Oil and Gas Downhole Vibration Monitoring and Control System Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 5.00 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Oil and Gas Downhole Vibration Monitoring and Control System Market Analysis
The oil and gas downhole vibration monitoring and control system market is expected to grow at CAGR of more than 5% during the forecast period of 2020-2025. To increase the profitability and decrease the downtime in upstream operations, the demand for downhole vibration monitoring and control system is likely to grow significantly in the coming years. With upcoming exploration and drilling projects in countries like the United States, Saudi Arabia, the United Arab Emirates, the application of the downhole vibration monitoring control system is expected to increase further. Additionally, growing natural gas exploration, especially from shale formations, are driving the demand. On the other hand, the high volatility of crude oil prices coupled with the negative impact of the COVID-19 outbreak has led to a decrease in the drilling activities, and thus, the concerned market growth is also likely to be hindered.
- Application of downhole vibration monitoring and control system is likely to dominate in the onshore sector, owing to large scale drilling projects and wells in onshore.
- With increasing deepwater and ultradeep exploration, the risk associated with successful drilling is increasing. To drill efficiently in complex reservoirs, the market of downhole vibration monitoring is expected to create significant opportunities.
- North America, with its vast reserves of recoverable shale gas and tight oil reserves in the world, is dominating the market and is expected to continue its dominance in the forecast period.
Oil and Gas Downhole Vibration Monitoring and Control System Market Trends
This section covers the major market trends shaping the Oil & Gas Downhole Vibration Monitoring & Control System Market according to our research experts:
Onshore Sector to Dominate the Market
- Timely detection and mitigation of downhole vibration is key to avoiding non-productive time (NPT) and preventing equipment damage. For this, along with MWD, downhole vibration monitoring (DVM) tools are deployed, preventing damage to BHA.
- In 2019, India's state-owned company ONGC announced that it had allotted INR 6,000 crore in drilling 200 wells over the next seven years in Assam to increase the output from the state. The wells are expected to be drilled during the next seven years, hence increasing the demand for DVM tools during the forecast period.
- In Russia, Gazprom Neft continues to conduct studies on its Bazhenov acreage and is targeting 40,000 b/d of production from shale by 2023. To attain successful recovery, the demand for MWD, including DVM, is likely to increase.
- Due to the downfall of the oil and gas industry in 2020, the onshore rig count in Asia-Pacific dropped to 106 in June 2020. However, post COVID-19, with expected improvement in the market, the rig count is likely to grow and drive the market demand.
- Due to the Coronavirus pandemic in 2020, delay in upstream projects can be expected. Later in the forecast period, with the initiation of new projects, the market of DVM is expected to grow considerably.
North America to Dominate the Market
- The United States is one of the largest producers of crude oil and natural gas, accounting for around 18% and 23% of the global production, respectively, as of 2019. The production surged in 2019, mainly due to robust drilling in its shale reserves, led by the Permian Basin.
- Onshore oil production in the United States accounts for around 84% of the country's oil production and 3% of the country's natural gas production as of 2018. Increased onshore exploration activity in the forecasted period is expected to drive the DVM demand.
- It is expected that around USD 76 billion will be spent on 97 upcoming oil and gas projects in the country between 2018 and 2025 in the United States. With new exploration and drilling projects, MWD and DVM operations can witness considerable growth.
- Despite the decrease in the number of active rig count to 990 in 2019, the upcoming projects and demand for natural gas are expected to drive the drilling market and, subsequently, the application of DVM and Control System.
- Due to the availability of vast shale reserves in the United States and Canada, the number of wells is increasing. The increasing well count is expected to drive the need for DVM in the forecast period.
Oil and Gas Downhole Vibration Monitoring and Control System Industry Overview
The oil and gas downhole vibration monitoring and control system market is moderately fragmented. Some of the major companies include Nabors Industries Ltd, Halliburton Company, Weatherford International plc, Baker Hughes Company, and Schlumberger Limited.
Oil and Gas Downhole Vibration Monitoring and Control System Market Leaders
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Halliburton Company
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Weatherford International plc
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Schlumberger Limited
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Nabors Industries Ltd
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Baker Hughes Company
*Disclaimer: Major Players sorted in no particular order
Oil and Gas Downhole Vibration Monitoring and Control System Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Scope of Study
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1.2 Market Definiton
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1.3 Study Assumptions
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET OVERVIEW
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4.1 Introduction
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4.2 Market Size and Demand Forecast in USD billion, till 2025
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4.3 Recent Trends and Developments
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4.4 Government Policies and Regulations
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4.5 Market Dynamics
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4.5.1 Drivers
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4.5.2 Restraints
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4.6 Supply Chain Analysis
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4.7 Porter's Five Forces Analysis
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4.7.1 Bargaining Power of Suppliers
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4.7.2 Bargaining Power of Consumers
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4.7.3 Threat of New Entrants
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4.7.4 Threat of Substitute Products and Services
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4.7.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 Location of Deployment
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5.1.1 Offshore
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5.1.2 Onshore
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5.2 Geogrpahy
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5.2.1 North America
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5.2.2 Europe
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5.2.3 Asia-Pacific
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5.2.4 South America
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5.2.5 Middle-East and Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
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6.3.1 Halliburton Company
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6.3.2 Weatherford International plc
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6.3.3 Baker Hughes Company
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6.3.4 Schlumberger Limited
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6.3.5 Nabors Industries Ltd
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6.3.6 China Oilfield Services Limited
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6.3.7 Wellserv Australia Private Ltd.
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6.3.8 Target Well Control
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Oil and Gas Downhole Vibration Monitoring and Control System Industry Segmentation
The oil and gas downhole vibration monitoring and control system market report includes:
| Location of Deployment | |
| Offshore | |
| Onshore |
| Geogrpahy | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Oil and Gas Downhole Vibration Monitoring and Control System Market Research FAQs
What is the current Oil and Gas Downhole Vibration Monitoring and Control System Market size?
The Oil and Gas Downhole Vibration Monitoring and Control System Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Oil and Gas Downhole Vibration Monitoring and Control System Market?
Halliburton Company , Weatherford International plc , Schlumberger Limited , Nabors Industries Ltd and Baker Hughes Company are the major companies operating in the Oil and Gas Downhole Vibration Monitoring and Control System Market.
Which is the fastest growing region in Oil and Gas Downhole Vibration Monitoring and Control System Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Oil and Gas Downhole Vibration Monitoring and Control System Market?
In 2024, the North America accounts for the largest market share in Oil and Gas Downhole Vibration Monitoring and Control System Market.
What years does this Oil and Gas Downhole Vibration Monitoring and Control System Market cover?
The report covers the Oil and Gas Downhole Vibration Monitoring and Control System Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Oil and Gas Downhole Vibration Monitoring and Control System Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
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