#geosteering

The global geosteering market is experiencing an increase in demand for oil and gas as the world's population grows, and this demand is outstripping global oil and gas output. For example, the Organization of Petroleum Exporting Countries (OPEC) estimates that global oil consumption was 97.32 million barrels per day in 2017, whereas worldwide supply was 96.10 million barrels per day. As a result, many corporations are engaging in oil field exploration to expand their market share and acquire a competitive advantage in the market by addressing rising consumer demand. ExxonMobil, for example, claimed the discovery of an oilfield in Guyana, South America, in August 2018.

This study examines the global geosteering market size (in millions of dollars) and compound annual growth rate (CAGR%) for the projected period (2019–2027), using 2018 as the base year.