Rotary Steerable System Market Size & Share, by Type (Push the Bit, Point the Bit); Application (Onshore, Offshore) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

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