Market Size of Geosteering Services Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Geosteering Services Market Analysis
The Geosteering Market is expected to register a CAGR of more than 4% during the forecast period. The market was negatively impacted by COVID-19 in 2020. Presently, the market has reached pre-pandemic levels.
- Over the long term, factors like increasing numbers of oil and gas rigs and increased demand for hydrocarbons are expected to drive the market during the forecasted period.
- On the other hand, high volatility in the prices of crude oil and natural gas is the main factor hindering the growth of the market.
- Nevertheless, the increasing interest in commercially viable production techniques for producing gas hydrates to meet the increasing natural gas demands is expected to create enormous opportunities for the geosteering market.
- Due to the high output of shale oil and gas, North America is expected to be the largest market during the forecast period, with the majority of demand coming from the United States and Canada.
