Research Nester assesses the growth and market size of the global rotary steerable system market which is anticipated to be on account of the growing demand for oil and energy all across the world.
New York – May 22, 2023 – Research Nester’s recent market research analysis on “Rotary Steerable System Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global rotary steerable system market in terms of market segmentation by type, application, and by region.
Rising Demand for Oil & Gas to Promote Global Market Share of Rotary Steerable System
The global rotary steerable system market is estimated to grow majorly on account of the increased consumption of oil. As the world’s population is increasing and urbanization is growing, the need for energy has become crucial than ever. Crude oil demand (including biofuels) was over 100 million barrels per day in 2022, and it is predicted to climb to nearly 102 million barrels per day in 2023. Moreover, energy demand is anticipated to rise by 55% between 2005 and 2030, from 11.4 billion tonnes of oil equivalent to 17.7 billion. Between 2005 and 2030, energy consumption is expected to increase by 50%, with developing countries accounting for the majority of the demand.
On the other hand, the market growth is also attributed to the growing popularity of unconventional energy resources which includes, shale gas and oil sands. a report from the United States Energy Information Administration states that the global natural gas output is predicted to increase from 342 billion cubic feet per day (Bcf/d) in 2015 to 554 Bcf/d by 2040. The key component of this expansion is natural gas output from shale resources, which is expected to rise from 42 Bcf/d in 2015 to 168 Bcf/d by 2040.
Some of the major growth factors and challenges that are associated with the growth of the global rotary steerable system market are:
- Surging Investment in Energy Sector
- Growing Consumption of Oil & Gas
- Rising Need for Unconventional Resources
The rising demand for renewable energy sources to save fossil fuel depletion and tough performance competition from traditional drilling technologies are some of the major factors anticipated to hamper the global market size of rotary steerable systems. Renewables will be responsible for about 95% of the increase in worldwide power capacity until 2026, with solar PV accounting for more than half of it. The amount of power from renewable sources added between 2021 and 2026 is estimated to be 50% more than between 2015 and 2020. On the other hand, the adverse effect of the hydraulic fracturing process on the environment is also expected to impede market growth. Hydraulic crushing processes pollute groundwater and surface water, emit pollutants into the atmosphere, release methane, shift toxic gases, promote radionuclide diffusion on the surface, and degrade groundwater quality. As a result, one of the most significant hurdles hindering the growth of the rotary steerable system market is the negative environmental effects of the hydraulic fracturing process.
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By applications, the market is divided into onshore, and offshore. The onshore segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The increased number of oil rigs on the land, as well as the increased extraction of crude oil from onshore sites and other oilfield services, can be credited to the segment's rise. Major oil rigs are located on land. At the end of 2021, there were approximately 1,309 operational onshore oil rigs, compared to nearly 201 offshore rigs. Furthermore, by 2025, it will be estimated that roughly 72 percent of crude oil produced globally will be produced onshore.
By region, the North American rotary steerable system market is to generate the highest revenue by the end of 2035. The market's expansion can be ascribed mostly to increased shale gas output. Shale gas production in the United States is predicted to expand from roughly 7.8 million MMcf in 2011 to 16.7 million MMcf by 2040, based on the United States Bureau of Labour Statistics. Furthermore, by 2040, shale gas production in Canada is predicted to account for more than 40% of total natural gas output in China, making it the world's second-largest shale gas producer after the US. The production of shale gas in Canada is predicted to increase further, accounting for more than 30% of total natural gas production by 2040.
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This report also provides the existing competitive scenario of some of the key players of the global rotary steerable system market which includes company profiling of Halliburton Energy Services, Inc., Schlumberger Limited, Weatherford International Plc, APS Technology, Inc., Baker Hughes Company, NOV, Inc., Double Barrel RSS, Nabors Industries, Ltd., Gyrodata Incorporated, and D-Tech Rotary Steerable.
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