Oil and Gas Downhole Vibration Monitoring and Control System Market Size

Oil & Gas Downhole Vibration Monitoring & 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.