Press release
Downhole Cable Market to Record Ascending Growth by 2029
Downhole Cable Market
Downhole cables are various type of cables used in oil & gas production activities, designed to withstand extreme temperature and pressures which are designed as necessitated by the client. Downhole cables are unique to oil & gas industry as they are employed for instrumentation cables, sensor cables, data and power transmission cables, control cables and pressure measuring cables, among others, inside a drilled well.
The cables are used to record data like pressure and temperature of downhole, to provide torque and power to downhole equipment like the drill bit and motor, relay back information of drilling data like rate of penetration (ROP), mud weight, annulus pressure and other information.
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Oil & gas drilling is one of the most complex jobs and requires constant influx of data for smooth operation and control and the installation of downhole cables helps in achieving the same. With the recovering oil & gas industry, the downhole cable market is anticipated to witness healthy growth in the foreseeable future.
Downhole Cable: Market Dynamics
The oil & gas industry is one of the main driving factors of global economy, with the growth of number of industries like automotive, energy, power, construction, chemicals and marine, depending on the respective industry growth. After the oil price slump in 2014-2015, the crude oil prices have stabilized a bit, encouraging investments in new exploration & production (E&P) activities worldwide.
The surge in investments in oil & gas is expected to be a main driving factor for the growth of downhole cable market, as increased oil & gas activity is expected to create increased demand for downhole cables. In terms of application, offshore segment is expected to witness huge growth in the global downhole cable market, given the growing amount of projects being sanctioned in deep offshore across the globe.
Growing adoption of IoT has been a prominent trend and is expected to significantly transform the downhole cables market, by incorporating even more functions into the system. However, volatility in crude oil prices and rising geopolitical tension between the U.S. and Iran is expected to hamper the growth of oil & gas industry and downhole cable market.
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Downhole Cable: Market Segmentation
basis of type
Tubing Encapsulated Cable
Fiber Optic Cable
Electrical Submersible Pump Cable
Others
basis of application
Data Collection & Monitoring
Powering Equipment
Pressure Sensing
Instrumentation & Control
basis of end use
Onshore
Offshore
basis of reservoir type
Oil
Gas (Shale, CBM, Natural Gas)
Oil & Gas
Downhole Cable Market: Regional Outlook
Europe and North America are expected to lead the market share in the global downhole cable market given the high level of E&P activity in Gulf of Mexico and North Sea. Middle East & Africa is anticipated to witness a robust growth in the global downhole cable market given the growing foreign investments in the west coast of Africa and along the Persian Gulf.
Middle Eastern countries are also expected to create significant demand for downhole cables owing to the high number of oil & gas fields in operation in the area. South Asia region is anticipated to register a healthy growth rate, driven the investments in countries like India, Indonesia, Malaysia, Australia and Vietnam.
China and South Korea are ramping up their share of offshore and onshore projects to reduce the demand-supply gap for crude oil in the region, which is expected to have a positive impact on the growth of downhole cable market in the coming years.
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Downhole Cable Market: Market Participants
Some of the key market participants identified in the downhole cable market across the globe are:
AFL
Prysmian Group
Schlumberger
ABB Ltd
NKT A/S
National Oilwell Varco
NEXANS
Eland Cables
SAMPSISTEMI
Belden Inc
Galaxy Wire & Cable, Inc.
Marmon Electrical
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