Oil & Gas Downhole Cables Market is to reach USD 2,393.0 million by 2028; Quince Market Insights
Global Oil & Gas Downhole Cables Market to Register a CAGR of 7.2%, Oil & Gas Industry a Major Consumer to Drive Growth. Exploration and Production (E&P) Of Oil and Gas in North America Fostering the Global Oil & Gas Downhole Cables Market
Pune, India, July 20, 2020 (GLOBE NEWSWIRE) -- Global Oil & Gas Downhole Cables Market is to reach USD 2,393.0 million by 2028 from USD 1,369.8 million in 2020. The demand for Oil & Gas Downhole Cables is expanding at a CAGR of 7.2% over the forecast period. The energy sector and oil & gas industry has a huge demand for various applications in insulation, drilling, communication and other array of applications. Cables and wires in downhole equipment are installed in severe conditions that can affect their performance from vibration and abrasion to high temperatures. So, they need to be much stronger, perform reliably and last longer to survive deep drilling. At the same time, cables and wires need to be smaller and more flexible to fit inside cramped spaces of smaller tools. Growing preference for deployment of encapsulated cables in Oil & Gas applications and growing demand for fiber optics is anticipated to drive the demand in the global Oil & Gas Downhole Cables market.
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Downhole fiber optic cables have applications in coil tubing (CT), steam assisted gravity drain (SAGD), where temperatures can reach 300°C, to some of the deepest shale gas to offshore wells. Significant improvements in glass chemistry, interrogation technologies, and analysis applications have led the way to a robust down-hole sensing solution.
Ability to Withstand Harsh Environmental Conditions to Benefit the Tubing Encapsulated Cable (TEC) Segment
Based on type, the tubing encapsulated cable (TEC) segment is expected to be the largest market, by type holding a market share of around 42.1% of the global market in 2020. This segment is also projected to be the dominant one during the forecast period as these cables are especially designed to withstand the harsh environments associated with the oil & gas industry. TEC (Tubing Encapsulated Conductor) cables that are used in the oil & gas industry to monitor, provide power and transmit signals in a downhole application. Furthermore, these cables can be utilized for data transmission including downhole gauge applications.
Applications in Monitoring, Data Transmission, and Corrosion Resistant Ability to Propel the Growth of the Oil and Gas Production Segment
Based on application, oil & gas downhole cables market segmented into oil & gas production, data collection, well monitoring, powering downhole equipment, and instrumentation & control. Oil and gas production segment is expected to account for the largest share of the global oil & gas downhole cables market in 2020. This market is poised to grow at a CAGR of 8.7% during the forecast period. Oil & gas production is expected to dominate the global downhole cables market during the forecast period. Downhole cables meet the specific requirements in oil or gas industry. These types of cables are permanently installed either cemented in behind the casing or strapped to the production tubing. The cables include optical fibers, metal types to deal with different corrosive environments, thicknesses of metal tubes to handle different pressure requirements and outer encapsulations for improved handling and abrasion resistance.
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Exploration and Production (E&P) Of Oil and Gas in North America Fostering the Global Oil & Gas Downhole Cables Market
North America is the largest regional segment and is projected to grow at a CAGR of 4.0% over the forecast period. This regional segment is projected to account for a significant market share during the forecast period due to the increasing per capita energy consumption and exploration and production (E&P) of oil and gas in the region.
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.
Keeping in mind this growth rate, Oil & Gas Downhole Cables manufacturers are making significant efforts in adopting advanced technologies largely by entering into collaboration and partnerships that will help in increasing sales of Oil & Gas Downhole Cables or by developing advanced products.
- In May 2020, LS Cable & System was awarded a KRW 66 billion contract for Wisconsin-based, American Transmission Co.’s Straits Cable Replacement Project. LS Cable & System will transport, manufacture, and oversee the installation for the project of two new cables.
- In March 2020, ABB Ltd established a new distribution center to provide its products to the customers on the western part of the U.S.
Some of the leading players in the global Oil & Gas Downhole Cables market are Prysmian Group, ElandCables, Nexans Group, NKT A/S, ABB Ltd., Marmon Group, GalaxyWire.com, Texcan Division Of Sonepar Canada Inc, LS Cable & System Ltd, Belden Inc, WL Gore & Associates Inc, Ztt International Limited, TRATOS, AFL, Sampsistemi.
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The study is based on a report by Quince Market Insights titled, “Oil & Gas Downhole Cables Market, By Type (Tubing Encapsulated Cables (TECs), Fiber Optic Cables, and Others), By Installation (Onshore and Offshore), By Application (Oil & Gas Production, Data Collection, Well Monitoring, Power Downhole Equipment, and Instrumentation & Control), By Region (Europe, North America, Asia Pacific, South America and Middle East & Africa) – Market Estimate & Forecasting To 2028”
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