The global rotary steerable system market was estimated to reach a valuation of USD 3.6 Billion in the year 2022. With a steady CAGR of 7.1% from 2023 to 2033, this market is expected to reach USD 3.86 Billion by 2023 and USD 7.66 Billion by 2033.
The market is growing as a consequence of a surge in various international and national directional drilling investments. Controlling the wellbore as it is being drilled is made easier by directional drilling. Unconventional and offshore oil and gas exploitation is where it is mostly used. Additionally, it facilitates horizontal access to the shale gas reservoir to achieve enhanced contact with the oil and gas reservoir. The IEA estimates that worldwide spending on upstream oil and gas grew by around 6.2% in 2021 compared to 2020. Each upstream oil and gas business has a different increase in upstream investments. These elements will fuel market expansion throughout the projected period.
Due to rapid population growth throughout the world and increased urbanization, energy consumption has significantly increased recently. Although the overall energy supply dependence on fossil fuels accounts for 77% of the global energy mix, fossil fuels still provide the bulk of the world's energy. Additionally, according to the UN, by 2030, there will be almost 9.5 billion people on the planet. Energy consumption and demand are rising due to the expanding world population. As a consequence, the global market for rotary steerable systems is anticipated to grow due to the increased need for electricity production.
According to Future Market Insights, an ESOMAR-certified market intelligence firm, the market for rotary steerable systems is seeing expansion due to recent technological advancements. However, due to the extensive usage of casing strings, newer innovations, including the incorporation of bicentric bits within the rotary steerable systems, are favored particularly for deep-sea applications. The permeation of these systems will also be aided by technological advancements like the combination of positive displacement engines with rotary steerable systems. The permeability is now six times greater with the use of such technology than it was with the traditional rotary steering mechanism included in the regular engine. Hence, these factors are capable of bringing up new opportunities to this market in the next few years.
Region-wise, in 2022, North America accounted for 44% of the market, and over the forecast period, it is anticipated to expand at a CAGR of 6.8%. North America is among the primary markets for rotary steerable systems due to growing drilling and production activity. The hydraulic drilling technological advancements taking place within the United States have helped operators in this particular region increase shale output. Thus, this nation is undoubtedly one of the most significant regions for drilling rotary steerable systems from 2023 to 2033. At the same time, the United States is also gaining attention for bringing up revenues through drilling rotary steerable systems in the globe in 2021 with 969 active rigs and more than a million producing wells.
The rise in the production of shale oil throughout the United States along with the revival of crude oil prices are two factors that have contributed to the growth of this region. Additionally, this region's market growth will outpace that of other areas. Canada and the United States hold a monopoly on the market for rotary steerable systems in North America. Such factors have been the reason for boosting the revenues for rotary steerable systems in the North American region during the forecast period.
Rotary steerable system is used for directional drilling with continuous rotation from the surface as it employs specialized downhole equipment to replace tools such as mud motors. The rotary steerable systems are deployed when drilling horizontal, directional or for extended reach wells.
The major advantage for rotary steerable system is they have minimal contact or interface with the borehole as it helps in preserving borehole quality. The power section of a motor plays an integral part of rotary steerable system.
In recent times the major advantage or an emerging opportunity is the adoption of bi-center bits for rotary steerable system. This is majorly preferred in deep-water applications as the number of casing strings is more in number.
The technological growth such as integration of rotary steerable system and traditional positive displacement motors as it helps in enhancing the penetration rate. The adoption of such technology has given 6 times better penetration than the traditional method of rotary steerable system with a normal motor.
The technological advancement such as downhole communication system and real-time near-bit data, and new product development by leading players is the major driving factor that is impacting the global rotary steerable system market.
The reduction in rig time by these rotary steerable system by drilling faster with 20% faster is playing a significant role in the adoption of latest rotary steerable system.In the forecast period it is expected that the oil and gas operators will prefer such advanced rotary steerable system where standard rotary steerable system is not feasible for drilling new wells.
The leading players such as Nabors have acquired 2TD Drilling and such strategy will play a significant role in the growth of rotary steerable system market. The oil and gas operators are mostly concentrated towards acquiring contracts from onshore or land based drilling applications and the competitiveness is enhancing the demand for advanced rotary steerable system.
Further, the rising number of offshore drilling projects in North Sea, Gulf of Mexico, Thailand, and in Brazil will drive the global rotary steerable system market.The key challenge for the rotary steerable system is high cost of operations though in recent times it has been reduced substantially.
The rising number of drilling wells in USA and South East Asian countries is driving the global rotary steerable system market.The shale gas production projects in countries such as the USA, Canada, Brazil, Argentina, China etc. has driven the deployment of rotary steerable system in the past 5 years.
The lateral section drilling application in the USA, Canada and China will play a significant in the adoption of rotary steerable system.Countries such as India, Thailand, Indonesia and Nigeria will be the targeted regions in the forecast period for the adoption of rotary steerable system market.
Further, the adoption of automated rotary steerable system with superior directional control and closed loop communication system with real-time feedback will drive the rotary steerable system market in the forecast period.
The rising number of drilling projects related to re-entry or workover wells in North Sea and Gulf of Mexico will be the driving factor for the deployment of rotary steerable system.
Some of the key market participants in the global rotary steerable system market are:
The rotary steerable system market research report presents a comprehensive assessment of the rotary steerable system market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data.
It also contains projections using a suitable set of assumptions and methodologies. The rotary steerable system market research report provides analysis and information according to market segments such as geographies, drill hole size, well type, and application.
The rotary steerable system market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The rotary steerable system market report also maps the qualitative impact of various market factors on market segments and geographies.
The global rotary steerable system market can be segmented into type, and application.
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