4 Natural Gas Production Forecast, in billion cubic feet per day, till 2027
4.5 Recent Trends and Developments
4.6 Government Policies and Regulations
4.7 Market Dynamics
4.7.1 Drivers
4.7.2 Restraints
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 Substitutes 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 Steerable Systems
5.1.4 Drive Systems
5.1.5 3D Seismic Model
5.1.6 Other Equipment
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 Leading Players
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 United Oil & Gas Consulting Ltd
6.3.6 HMG Software LLC
6.3.7 Maxwell Dynamics Inc.
6.3.8 National-Oilwell Varco Inc.
6.3.9 Geo-Steering Solutions Inc.
6.3.10 Geonaft Company
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security