The demand for downhole tractor is rising and the well intervention application segment is gaining momentum in countries such as the U.S. and countries in North Africa such as Sudan, Libya and Algeria. Owing to the ongoing crisis caused by COVID-19
The global downhole tractor market is anticipated to continue to be significantly shaped by the development of integrated well intervention technologies like production logging and pipe inspection and cleaning. According to a recent study by Future Market Insights, the global downhole tractor market is anticipated to reach US$ 312.9 million in 2021, growing at a CAGR of 4.9% from 2021 to 2031.
Downhole tractors are critical to the well intervention process due to their ability to integrate with a wide range of application tools. Downhole tractors have grown in popularity since their introduction in the late 1990s, and this trend is expected to continue throughout the forecast period.
Furthermore, as newer technologies are combined with downhole tractors, adoption is expected to increase steadily over the forecast period.
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.
“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.
Customization Report Before Buying, Visit: https://www.futuremarketinsights.com/customization-available/rep-gb-10905
Competitive Landscape:
The global downhole tractor market is largely dominated by established players, occupying a market revenue share of more than three-fourths 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:
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.
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favo
Nov 18, 2022