The geosteering technology market was valued at US$ 15.27 billion in 2019 and is projected to reach US$ 27.91 billion by 2027; it is expected to grow at a CAGR of 11.8% during the forecast period.

Geosteering technology helps in adjusting well placement while drilling to enhance the well's overall performance. Geosteering technology uses the analysis of drilling cuttings data, the combination of real-time electronic logs, and other details from various tools to gain insights into the drilled rock layer. The growing global population is driving the demand for oil and gas worldwide, leading to an increased usage of geosteering technology. For example, according to the Organization of the Petroleum Exporting Countries (OPEC), in 2017, the global oil demand amounted to 97.32 million barrels per day. However, the global supply of oil was 96.10 million barrels per day. Thus, leading to increased investment in oil field exploration. In August 2018, ExxonMobil announced the discovery of an oilfield in Guyana, South America.

Increase in oil well drilling activities at the global level is driving the growth of the geosteering technology market. For instance, in 2017, according to the World Oil, a total number of 58,294 oil well drilling activities took place. Similarly, 624 oil well drilling activities took place in India in 2017, up from 585 drilling activities in 2016. Such factors are anticipated to propel the market growth at a rapid pace in the coming years. Furthermore, increasing investments in offshore projects would drive the geosteering technology market growth in the next few years. For instance, since 2010, Saudi Aramco, a sophisticated national oil company, has started four major digital oilfield projects, i.e., real-time geosteering, real-time drilling, and event solution optimization for taking benefits of the digital oilfield opportunities in upstream oil & gas.

The geosteering technology market is segmented in terms of product and application. Based on product, the geosteering technology market is segmented into logging while drilling (LWD), measurement-while-drilling (MWD), rotary steerable systems (RSS), drive systems, and others. Based on application, the market is segmented into petroleum development, natural gas transportation, and others. Based on geography, the geosteering technology market is segmented into North America, Europe, APAC, MEA, and SAM. Key players profiled in the report include Cougar Drilling Solutions, Eerson Paradigm Holding LLC, Exlog, Geonaft, Geotech Logging Services LLC, Halliburton, HMG Software, OGII, Schlumberger Limited, and Terracosm Software, LLC.

The overall geosteering technology market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the geosteering technology market. The process also serves the purpose of obtaining overview and forecast for the geosteering technology market with respect to all the segments. It also provides the overview and forecast for the global geosteering technology market based on all the segmentation provided with respect to four major regions-North America, Europe, Asia Pacific, and the Rest of World. Also, primary interviews were conducted with industry participants and commentators to validate data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts and key opinion leaders specializing in the geosteering technology market.