The rotary steerable systems market share will post an incremental growth of USD 2.92 billion, progressing at a CAGR of 7.69% during the forecast period. The increase in investments toward directional drilling will offer immense growth opportunities to market vendors. The rotary steerable systems market is fragmented, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
Technavio’s report on “Rotary Steerable Systems Market by Application and Geography - Forecast and Analysis 2022-2026” provides a detailed analysis of the prevalent market forces, trends, and challenges likely to impact the market in focus.
The rotary steerable systems market is segmented by application (onshore and offshore) and geography (North America, Europe, APAC, Middle East and Africa, and South America).
The growth of the rotary steerable systems market size in the onshore segment will be significant during the forecast period. Recovery in crude oil prices and the significant growth in shale oil production in the US will increase the rotary steerable systems market growth in North America. 50% of the market's growth will originate from North America during the forecast period. The US and Canada are the key markets for the rotary steerable systems market in North America.
The increase in investments toward directional drilling will directly influence the sales of rotary steerable systems market. In addition, the increase in the adoption of integrated rotary steerable systems is the major rotary steerable systems market trend that will positively impact the market growth. However, the volatility of global crude oil prices will hamper the rotary steerable systems market growth.
The market is fragmented due to the presence of several players. Some of the major rotary steerable systems market vendors are APS Technology Inc., Baker Hughes Co., Compass Directional Guidance Inc., D Tech Rotary Steerable, DoubleBarrel RSS, Enteq Upstream Plc, Gyrodata Inc., Halliburton Co., Huisman Equipment BV, HXR Drilling Services, INCO DRILLING BV, LEAM Drilling Services, NOV Inc., Schlumberger Ltd., Scientific Drilling International, Turbo Drill Industries Inc., and Weatherford International Plc.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
Download the Free PDF sample report for highlights on the market size, growth momentum, regional growth opportunities, vendor analysis, and other factors influencing the market growth.
Precise market size estimation during the forecast period 2022-2026.
CAGR of the rotary steerable systems market forecast during 2022-2026.
Market-level data on units, average selling prices, and values of the rotary steerable systems market share.
Prediction on the upcoming trends, drivers, and factors that challenge the growth of the rotary steerable systems market.
Rotary steerable systems industry growth across North America, Europe, APAC, Middle East and Africa, and South America.
