Rotary Steerable System Market Size

Rotary Steerable System Market size was over USD 4.27 Billion in 2023 and is poised to cross USD 10.04 Billion by 2036, witnessing more than 7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of rotary steerable system is evaluated at USD 4.54 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.

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of rotary steerable system is evaluated at USD 4.54 Billion.

The rotary steerable system market size was over USD 4.27 Billion in 2023 and is poised to cross USD 10.04 Billion by 2036, witnessing more than 6.8% CAGR during the forecast period i.e., between 2024-2036. Increasing demand for oil and gas, and higher need for other sources of energy are the major factors driving the market growth.

Europe industry is set to hold 25% of the revenue share by 2036, due to higher consumption of oil which will increase the need for faster drilling and higher production of oil in the region.

D-Tech Rotary Steerable, 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

Rotary Steerable System Market Size