Downhole tractors are essential to the well intervention process as they can be integrated with a broad list of application tools. Downhole tractors have attracted considerable popularity over the past couple of decades since their introduction in the late 1990’s and the trend is expected to persist over the forecast period. Moreover, as newer technologies are being integrated with downhole tractors, the adoption of the same is projected to witness a steady growth during the forecast period.
In its new study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights about key factors driving demand for downhole tractor. The report tracks the global sales of downhole tractor in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the end use industries in general, and downhole tractor in particular.
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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 pandemic, production and supply chain activities have seen a minor slump yet the consumption will improve with the economic recovery post the containment of the pandemic.
The COVID-19 pandemic has caused severe impact on the global economy at various levels and the impact is felt by the energy industry as well. Considering this, growth of the market also is projected to be affected by the COVID-19 pandemic crisis owing to project delays and cancellations. With a number of end users affected in regions like North America, Europe and Asia-Pacific, the supply and shortage in demand are expected to result in a significant drop in Y-O-Y growth yet FMI expects global downhole tractor market to grow at 4.9% CAGR through 2031.
Market Key Player:
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:
- Halliburton
- Schlumberger
- Aker Solutions
- WWT International
- Expro Group
- Baker Hughes GE
- ALTUS Intervention
- Hunting Plc
Key industry participants are investing in strategic alliances and partnerships to gain a competitive advantage in the evolving global market. These partnerships allow companies to strengthen their technical expertise with improved production capacity. Also, the technical collaboration of industry participants is estimated to contribute to growth in the oil and gas intervention projects.
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The demand for downhole tractor is increasing due to its higher adoption rate and increasing applications in production logging and pipe inspection and cleaning. These factors are helping the market gain momentum in countries such as the U.S. and in the MENA region. The demand for 500 to 1,000 lbf pull force downhole tractor for onshore applications is considerably high in the Americas, East Asia, and the Middle East and Africa, whereas higher pull forces are preferred in Europe and South Asia and Pacific.
By Sement:
By Configuration
- 2 Drive
- 3 Drive
- 4 Drive
- 4 Drive Tandem
- 6 Drive Tandem
- 8 Drive Tandem
By Force
- Up to 250 lbf
- 250 to 500 lbf
- 500 to 1,000 lbf
- 1,000 to 2,000 lbf
- 2,000 to 3,500 lbf
By Application
- Well Intervention
- Production Logging
- Pipe Inspection and Cleaning
- Fishing
- Seismology
- Water Borewell
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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Globally, higher investments for oil and gas projects and rise in number of subsea explorations are some of the key factors enabling growth. Additionally, increasing focus on well intervention technologies across the globe is expected to boost the demand in the coming future.