Rotary Steerable System Market Share

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.