Well Logging Tools Market Research Report - Global Forecast till 2030

Well Logging Tools Market Research Report Information by Technology (Sickline and E-Line), Well type (Land Based and Offshore), End-Use (Water and Wastewater, Oil and Gas and Metal and Mining) and Region - Forecast till 2030

ID: MRFR/E&P/1020-HCR | 111 Pages | Author: Anshula Mandaokar | December 2023         

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Well Logging Tools Market is Expected to Grow at 10.2% CAGR to reach USD 27,460 Million During the Forecast Period (2022-2030).

Well Logging Tools Market Scenario

Well Logging Tools are the equipment or devices that are used in the production of logs. These tools are very helpful in examining the dynamic well performance and determining the contribution of every stage in the production process. It also locates the production of hydrocarbons in different zones and also detects the faults or leakages or cross flows in the oil & gas producing wells by observing the logs. When stimulation is going on, these tools can monitor the results.

Basket flow meters, full bore flow meters, continuous flow meters, and more are the few primary well logging tools. To produce real-time data, these tools can be added with multiple sensors and also generate logs at continuous intervals during the production.  These tools find various applications like well monitoring and water injection in the wells. The rising demand for well logging tools in the oil & gas industry for obtaining information regarding the geological layers like hydrocarbon zones is propelling the market growth.  Introducing the worldwide advanced technologies and innovations in exploration for crude oil and other natural gases are boosting the growth of the well logging tools market.

Increasing demand for real time logging and new technologies in the shale gas exploration are some of the major factors driving the well logging tools. Especially, since the oil & gas industry’s all-time low in 2016, field services activities have rebounded and are expected to grow at an average rate of 4% by 2021. Moreover, exploitation of shale resources in the US, have risen the demand for high specification rigs in order to enable drilling of long horizontal wells using the well Logging Tools. On the other hand, in Asia-Pacific, almost 50 oil & gas fields with collective resources of 4 Bboe in Southeast Asia are expected to be approved for development between 2019 and 2020. All these developments in North America and Asia-Pacific are likely to drive the market of well well logging tools.

Well Logging Tools Market Key Players

  • Halliburton

  • Royal Dutch Shell

  • Schlumberger

  • Baker Hughes

  • GE Company

  • Weatherford

  • Hunting Energy Services

  • Gowell International LLC

  • TSL Technology Ltd.

  • BÖHLER Edelstahl GmbH & Co KG

  • ANTARES Datensysteme GmbH.

Recent Developments

  • In August 2019, a world-famous organization, Abu Dhabi decided to construct the well. And for this construction purpose, Abu Dhabi allocated three contracts worth $ 3.6 billion for the materials used for the construction of wells and drilling activities. Well logging equipment is used in this construction for measuring the properties of geologic strata when the well is being drilled.

  • In June 2019, one of the leading companies, Baker Hughes started their multimodal facility for oil & gas in Angola. This facility provides a suite of products and services across the oil and gas value chain and serves as a hub for both the Angola and South Africa region’s projects.

Well Logging Tools Market Segmentation

The global well logging tools market has been segmented based on technology, well type, and region. On the basis of well type, the market has been segmented into land-based and offshore. Onshore subsegment is expected to dominate the global well logging tools market. However, offshore subsegment is expected to grow at a faster rate owing to increasing exploration activities offshore.

Well Logging Tools Market_Image

Global Well Logging Tools Market Regional Analysis

Global well logging tools market is expected to witness substantial growth during the forecast period. For instance, Russia is one of the largest producer of crude and gas due to recent developments in exploration and production of both conventional and unconventional resources. Also, drilling and completion activities require specialized set of tools for drilling and completion of well in order to accommodate higher production rates. All these factors will drive the well logging tools market.

The global well logging tools market is projected to grow at a significant growth rate during the forecast period owing to due to potential increase in recoverable resources and increased exploration and production in the developing regions including Asia-Pacific and the Middle East & Africa. Currently, natural gas is considered as the transitional fuel and is used in many applications including industrial, marine, and transportation, among others. With the increasing exploration activities, the demand for well logging tools will increase as it is an integral part of drilling and well production activities.

Well Logging Tools are the devices or equipment that are used in the preparation of production logs. These tools help to analyze the dynamic well performance and also determine the contribution of each zone in the total production process. These tools also help in allocating production of hydrocarbons on zone to zone basis. Any faults including leaks and cross flows in the oil & gas producing wells can be analyzed by observing at the production logs. The Well Logging Tools are also used to monitor the results when well stimulation is performed. The Well Logging Tools that are used are mostly modular and can be combined with array of sensors that logs the production data. These tools provide real-time data and generate logs at continuous intervals during the production. Some of the major tools used in logging process include full bore flow meters, basket flow meters, inline flow meters, and continuous flow meters.

Report Scope:

Report Attribute/Metric Details
  Market Size   2030: USD 27,460 Million
  CAGR   10.2% CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Technology, Well Type and End-Use
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
¬†¬†Key Vendors ¬†¬†Halliburton, Royal Dutch Shell, Schlumberger, Baker Hughes, GE Company, Weatherford, Hunting Energy Services, Gowell International LLC, TSL Technology Ltd., B√ĖHLER Edelstahl GmbH & Co KG, ANTARES Datensysteme GmbH
  Key Market Opportunities   New product launches and R&D amongst major key players
  Key Market Drivers   Increasing demand for real time logging and new technologies in the shale gas exploration

Frequently Asked Questions (FAQ) :

The well logging tools market can surge at 10.2% CAGR across the study period.

MRFR study reveals that the well logging tools market can register a considerably high valuation of USD 27,460 Million by 2030.

Halliburton, Baker Hughes, Schlumberger, and Royal Dutch Shell are some well-established players of the well logging tools market.

The surge in oil exploration activities across the globe can promote the well logging tools market growth.

The growing number of offshore explorations can surge the well logging tools market in North America.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players‚Äô financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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