What Is The Segmentwise Classification Of Downhole Cables Market?

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Downhole Cables Market valuation is presumed to attain 900 million USD, by the end of 2024, estimated to be 5.45 percent.

Downhole Cables Market Highlights

Downhole Cables Market valuation is presumed to attain 900 million USD, by the end of 2024, estimated to be 5.45 percent.

Downhole cables are used extensively in the oil gas industry as their unique construction of downhole cables allows them to be used in harsh environments. These cables are used mainly for data transmission. Generally, these cables find applications in oil wells, pipelines, and underwater areas where they are used to drive centrifugal pumps.

The global market for downhole cables is segmented based on type, installation, application, and region. By type, the global market is segmented as tubing encapsulated cable, fiber optic cable, electrical submersible pump cable, and others. By installation, the global market is segmented as onshore and offshore. By application, the global market is segmented oil gas production, data collection, well monitoring, powering downhole equipment, instrumentation control, and pressure sensing.

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Moreover, drilling activities in the oil gas industry are used in various applications, including oil and gas extraction, well monitoring, and reservoir analysis. Technological advancements in drilling activities provide several benefits such as less drilling cost and growing extraction of oil and gas. Various technological advancements including the integration of Internet of Things (IoT), data analysis tools, data collection equipment, and real-time well data are employed in the processing of oil and gas by the oil gas companies. The data acquired from the specific oil and gas drilling activities can be accessed remotely in real time due to the advancements in communication technology. Furthermore, the hardware used in the oil wells have also been developed substantially, leading to a longer life and greater versatility of the equipment. For instance, in May 2017, Schlumberger Limited (US) launched SpectraSphere, a fluid mapping drilling service, which enables real-time fluid mapping by delivering critical fluid properties, such as fluid typing, fluid composition, fluid fractions and gas/oil ratio while drilling, in order to reduce operational costs and the risks associated during fluid analysis. Such factors are expected to drive the growth of the global downhole cables market during the forecast period.

Market Research Analysis

In terms of region, the market is segmented as Europe, Asia-Pacific, North America, the Middle East Africa, and South America. North America dominates the global downhole cables market. The growth in increasing per capita energy consumption and exploration and production (EP) of oil and gas are expected to drive the downhole cables market in the region.   

According to the BP Statistical Review of World Energy Report, 2019, the primary per capita energy consumption in North America increased by 1.9% from 235.3 Gigajoules per capita (GJ/Capita) in 2017 to 239.8 GJ/Capita in 2018 of the regions. In addition to this, according to the data of Baker Hughes International Rig Count, 2019, the rig count in North America increased to 1,223 rig counts in 2018 from 1,082 in 2017. The increase in extraction production of oil and gas surges the demand of downhole cables as downhole cables are used for the extraction of oil and gas in various applications such as reservoir monitoring, powering downhole equipment, and oil and gas production.

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Scope of the Report

This study provides an overview of the global downhole cables market, tracking four market segments across five geographic regions. The report studies key players, providing a four-year annual trend analysis that highlights market size, and share for North America, Europe, Asia-Pacific, Middle East, and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global downhole cables market by type, installation, application, and region.

By Type

  • Tubing Encapsulated Cable
  • Fiber Optic Cable
  • Electrical Submersible Pump Cable
  • Others

By Installation

  • Onshore
  • Offshore

By Application

  • Oil Gas Production
  • Well Monitoring
  • Instrumentation Control
  • Pressure Sensing
  • Data Collection
  • Powering Downhole Equipment
    • Downhole Pressure Gauge
    • Downhole Temperature Gauge

By Regions

  • North America 
  • Asia-Pacific 
  • Europe
  • Middle East Africa
  • South America

Key Players

The Key Industry Participants of the Global Market for Downhole Cables 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).

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