The rotary steerable systems market is projected to progress with ~7.01% CAGR from 2020 to 2027.
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A rotary steerable system is a form of drilling technology used in directional drilling operations; these systems employ specialized downhole equipment to replace conventional directional tools such as mud motors. Rotary steerable systemsare mainly deployed when drilling horizontal, directional, or extended-reach wells.
The rotary steerable systems market in North America is estimated to account for the highest share of the rotary steerable systems market. The region is one of the largest markets for oil & gas production. The rise of oil and gas investments and rising discoveries of oil and gas fields such as the North Sea drilling project will drive the growth of the regional market.
The global rotary steerable systems market is estimated to witness ~7.01% CAGR during the period from 2020 to 2027: MRFR
The global rotary steerable systems market is classified based on type, application, and region. By type, the global market has been segmented into push the bit and point the bit.
The push the bit is expected to hold the larger share in the global market during the forecast period. Push-the-bit tools have pads on the outside surface of the tool, which press against the wellbore, thereby eventually causing the bit to press on the opposite side, causing a direction change.
By application, the global market has been segmented into onshore and offshore. The onshore application segment is expected to hold a larger share of the global market.
By region, the rotary steerable system marketis segmented into Europe, Asia-Pacific, North America, the Middle East & Africa, and South America. North America dominates the rotary steerable systems market.The increased demand for energy in the region because of the growing population and rising per capita disposable income is expected to drive the regional market during the forecast period.
The important players operating in the global rotary steerable systems marketare Baker Hughes, a GE Company LLC (US), Halliburton (US), National Oilwell Varco (US), Schlumberger Limited (US), Weatherford (US), APS Technology Inc. (US), Double Barell RSS (US), Nabors Industries Ltd (US), Gyrodata Incorporated (US), Leam Drilling Systems LLC (US), Target Energy Inc. (US) and Huisman Equipment B.V. (Netherlands).
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This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging and high-growth segments. The market data comprises the necessary assessment of the competitive scenarios and strategies in the global rotary steerable systems market, including high-growth regions and/or countries and political and economic environments. The project report further provides both historical market values and pricing & cost analysis.
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Energy
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