Downhole Tractors: Introduction
- A downhole tractor is used for propelling well intervention downhole tools and other well logging tools. Well intervention downhole tools and well logging tools are arranged by the downhole tractor usually in horizontal or deviated wellbores. These tools are used to perform various downhole operations in the well bore such as removal of debris and retrieval of downhole tools.
- The global downhole tractors market is projected to expand at a rapid pace during the forecast period, due to increasing demand for downhole tractors from the oil & gas sector.
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Global Downhole Tractors Market: Dynamics
Global Downhole Tractors Market: Key Drivers
- Developments in unconventional reservoir production is likely to generate demand for downhole tractors during the forecast period.
- Shift from mechanically driven downhole tractors to electrically driven downhole tractors by end-users is anticipated to propel the market in the next few years.
- Stringent government regulations regarding workplace safety is also anticipated to boost the demand for downhole tractors in end-use industries during the forecast period
- Growing recovery in crude oil prices increases exploration & production (E&P) activity across the globe, which in turn is expected to boost the demand for downhole tractors during the forecast period.
- Rise in adoption of E-line downhole tractors among end-users, especially in offshore production activities is one of the major factors projected to boost the global downhole tractors market in the near future.
- Rise in investments in oil & gas exploration and drilling across key oil producing countries is a major factor driving the usage of downhole tractors, and this factor is estimated to propel the market during the forecast period.
- Uncertainty in crude oil prices, and rising geopolitical tensions between oil producing and exporting (OPEC) countries is projected to hinder the global downhole tractors market in the near future.
Impact of COVID-19 on the Global Downhole Tractors Market
- Increasing cases of COVID-19 across the globe is resulting in economic slowdown. The impact of COVID-19 is being seen in every sector of the economy, including the global oil & gas industry. All manufacturing activities in the oil & gas sector have been suspended across the globe during lockdown. Unavailability of raw materials due to closure of borders also has a negative impact on the downhole tractors market. During the COVID-19 pandemic, shutdowns or project delays due to social distancing and closure of manufacturing units is expected to result in a significant dip in total downhole tractor output for the year which would adversely impact the coming years.
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North America to Hold Major Share of the Global Downhole Tractors Market
- In terms of region, the global downhole tractors market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global downhole tractors market in 2019, due to presence of large number of oil and gas reservoirs in the region. The U.S. is a key market in North America, due to increasing exploration & production (E&P) activity in the country.
- The downhole tractors market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to rise in offshore drilling activity in China and India. Middle East & Africa is also one of the leading producers of oil & gas and hence expected to create significant growth opportunities for the downhole tractors market during the forecast period.
Global Downhole Tractors Market: Competition Landscape
Several local, regional, and international players are active in the downhole tractors market. Hence, the market is fairly fragmented and the bargaining power of suppliers is low. The degree of competition among market players is high. Rapid technological advancements have led to opportunities in the global downhole tractors market. Market players are gradually focusing on merger and acquisition activities to develop new products and improve their existing product offerings.
Key Players Operating in the Global Downhole Tractors Market:
- Aker Well Services
- Baker Hughes Company
- Downhole Petroleum Services & Supply Company
- Global Technology & Innovation Limited
- Halliburton
- Schlumberger Limited
- Sercel
- Weatherford
- Welltec
- Xi’an Well-sun Electronic Technology PLC
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