Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Rotary Steerable System Market size was over USD 4.56 billion in 2024 and is poised to exceed USD 10.86 billion by 2037, witnessing over 6.9% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of rotary steerable system is evaluated at USD 5.08 billion.
With the surging demand for renewable energy resources, the rotary steerable system (RSS) has found its potential application in this energy extraction. For instance, RSS technology can assist in effectively reaching and intersecting geothermal deposits, hence increasing overall energy output.
Following Russia's invasion of Ukraine, global oil prices skyrocketed to more than $120 per barrel. The emphasis on cost optimization and operational efficiency has increased as a result of increased oil prices. The adoption of rotary steerable system will increase as it aids correct well placement and higher drilling frequency thus significantly contributing to reducing operational cost.
Global Rotary Steerable System Market: Growth Drivers and Challenges
Growth Drivers
- Surging Consumption of Energy– Owing to rapid industrialization, and urbanization, there has been a surge in the consumption of energy. Hence, the increasing production of energy depends upon the rotary steerable system. Energy consumption is predicted to increase by 50% between 2005 and 2030, with developing countries accounting for the majority of the demand.
- Growing Reserves of Unconventional Energy–Rotary steerable system (RSS) are commonly used in unconventional oil and gas drilling, such as shale gas, and oil sand, they also act as directional drilling tools. Oil sands are discovered in many nations across the globe, but the largest volumes are found in Venezuela, and Alberta. Alberta's oil and sand reserves are the world's largest single oil reserves. It is estimated to hold oil accounting for 2 to 3 trillion barrels contained in complex oil sands and mixtures.
- Rising Investment in Offshore Drilling – In order to make up for the expanding demand for hydrocarbons, there has been rising investment in offshore drilling areas.
Challenges
- Negative Impact on the Environment- Hydraulic crushing procedures cause groundwater contamination, pollutants in the air, the release of methane, the motion of toxic gases, the groundwater quality degradation. Therefore, one of the biggest challenges impeding the rotary steerable system market growth is the adverse ecological effects of hydraulic fracturing activity.
- Growing demand for renewable energy
- Higher competition from conventional drilling technologies
Global Rotary Steerable System Market: Key Insights
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
6.9% |
|
Base Year Market Size (2024) |
USD 4.56 billion |
|
Forecast Year Market Size (2037) |
USD 10.86 billion |
|
Regional Scope |
|
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Customize this ReportRotary Steerable System Industry - Regional Synopsis
North American Market Statistics
North America industry is predicted to dominate majority revenue share of 38% by 2037. The rising production of shale gas is increasing the need for directional drilling with the use of rotary steerable system. According to the U.S. Bureau of Labor Statistics, shale gas extraction in the United States is poised to increase from around 7.8 million MMcf in 2011 to 16.7 million MMcf by 2040. Moreover, shale gas production in the United States is expected to account for more than 40% of total natural gas production in China by 2040. Moreover, shale gas output in Canada is set to rise further, accounting for over 30% of total natural gas production by 2040.
European Market Forecast
The European rotary steerable system market is predicted to be the second largest, registering a share of about 25% by the end of 2037. The growth of the market can be attributed majorly to the higher consumption of oil which will increase the need for faster drilling and higher production of oil with the use of a rotary steerable system. As the COVID-19 limits were gradually abolished in the EU in 2021, consumption of most oil products surged, with jet kerosene increasing by 25.55% as stated by Eurostat.
Companies Dominating the Global Rotary Steerable System Market
- D-Tech Rotary Steerable
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Halliburton Energy Services, Inc.
- Schlumberger Limited
- Weatherford International Plc
- APS Technology, Inc.
- Baker Hughes Company
- NOV, Inc.
- Double Barrel RSS
- Nabors Corporate Services, Inc.
- Gyrodata Incorporated
In the News
- Schlumberger announced the launch of autonomous directional drilling which offers options for autonomously steering through any region of the wellbore.
- Halliburton Company introduced the iCruise XTM Intelligent Rotary Steerable System, the next generation of drilling platform designed for longer, harsher applications that need precision.
Author Credits: Dhruv Bhatia
- Report ID: 4994
- Published Date: Dec 20, 2024
- Report Format: PDF, PPT
