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NEW YORK , Aug. 16, 2022 /PRNewswire/ -- A rotary steerable system is a directional drilling tool that is designed for continuous rotation from the surface while drilling. Thus, it eliminates the need to slide the steerable motor. Rotary steerable systems are employed for directional drilling, horizontal drilling, and extended-reach drilling of wells. These systems offer the ability to drill directionally. In addition, these systems do not require stopping or slowing down to change direction, which enables continuous drilling activities.
The rotary steerable systems market size is expected to grow by USD 2.92 billion from 2021 to 2026. In addition, the growth momentum of the market will accelerate at a CAGR of 7.69% during the forecast period.
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The increase in investments toward directional drilling is driving the growth of the market. Directional drilling helps in controlling the direction of the wellbore being drilled. It is mainly used for offshore and unconventional oil and gas production. Moreover, it helps reach the shale reservoir with a horizontal path to cover maximum contact with the reservoir. According to the IEA, the global investment in upstream oil and gas grew by around 5% in 2018 compared to 2017. The increase in upstream investments varies based on the upstream oil and gas companies. These factors will drive market growth during the forecast period.
The rotary steerable systems market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market. APS Technology Inc., Baker Hughes Co., Compass Directional Guidance Inc., D Tech Rotary Steerable, DoubleBarrel RSS, Enteq Upstream Plc, Gyrodata Inc., Halliburton Co., Huisman Equipment BV, HXR Drilling Services, INCO DRILLING BV, LEAM Drilling Services, NOV Inc., Schlumberger Ltd., Scientific Drilling International, Turbo Drill Industries Inc., and Weatherford International Plc, among others, are the main players in the market.
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The onshore segment will be the largest revenue-generating application segment during the forecast period. Drilling automation is mainly used in onshore oil and gas projects. Onshore drilling includes the setting up of oil rigs as well as the drilling of oil wells on land surfaces. These projects have a low initial cost and time compared with offshore drilling. Such factors will fuel the growth of this segment during the forecast period.
North America will account for 50% of the market's growth during the forecast period. The growth of this region is attributed to factors such as the recovery in crude oil prices and the significant growth in shale oil production in the US. Moreover, market growth in this region will be faster than the growth of the market in other regions. The US and Canada are the key countries for the rotary steerable systems market in North America .
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Rotary Steerable Systems Market Scope
Accelerate at a CAGR of 7.69%
North America, Europe, APAC, Middle East and Africa, and South America
US, Canada, Oman, China, Russia, and Argentina
Leading companies, Competitive strategies, Consumer engagement scope
APS Technology Inc., Baker Hughes Co., Compass Directional Guidance Inc., D Tech Rotary Steerable, DoubleBarrel RSS, Enteq Upstream Plc, Gyrodata Inc., Halliburton Co., Huisman Equipment BV, HXR Drilling Services, INCO DRILLING BV, LEAM Drilling Services, NOV Inc., Schlumberger Ltd., Scientific Drilling International, Turbo Drill Industries Inc., and Weatherford International Plc
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for forecast period.
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