Rotary steerable system Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Rotary steerable system Market Research Report, Type, Application and Region – Forecast till 2027” the market size to exhibit a 7.01% CAGR from 2020 and 2027 (forecast period).
Increased Investment in the Offshore Drilling Sector
Increased investment in the offshore drilling sector is the key factor driving the growth of the worldwide rotary steerable system market. Conventional energy generation sources are mostly responsible for contributing to global energy demand. However, since the demand for hydrocarbons has increased, the offshore drilling sector has seen numerous big investments in recent years to enhance oil and gas output, which will support the market. For example, the offshore drilling industry has grown rapidly in recent years. Offshore drilling activity in the United States and Canada was predicted to increase by 16.4% to 85 wells in 2020. Furthermore, according to a World Oil in 2020 estimate, global offshore drilling is expected to increase by 4.7% in the following years.
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The prominent players active in the global rotary steerable system market are:
- Baker Hughes, a GE Company LLC (US)
- Schlumberger Limited (US)
- Halliburton (US)
- National Oilwell Varco (US)
- Weatherford (US)
- Double Barell RSS (US)
- APS Technology Inc. (US)
- Nabors Industries Ltd (US)
- Target Energy Inc. (US)
- Gyrodata Incorporated (US)
- Leam Drilling Systems LLC (US)
- Huisman Equipment B.V. (Netherlands).
COVID-19 Impact on the Global Market
COVID-19’s impact on the worldwide economy is altering on a daily basis. It is proving to be a significant challenge for the oil and gas industry, resulting in a raw material supply deficit and probable job losses. Companies in the oil and gas business are facing a number of issues as a result of the drop in oil and gas prices following the COVID-19 outbreak. In addition, the United States is one of the main markets for rotary steerable systems. As a result, the slowing of the country’s economic growth has had an impact on global generation and oil and gas energy investment. Similarly, there has been a greater emphasis on renewable technologies during the COVID-19 crisis. However, due to manpower shortages, fewer power plants were operational.
In addition, the financial and structural health of the oil and gas sector is worse than in prior crises. Shale gas production, surplus supply, and supportive financial markets have all obscured the limited capital discipline, contributing to low returns. Due to the rapid growth, governments across the world have taken stronger measures for the functioning of industrial offices and plants, resulting in stricter lockdowns. Furthermore, the lockdown had a significant influence on the energy sector as a whole, with energy demand falling. In addition, the virus had a substantial influence on the oil and gas sector, with a moderate impact on new onshore and offshore project production and drilling. The result was a modest decrease in revenues and a difficult position with managing the cash flow of market participants.
As per the International Monetary Fund (IMF), economic uncertainty caused by the COVID-19 outbreak is much higher than that caused by previous outbreaks such as SARS, avian flu, swine flu, bird flu, and Ebola, owing to an increasing number of infected people and uncertainty about when the crisis will end. If the pandemic uncertainty lasts longer, global merchandise commerce will likely fall sharply at first, followed by a more prolonged recovery, which is predicted to have a significant impact on consumers and businesses.
The global rotary steerable systems market growth has been classified based on type and application.
By type, the global rotary steerable systems market has been segmented into push the bit and point the bit.
By application, the global rotary steerable systems market has been segmented into onshore and offshore.
North America to Earn the Largest Market Share
North America is set to have the largest market share for rotary steerable systems. The region is one of the most important oil and gas producing markets. The surge in oil and gas investments, as well as the discovery of new oil and gas fields, like the North Sea drilling project, will boost the regional market growth. Furthermore, the increased demand for energy in the region as a result of the region’s growing population and rising per capita disposable income is likely to boost the market during the forecast period.
Segmentation of Market covered in the research:
Information by Type (Push the bit and Point the bit), Application (Onshore and Offshore), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)
Browse In-depth Market Research Report (155 pages) on Rotary Steerable System
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