COVID-19 Impacts: Rotary Steerable Systems Market Will Accelerate at a CAGR of Over 7% Through 2020-2024 | Increase in Investments Toward Directional Drilling to Boost Growth | Technavio
Technavio has been monitoring the rotary steerable systems market and it is poised to grow by USD 2.43 billion during 2020-2024, progressing at a CAGR of over 7% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
What was the value of the rotary steerable systems market in 2019?
Technavio says that the value of the market was USD 5.66 billion in 2019 and is projected to reach USD 8.09 billion by 2024.
At what rate is the market projected to grow during the forecast period 2020-2024?
Growing at a CAGR of over 7%, the market growth will accelerate during the forecast period.
What is the key factor driving the market?
The increase in investments toward directional drilling and the growing consumption of oil and gas are the key factors driving the market growth.
Who are the top players in the market?
APS Technology Inc. Baker Hughes Co., DoubleBarrel RSS, D-Tech Rotary Steerable, Halliburton Co., Huisman Well Technology BV, Nabors Industries Ltd., National Oilwell Varco Inc., Schlumberger Ltd., and Weatherford International Plc. are some of the major market participants.
Which region is expected to hold the highest market share?
North America
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. APS Technology Inc., Baker Hughes Co., DoubleBarrel RSS, D-Tech Rotary Steerable, Halliburton Co., Huisman Well Technology BV, Nabors Industries Ltd., National Oilwell Varco Inc., Schlumberger Ltd., and Weatherford International Plc are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
An increase in investments toward directional drilling has been instrumental in driving the growth of the market.
Rotary Steerable Systems Market 2020-2024: Segmentation
Rotary Steerable Systems Market is segmented as below:
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our rotary steerable systems market report covers the following areas:
Rotary Steerable Systems Market size
Rotary Steerable Systems Market trends
Rotary Steerable Systems Market analysis
This study identifies the growing consumption of oil and gas as one of the prime reasons driving the rotary steerable systems market growth during the next few years.
Rotary Steerable Systems Market 2020-2024: Vendor Analysis
We provide a detailed analysis of vendors operating in the rotary steerable systems market, including some of the vendors such as APS Technology Inc., Baker Hughes Co., DoubleBarrel RSS, D-Tech Rotary Steerable, Halliburton Co., Huisman Well Technology BV, Nabors Industries Ltd., National Oilwell Varco Inc., Schlumberger Ltd., and Weatherford International Plc. Backed with competitive intelligence and benchmarking, our research reports on the rotary steerable systems market are designed to provide entry support, customer profile and M&As as well as go-to-market strategy support.
Rotary Steerable Systems Market 2020-2024: Key Highlights
CAGR of the market during the forecast period 2020-2024
Detailed information on factors that will assist rotary steerable systems market growth during the next five years
Estimation of the rotary steerable systems market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the rotary steerable systems market
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of rotary steerable systems market vendors
Table of Contents:
Executive Summary
Market Overview
Market Landscape
Market ecosystem
Value chain analysis
Market Sizing
Market definition
Market segment analysis
Market size 2019
Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
Bargaining power of buyers
Bargaining power of suppliers
Threat of new entrants
Threat of substitutes
Threat of rivalry
Market condition
Market Segmentation by Application
Market segments
Comparison by Application placement
Onshore - Market size and forecast 2019-2024
Offshore - Market size and forecast 2019-2024
Market opportunity by Application
Customer Landscape
Overview
Geographic Landscape
Geographic segmentation
Geographic comparison
North America - Market size and forecast 2019-2024
Europe - Market size and forecast 2019-2024
APAC - Market size and forecast 2019-2024
MEA - Market size and forecast 2019-2024
South America - Market size and forecast 2019-2024
Key leading countries
Market opportunity by geography
Drivers, Challenges, and Trends
Market drivers
Volume driver - Demand led growth
Volume driver - Supply led growth
Volume driver - External factors
Volume driver - Demand shift in adjacent markets
Price driver - Inflation
Price driver - Shift from lower to higher-priced units
Market challenges
Market trends
Vendor Landscape
Overview
Landscape disruption
Vendor Analysis
Vendors covered
Market positioning of vendors
APS Technology Inc.
Baker Hughes Co.
DoubleBarrel RSS
D-Tech Rotary Steerable
Halliburton Co.
Huisman Well Technology BV
Nabors Industries Ltd.
National Oilwell Varco Inc.
Schlumberger Ltd.
Weatherford International Plc
Appendix
Scope of the report
Currency conversion rates for US$
Research methodology
List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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