Rotary Steerable Systems Market: Current Analysis and Forecast (2022-2028)

Report Description

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Global Rotary Steerable Systems Market is expected to grow at a significant rate of over 8% during the forecast period. A rotary steerable system is a drilling technique used in the directional drilling process. In recent years, the demand for rotary steerable systems has risen dramatically due to the rising investments in the offshore drilling sector as well as the growing demand for energy, globally. As rotary steerable systems utilize the use of specialized downhole equipment to replace conventional directional tools such as mud motors. The demand for new oil fields is significantly fulfilled by the higher quality drilling rotary steerable systems, which is going to create lucrative opportunities for market growth of rotary steerable systems globally. For instance, in November 2020, D-Tech launched its Invictus rotary steerable tool (RST). This product launch will allow directional firms to use the RST with their preferred measurement while drilling (MWD) sensors for real-time downhole communication, giving all users a better awareness of downhole conditions at the lowest cost.

Halliburton Company, Baker Hughes Company, Weatherford International plc, NOV Inc., Schlumberger Limited, APS Technology Inc., Nabors Industries Limited, Target Energy LLC, Double Barrel RSS, Leam Drilling Systems LLC. Several M&As along with partnerships have been undertaken by these players to develop the coal bed methane market. For instance, In August 2021, Schlumberger launched Autonomous Directional Drilling. This product is used to help customers achieve new levels of well construction efficiency, consistency, and sustainability and strengthen its rotary steerable portfolio segment. 

Insights Presented in the Report

“Amongst type, push the bit category to witness higher CAGR during the forecast period”

Based on type, the market is segmented into push the bit and point the bit. The push the bit segment is to witness higher CAGR during the forecast period owing to its easy availability and low cost. Push the bit tool’s outer surface has a pad that pushes the drill hole, eventually pushing the bit to the other side and changing the direction. Furthermore, the entry of global players into emerging markets adds to the growth of the market. For instance, In November 2021, Halliburton released iCruise X™ Intelligent Rotary Steerable System, the next generation of the drilling platform targeted for longer, harsher applications to deliver precise good placement and reduced well time.

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“Amongst application, the onshore segment to hold a significant share in the market in 2020”

On the basis of drive type, the market is categorized into onshore and offshore. Among these, the onshore segment to hold a significant share in the market in 2020. This is mainly due to the simple drilling methods, low drilling costs, low operating costs, huge resource availability, and others are factors driving the growth of the onshore segment in the target market. In recent times, both conventional and unconventional reservoirs have been found in large numbers on the onshore location, which will increase market demand for rotary steerable systems through the forecast period.

“North America to hold a significant share in the market”

In 2020, North America is anticipated to grow at a substantial CAGR during the forecast period. North America is one of the leading rotary steerable system markets, owing to the increasing drilling & production activities. North America is also known as the most important oil and gas market. In addition, the increasing investment in oil and gas, and the discovery of new oil and gas fields such as the North Sea drilling project, will drive the growth of regional markets. Moreover, the increasing regional energy demand due to regional population growth and per capita disposable income is expected to boost the market during the forecast period. Furthermore, In the U.S., advancements in hydraulic drilling technology have helped the operators increase their shale production in this region. Hence, the country is one of the largest markets for drilling rotary steerable. The application of lateral section drilling in the U.S., Canada, and other countries plays an important role in the introduction of steerable rotation systems market growth.

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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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Research Methodology

Research Methodology for the Rotary Steerable Systems Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global rotary steerable systems market were the three major steps undertaken to create and analyze the adoption of rotary steerable systems in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global rotary steerable systems market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the rotary steerable systems market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the rotary steerable systems market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the rotary steerable systems market. Further, we conducted factor analysis using dependent and independent variables such as various types and applications of rotary steerable systems. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the rotary steerable systems market sector across the globe.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global rotary steerable systems market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the rotary steerable systems market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global rotary steerable systems market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global rotary steerable systems market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and application in the global rotary steerable systems market.

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The main objective of the Global Rotary Steerable Systems Market Study

The current & future market trends of the global rotary steerable systems market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the rotary steerable systems market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type and application.
• Define and analysis of the regulatory framework for the rotary steerable systems
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the rotary steerable systems market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the rotary steerable systems market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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