A substantial increase in the focus on developing integrated well intervention technologies such as production logging and pipe inspection and cleaning is expected to remain a key defining factor in the global downhole tractor market. As per a new study by Future Market Insights, the global downhole tractor market is projected to be valued at ~US$312.9 Mn in 2021, expanding at a CAGR of ~4.9% over the forecast period of 2021-2031.
The ongoing crisis caused by the 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 the pandemic.
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Key Takeaways of Downhole Tractor Market Study
- We expect 2021 to be a tough year for the downhole tractor market as we project it 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 because of increasing integration of the 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.
We expect the downhole Tractor Market to be an opportunistic market in the forecast period owing to increasing demand from old oil wells for extending their production life. Manufacturers are emphasizing developing customized products as per customer demands along with improved life cycles and higher efficiency. These factors are expected to positively influence growth in the market during the forecast period.
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Who is winning?
The downhole tractor market witnessed moderate consolidation, in which the leading players account for more than 70% of the market share. The penetration of small regional players makes this market more competitive. Some of the key players in the market are Halliburton, Schlumberger, Hunting Plc, Baker Hughes, AKER Solutions, WWT International, and Expro Group among others. These players have higher shares in the global market, and have longstanding relationships with several end-users, giving them an upper hand among their peers.
Get Valuable Insights into Downhole Tractor Market
Future Market Insights, in its new study, provides an unbiased analysis of the global downhole tractor market, presenting historical demand data (2016-2031) and forecast statistics for the period from 2021 to 2031. The study divulges interesting insights into the market based on the configuration type (2 drive, 3 drive, 4 drive, 4 drive tandem, 6 drive tandem, 8 drive tandem), force (up to 250 lbs, 250 to 500 lbs, 500 to 1,000 lbs. 1,000 to 2,000 lbs, 2,000 to 3,000 lb), application (well intervention, fishing, seismology, water borewell), across six major regions (North America, Latin America, Europe, South Asia & Pacific, East Asia, and the Middle East and Africa).
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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