New York, US, March 29, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Downhole Cables Market Information by Type, Installation and Application, and Region - Forecast till 2030", the downhole cables market will touch USD 900 million by the end of 2024, at a growth rate of 5.45% from 2022 to 2030.
Downhole Cables Market Overview
Due to the downhole cables' special structure, which enables their usage in challenging settings, they are widely utilized in the oil and gas industry. The major purpose of these wires is data transmission. These cables are typically used to power centrifugal pumps in oil wells, pipelines, and other submerged regions.
The downhole cables market is anticipated to grow over the course of the forecast period as a result of rising oil and gas exploration and production as well as technical advancements in drilling operations. The increasing state of the world economy can be linked to the increase in oil and gas output. Because natural gas offers higher output and fewer pollutants than coal and diesel-powered facilities, electricity-producing firms around the world have become increasingly dependent on it.
Market Competitive Landscape:
The affluent companies in the downhole cables market include
- Nexans (France)
- Eland Cables (UK)
- W. L. Gore & Associates Inc. (US)
- NKT A/S (Denmark)
- Belden Inc. (US)
- Schlumberger Limited (US)
- WireCo WorldGroup Inc (US)
- Halliburton (US)
- GEO Pressure Systems Inc (Canada)
- Fujikura Ltd (Japan)
- Galaxy Wire & Cable Inc. (US)
- Marmon Holdings Inc (US)
- TE Connectivity (Switzerland)
- ABB (Switzerland)
- Prysmian Group (Italy)
- Among others.
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Manufacturers of downhole cables are putting a lot of effort into implementing cutting-edge technologies, primarily by forming partnerships and collaborations that will boost the sales of oil and gas downhole cables or by creating cutting-edge products.
Downhole Cables Market COVID 19 Analysis
As a result of Covid-19's international spread since its breakout in December 2019, the World Health Organization has declared a global public health emergency. The global market for power plant control systems has already suffered considerable losses as a result of the Coronavirus.
Examples of how the turmoil in the world has affected daily life include travel restrictions, flight delays, restaurant closures, emergency declarations, restrictions on indoor activities, a drop in corporate confidence, stock market volatility, and an increase in public panic.
Also, since the epidemic has resulted in a significant economic downturn, the enormous investments needed for the installation of downhole cables have not been advantageous.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2024: USD 900 Million 2030: Significant value |
| CAGR during 2022-2030 | 5.45% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Installation and Application |
| Key Market Opportunities | Rapid Growth in market share Increasing demand for exploration and production activities |
| Key Market Drivers | Increasing Exploration and Production(E&P)of Oil and Gas Technical developments in drilling activities |
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Downhole Cables Market USP Covered:
Market Drivers:
The global oil production increased from 92,502 thousand barrels per day (TBPD) in 2017 to 94,718 TBPD in 2018, while the global natural gas output increased from 3,677.7 billion cubic meters (BCM) in 2017 to 3,867.9 BCM in 2018, according to the BP Statistical Review of World Energy 2019. The increasing state of the world economy can be linked to the increase in oil and gas output. Because natural gas offers higher output and fewer pollutants than coal and diesel-powered facilities, electricity-producing firms around the world have become increasingly dependent on it. The same data also states that from 5,952.8 Terawatt-hours (TWh) in 2017 to 6,182.8 TWh in 2018, natural gas was used to generate power.
Throughout the projected period, the production rate is anticipated to surge consistently worldwide. Globally, oil and gas exploration and production (E&P) has increased in tandem with the rise in natural gas output and the rise in demand for oil and gas. Several oil and gas firms, like Schlumberger Limited and Halliburton, are concentrating on the exploration and production of oil and gas worldwide. For instance, Schlumberger and Torxen Energy (Canada) signed a contract with Cenovus Energy Inc. (Canada) in October 2017 to purchase the Palliser Block in Canada for the purpose of conducting oil and gas exploration and production (E&P) in Canada. The need for downhole cables market for data monitoring and powering downhole equipment during drilling operations is anticipated to rise as a result of these advances.
Moreover, drilling operations are utilized in the oil and gas business for a number of purposes, such as oil and gas extraction, well monitoring, and reservoir analysis. Drilling activity benefits from technological developments including reduced drilling costs and increased oil and gas extraction. Oil and gas companies process oil and gas using a variety of technological advancements, including the Internet of Things (IoT), data analysis tools, data collection equipment, and real-time well data. Because of developments in communication technology, the data obtained from certain oil and gas drilling activities can be viewed remotely in real-time. The hardware used in oil wells has also undergone significant development, which has increased the equipment's durability and adaptability.
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Market Restraints:
The market outlook indicates that due to downhole cables' high degree of process complexity, market growth may be constrained. The global downhole cables market value may be hampered by the difficulties in the anticipated years. Yet, the market's rising demand will keep it expanding, and future problems will be lessened by shifting market trends.
Downhole Cables Market Segmentation
By Type
Different types of downhole cables in the market include electrical submersible pump cables, fiber optic cables, tubing encapsulated cables and others.
By Installation
Installation-wise, the key segments are onshore as well as offshore.
By Application
The top applications of downhole cables are data collection, pressure sensing, powering downhole equipment, instrumentation & control, oil & gas production, and well monitoring.
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Downhole Cables Market Regional Insights
The downhole cables market is dominated worldwide by North America. The region's downhole cable market will be driven by rising energy consumption per person and oil and gas exploration and production (E&P). According to the Annual Energy Outlook 2019 report, the United States may become a net energy exporter by 2020, which will accelerate the growth of the downhole cable market over the ensuing years.
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