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 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.
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.
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.
|Market Size||2030: USD 27,460 Million|
|CAGR||10.2% CAGR (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., BÖHLER 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|
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.