The global geosteering market size was valued at USD 8,267.4 million in 2021 and is poised to grow at a significant CAGR of 9.5% during the forecast period 2023-29. The primary factors that drive the geosteering market growth are increasing shale production, subsequent hikes in horizontal and unconventional drilling, and increasing demand for accurate real-time information in order to get the highest production.

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The global geosteering market segmentation: 

  • By Product Type: Logging While Drilling, Measurement-While-Drilling, Rotary Steerable Systems, Drive Systems, and Others
  • By Application: Petroleum Development, Natural Gas Transportation, and Others
  • By End Users: Oil and Gas Companies, Energy Service Providers, and Others

Rotary Steerable System to Dominate the Geosteering Market:
Based on product type, the rotary steerable system holds the highest market share. The major factor for the rise of this segment is that it provides good surface control which may permit maneuverability to geosteer vis complicated geology, minimize seismic ambiguity, and make important decisions related to geosteering to locate the well in specific positions. This helps in predicting real-time control and perception in order to increase zonal understandings and get the most of the well at minimum cost. These properties can drive the growth of the global geosteering market growth. Apart from this, increasing demand for oil and gas production can also drive the growth of the market as it relies on the geosteering technology market.

North America Geosteering Market:
North America leads the global geosteering market due to the presence of major oil and gas basins in these regions which provides fertile ground for the expansion of the industry. North America leads the global market due to entrenched research infrastructure, increasing funding from public and private sectors, and rising collaborations among global key players have contributed to increasing the sales of geosteering in this region. Apart from this, the major factor that drives the market in this region is the increase in shale gas and oil production in various onshore basins such as the Permian in the United States which majorly relies on geosteering services.

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Key players’ profiles in the geosteering market report are Cougar Drilling Solution Inc., Exlog, Emerson Paradigm Holding LLC, Halliburton Energy Services, Inc., Geonaft, Geotech Logging Services LLC, ROGII Inc., HMG Software LLC, Schlumberger Limited, and Terracosm Software LLC.

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