Downhole Tractor Market To Rise At 4.9% CAGR During Forecast Period By 2031

Downhole tractors are essential to the well intervention process as they can be integrated with a broad list of application tools. Downhole tractors have attracted considerable popularity over the past couple of decades since their introduction in the late 1990’s and the trend is expected to persist over the forecast period. Moreover, as newer technologies are being integrated with downhole tractors, the adoption of the same is projected to witness a steady growth during the forecast period.

Substantial increase in the focus on developing integrated well intervention technologies such as production logging and pipe inspection and cleaning is expected to remain key defining factor in the global downhole tractor market. As per a new study by Future Market Insights, the global downhole tractor market is projected to be valued at ~US$ 312.9 Mn in 2021, expanding at a CAGR of ~4.9% over the forecast period of 2021-2031.

Request Sample@ https://www.futuremarketinsights.com/reports/sample/rep-gb-10905

The ongoing crisis caused by COVID-19 pandemic had a severe impact on the global economy. It has negatively affected supply chain networks and manufacturing activities as some of the leading economies went under complete or partial lockdown to contain the virus. This subsequently affected the downhole tractor market, causing a significant fall in the market growth. However, it is expected to recover as the economic activity resumes post the containment of pandemic.

KEY TAKEAWAYS OF DOWNHOLE TRACTOR MARKET STUDY

1. 2021 is expected to be a tough year for downhole tractor market as it is projected to record 0.4% Y-o-Y. However, recovery at a positive rate is on card 2022 onwards
2. The U.S. is expected to remain one of the key markets, accounting for 65.6% of the market in North America in 2021
3. With Europe, the U.K. will exhibit sluggish Y-o-Y growth in 2021, which is expected to pick up at the U.K. market registers above 4% Y-o-Y growth in 2022
4.  Germany and France are expected to remain other lucrative markets for downhole tractors in Europe
5. The demand from Japan and South Korea is expected to increase at a positive pace

 “The downhole tractor market is gradually expanding due to increasing integration of latest technologies to facilitate operation in challenging well bore conditions. Rise in oil and gas investments and increase in oil and gas projects will create attractive opportunities for the market. Key participants are investing in strategic alliances, partnerships and product innovations to gain a competitive advantage. These partnerships will allow companies to improve their production capacity and strengthen their technical expertise.” says FMI analyst.

Downhole Tractor Market is expected to be an opportunistic market in the forecast period owing to increasing demand from old oil wells for extending its production life. Moreover, manufacturers are emphasizing on developing customized products as per customer demands along with improved life cycle and higher efficiency. These factors are expected to positively influence growth in the market during the forecast period.

For More Information or Query or Customization@
https://www.futuremarketinsights.com/customization-available/rep-gb-10905

Compititive Landscape:

The global downhole tractor market is largely dominated by established players, occupying a market revenue share of more than three-fourth of the market share. Some of the players are focusing to carve a niche for specific demography. The global market for comprises some large scale and middle scale manufacturers focusing on product innovation and high end technology development.

Some of the leading companies operating in the market are:

• Halliburton
• Schlumberger
• Aker Solutions
• WWT International
• Expro Group
• Baker Hughes GE
• ALTUS Intervention
• Hunting Plc

For instance, in 2018, Saudi Aramco, one of the leading public petroleum and natural gas company in Saudi Arabia awarded Baker Hughes a stimulation and well testing contract in 2018. The contract included optimizing production across existing as well as new wells across the nation.

In November 2019, 3 major players in the well intervention market namely Aker BP, Schlumberger and StimWell Services formed a strategic alliance for well intervention and stimulation activities in Norway.