The downhole cables market size is projected to reach USD 900 Million by 2024 from an estimated USD 1,100 million at a CAGR of 5.45% from 2019–2024.
The downhole cables are typically used in oil, geothermal gas, and natural gas wells to provide power and communication to downhole gauges. Downhole cables are used for various applications within the oil & gas industry including oil well monitoring, oil & gas production, pressure sensing equipment, powering downhole equipment, and data collection.
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Downhole Cables Market Segmentation
The global downhole cables market has been segmented based on type, installation, application, and region.
On the basis of installation, the global market is divided as onshore and offshore. The onshore segment is expected to dominate the market during the forecast period due to the increase in the investment of upstream exploration activities especially in North America and Asia-Pacific.
On the basis of type, the global market has been segmented into tubing encapsulated cable (TEC), fiber optic cable, electrical submersible pump cable (ESP), and others. The tubing encapsulated cable (TEC) segment is expected to dominate the downhole cable market as these cables are especially designed to withstand the harsh environments associated with the oil & gas industry. Furthermore, these cables can be utilized for data transmission including downhole gauge applications.
On the basis of application, the global market is segmented into oil & gas production, data collection, well monitoring, powering downhole equipment, instrumentation & control, and pressure sensing. Oil & gas production is expected to dominate the global downhole cables market as downhole cables are extensively used for locating problems in the well.
Downhole Cables Regional Industry Analysis
The global downhole cables market has been segmented into five regions, which are Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.
The largest market size of North America can be attributed to the presence of several oilfield services companies and the use of new technologies, especially in the US. According to U.S. Drilling and Completion Q4 2018 Outlook, the oil & gas operators in the US will continue to adopt light weight rigs to drill the vertical portion of the well and high-spec rigs to drill the horizontal to gain efficiencies and reduce cost, thereby increasing the use of drilling tools for drilling purpose. All these activities are likely to drive the downhole cables market in the country.
The market of Asia-Pacific is expected to be the second largest owing to increasing drilling activities due to improving crude oil prices. Additionally, the oil & gas industry in Asia-Pacific is likely to showcase positive trends owing to the rising demand, increasing commodity prices, and ongoing mergers and acquisitions in the region. Moreover, the increased drilling activities in the region by national oil companies is also boosting rig utilization rates, which will boost the demand for downhole cables that are important components of rigs.
The key players operating in the global downhole cables market are Prysmian Group (Italy), Marmon Engineered Wire and Cable (US), Galaxy Wire & Cable (US), AFL (Australia), W. L. Gore & Associates, Inc. (US), Schlumberger (US), Belden Inc. (US), SAMPSISTEMI (Italy), Eland Cables (UK), Nexans (Denmark), NKT Cables (Denmark), ABB (Switzerland), and National Oil Varco (US).
Table Of Contents
1 Executive Summary
2 Market Introduction
2.1 Market Definition
2.2 Scope Of The Study
2.3 Market Structure
3 Research Methodology
3.1 Primary Research
3.2 Secondary Research
3.3 Market Size Estimation
3.4 Forecast Model
3.5 List Of Assumptions
3.6 Limitations Of The Study
4 Market Insights
5 Market Dynamics
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