The Oil & Gas Downhole Cables Market size is estimated to be USD 1,369.8 million in 2020 and is projected to register a CAGR of 7.2% to reach USD 2,393.0 billion by 2028. Downhole cables are commonly used in the oil & gas industry, as due to their unique construction, downhole cables can be used in harsh environments. Such cables are primarily used for the transmission of data and power. Oil and gas downhole cables provide electricity to and from a wide range of downhole instruments, sensors, and electrically operated equipment.
Typically, these cables are used in oil fields, pipelines, and underwater areas where they are used to drive centrifugal pumps. Such cables are needed to withstand extreme conditions such as high pressure and temperature. The global oil & gas downhole cables market is driven primarily by factors such as rising oil and gas exploration and production, and technological advances in drilling.
The rise in oil and gas production can be attributed to the improvement in global economic conditions. The focus on improving the functional and physical properties of downhole cables and the deep-water and ultra-deep-water activities is also expected to give a major boost to the growth of this market.
Global Oil & Gas Downhole Cables Market, by Type
Based on type, the oil & gas downhole cables market is segmented into tubing encapsulated cable (TEC), fiber optic cable, and others. Among these, The TEC (Tubing Encapsulated Cable) segment is estimated to be the leading market, by type, with a market share of around 42.1% in 2020. This segment is also expected to be dominant during the forecast period, as these cables are specifically designed to withstand the harsh conditions associated with the oil & gas industry operations.
Global Oil & Gas Downhole Cables Market, by Installation
Based on installation, the market has been segmented into onshore and offshore. The onshore segment is projected to account for the largest share of ~75.9% of the global oil & gas downhole cable market in 2020. This market is projected to be valued at USD XX million in 2020 and is expected to grow at a CAGR of 6.0% over the forecast period to reach USD XX million by 2028. The large share of this segment can be mainly attributed to the increase in investment in upstream exploration activities, particularly in North America and Asia-Pacific.
Global Oil & Gas Downhole Cables Market, by application
Based on application, the global market has been segmented into oil & gas production, data collection, well monitoring, powering downhole equipment, and instrumentation & control. The oil and gas production segment is projected to account for the largest share of ~32.3% of the global oil & gas downhole cable market in 2020.
This market is projected to be worth USD XX million in 2020 and is expected to grow at a CAGR of 8.7% over the forecast period to reach USD XX million by 2028. Oil & gas production is expected to dominate the global downhole cable market during the forecast period, as these cables are commonly used for locating problems in the well.
Global Oil & Gas Downhole Cables Market, by Region:
Based on region, the global oil & gas downhole cables market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America. North America is the largest regional segment accounting for more than 28.7% of the global market. This regional segment is expected to account for a substantial market share during the forecast period due to a rise in per capita energy consumption and increasing oil and gas exploration and production (E&P) activities in the region. This market is expected to be valued at USD XX million in 2020 and is set to grow at a CAGR of 4.0% over the forecast period to reach USD XX million by 2028.
Some major findings of the global Oil & Gas Downhole Cables market report include:
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