Downhole Tractor Market To Grow At 4.9% CAGR Through 2031| Says FMI
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.
Due to their ability to be integrated with a wide variety of application tools, downhole tractors are crucial to the well intervention process. Since their introduction in the late 1990s, downhole tractors have gained significant popularity, and the trend is anticipated to continue over the forecast period.
Furthermore, the adoption of downhole tractors is anticipated to grow steadily over the course of the forecast period as newer technologies are combined with them.
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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
- 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
- The U.S. is expected to remain one of the key markets, accounting for 65.6% of the market in North America in 2021
- 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
- Germany and France are expected to remain other lucrative markets for downhole tractors in Europe
- 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.
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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:
- 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.