Well Logging Tools Market Research Report - Global Forecast till 2030

Impact of COVID-19 on the Well-Logging Tools Market

Well-logging tools are the equipment used for the preparation of production logs. The primary factors for the market growth include the advanced technologies in shale gas exploration and the rising demand for real-time logging. However, the COVID-19 pandemic has impacted a few industries positively, while many others have been affected negatively. The epidemic has affected the well-logging tools market adversely. Numerous countries are facing an economic crisis due to the lockdowns imposed by government authorities. Another key factor for market growth is the exploitation of shale resources in the U.S., which has boosted the demand for high-specification rigs to allow the drilling of long horizontal wells using well-logging tools. The slowdown in production due to the closure of manufacturing facilities, revenue losses, and the unavailability of laborers has led to a reduction in the use of well-logging tools. Besides, the prices and demand for crude oil have reduced rapidly during the pandemic, which has decreased the adoption of logging tools, hindering the growth of the market. Only major projects are expected to move forward post the pandemic. Besides

SHALE OIL AND GAS PRODUCTION IN THE U.S., 2015–2025 (IN TRILLION CUBIC FEET)

North America is projected to account for the largest share of the market over the forecast period. The rising number of offshore explorations has propelled the growth of the well-logging tools market in the region. The extended lockdowns and the persistent spread of the virus are estimated to affect equipment companies severely. The resumption of manufacturing activities post-lockdown is anticipated to drive the growth of the market.

Source: Secondary Sources

Source: Primary Experts, Secondary Sources, and MRFR Analysis