Questions? +1 (202) 335-3939 Login
Trusted News Since 1995
A service for healthcare industry professionals · Friday, March 29, 2024 · 699,662,911 Articles · 3+ Million Readers

Rotary Steerable System Market to rise at CAGR of 7.01% through 2027 - Report by Market Research Future (MRFR)

/EIN News/ -- New York, July 28, 2021 (GLOBE NEWSWIRE) -- 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.


Get Free Sample PDF Brochure
https://www.marketresearchfuture.com/sample_request/10603


Key Players

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).


Browse In-depth Market Research Report (155 pages) on Rotary Steerable System

https://www.marketresearchfuture.com/reports/rotary-steerable-system-market-10603

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.


Share your Queries
https://www.marketresearchfuture.com/enquiry/10603


Market Segmentation

The global rotary steerable systems market 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. 

Regional Analysis

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)


To Buy:
 https://www.marketresearchfuture.com/checkout?currency=one_user-USD&report_id=10603   


About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

Follow Us: LinkedIn | Twitter


Contact:
                    Market Research Future
                    
                    Phone:
                    +1 628 258 0071(US)  
                    +44 2035 002 764(UK)
                    
                    Email: sales@marketresearchfuture.com
                    Website: https://www.marketresearchfuture.com
                    

Primary Logo

Powered by EIN News


EIN Presswire does not exercise editorial control over third-party content provided, uploaded, published, or distributed by users of EIN Presswire. We are a distributor, not a publisher, of 3rd party content. Such content may contain the views, opinions, statements, offers, and other material of the respective users, suppliers, participants, or authors.

Submit your press release