Downhole Cables Market Scenario
Downhole cables are specifically designed to be used in the oil & gas industry. These cables are uniquely constructed to sustain in extremely harsh environmental conditions. They are used as sensor cables, instrumentation cables, power and data cables, control cables, and for a lot of other applications. In the oil & gas industry, they are extensively used for data transmission. Market Research Future (MRFR) has launched a report on the global downhole cables and has asserted that the market is likely to reach USD 1,100 Mn at a CAGR of 5.45% by the end of the forecast period of 2019-2024.
Downhole cables offer various advantages such as the ability to withstand mechanical shock, chemical aggression, and vibration. The key players in the market are continuously engaged in product development, which has resulted in new product launches with better and improved characteristics.
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Intensifying investment in the oil & gas industry, accelerated drilling activities across the globe, nd supportive government regulations are fostering the growth of the global downhole cables market. Rebound in the oil & gas industry and the discovery of shale gas i the US has further generated additional demand within the market. The oil & gas industry is rife with a number of strategic activities such as partnerships, collaborations, and M&A, which are inducing demand for downhole cables as they form an integral part of various auxiliary components.
Global Downhole Cables Industry Segmentation
The global downhole cables market has been segmented based on type, installation, and application.
By type, the global downhole cables market has been segmented into tubing encapsulated cable (TEC), fiber optic cable, electrical submersible pump cable (ESP), and others. The TEC segment is likely to dominate the market. TEC cables are well suited to withstand harsh environment of the oil & gas industry and can be applied for data transmission including gauge application.
By installation, the global downhole cables market has been segmented into onshore and offshore.
By application, the global downhole cables market has been segmented into oil & gas production, data collection, well monitoring, powering downhole equipment, instrumentation & control, and pressure sensing.
Regional Analysis
Region-wise, the downhole cables market has been segmented into North America, South America, the Middle East & Africa (MEA), Asia Pacific (APAC), and Europe.
North America is the largest market for downhole cables. The growth of the market can be attributed to the presence of numerous oilfield service companies in the region. Moreover, the region is a frontrunner in the adoption of advanced technologies gives the region leverage over others.
North America is facing tough competition from APAC. The APAC downhole cables market is exepected to eb driven by rise in drilling activities inititated by national oil companies in the region. The oil & gas industry is exhibiting positive growth trend due to rising demand, escalating commodity prices, and M&A activities in the region.
Competitive Landscape
ABB (Switzerland), Galaxy Wire & Cable (US), SAMPSISTEMI (Italy), National Oil Varco (US), W. L. Gore & Associates, Inc. (US), Belden Inc. (US), AFL (Australia), NKT Cables (Denmark), Marmon Engineered Wire and Cable (US), Prysmian Group (Italy), Schlumberger (US), Nexans (Denmark), and Eland Cables (UK) are the key players in the downhole cables market.
Industry Updates
June 2019 – JDR Cables, a manufacturer of high performance subsea & power cables, signed a contract with DENE Offshore, a provider of offshore services and solutions for the oil & gas and renewable industries. JDR will design, manufacture, and deliver 8.1 kilometers of aluminum core inter-array cables and a range of cable accessories for the largest till date wind farm being built in Belgium. The cables will be assembled in JDR’s Hartlepool facility and will be delivered by the end of 2019.
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