Rotary Steerable System Market Overview:
The global Rotary Steerable System Market size is expected to reach USD 10,912.13 million, and register a CAGR of 5.74% during the forecast period of 2020 to 2028.
The global market of rotary steerable system is anticipated to grow substantially during the forecast period due to the increasing investments in the offshore drilling sector. Furthermore, the rising demand for energy across the globe is also expected to contribute to the growth of the global market during the forecast period. However, environmental concerns associated with the hydraulic fracturing process are expected to restrain the growth of the market during the forecast period. Nevertheless, growing shale gas production projects are expected to create lucrative opportunities for vendors in the rotary steerable system market.
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Rotary Steerable System Market Segment Analysis
The global rotary steerable system market is mainly segmented into type and application.
On the basis of type, the rotary steerable system market has been sub-segmented into push the bit and point the bit.On the basis of application, the rotary steerable system market has been segmented into onshore and offshore.Rotary Steerable System Market Regional Analysis
The global rotary steerable system market has been segmented on the basis of region into North America, Europe, Asia-Pacific, and Rest of the world.
The North American market is further divided into the US, Canada, and Mexico.The European rotary steerable system market has been segmented into UK, Norway, Italy, Russia, Germany, France, and Rest of Europe.The rotary steerable system market in Asia-Pacific has been segmented into China, India, Japan, Malaysia, South Korea, and Rest of Asia-Pacific.Latin America Brazil, Argentina, and Rest of Latin America.The Middle East & Africa rotary steerable system market includes Saudi Arabia, UAE, South Africa, and Rest of Middle East & Africa.North America accounted for a market share of 43.59% in 2020 and is expected to register a CAGR of 6.23% during the forecast period and reach a market value of USD 4,937.41 million by 2028. North America is one of the leading markets for rotary steerable system, owing to the increasing drilling & production activities. In the US, advancements in hydraulic drilling technology have helped the operators increase their shale production in this region. Thus, the country is one of the largest markets for drilling rotary steerable system. In 2018, the US had 968 active rigs and more than a million producing wells, and it is one of the largest markets for drilling rotary steerable system in the world.
Europe has been segmented into Germany, Russia, Italy, France, the UK, Spain, Norway, and the Rest of Europe. The availability of natural gas reserves in Europe in the North Sea, Black Sea, the Caspian, the Mediterranean, the Norwegian Sea, and the Barents Sea and the presence of large shale gas reserves present lucrative opportunities for the players operating in the European and international markets. In other nations, such as the United Kingdom and the Netherlands, demand is very high.
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The North Sea region offers a good market potential for drilling and completion fluids since fresh exploration activity is at an all-time high, owing to lower production levels in recent years and a shift to considerably deeper waters in search of new oil and gas deposits. As a result of the recent drop in crude oil prices, oil and gas corporations have cut their output levels while also implementing efficiency measures to minimise operational costs. Norway's operating costs have dropped by 30%. In the last two to three years, the unit operating costs on the UK Continental Shelf have decreased by roughly 50%, and this trend is projected to continue.
Key Players:
The prominent players in the global rotary steerable system market are 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., and D-Tech Rotary Steerable among others.
