Global Oil and Gas Downhole Vibration Monitoring and Control System Market Report - Market Analysis, Size, Share, Growth, Outlook - Industry Trends and Forecast to 2028

Continued optimism toward industry activity in 2022, as economic activity has resumed its growth trajectory and crude oil demand has begun to return toward pre-COVID levels, there is an improvement in crude oil prices, production levels, and drilling activity. The global downhole vibration monitoring and control market is expected to benefit from elevated upstream activity and improved crude oil pricing. Increasing industry activity levels are approaching pre-pandemic levels, driven by a constructive energy demand environment. 

 

An increase in the global rig count (onshore and offshore), strained supply due to numerous reasons(pending technical, safety, and regulatory approval of Nordstream 2 pipeline, geopolitical tensions in Ukraine and Kazakhstan, the inability of some OPEC+ countries to produce oil at predetermined levels, and low investments over the past few years in the oil and gas industry), progress in deepwater cost reductions with potential for additional savings, rapidly growing Final Investment Decisions (FIDs) in different basins by Independent oil and gas companies are driving drilling activity and the associated downhole vibration monitoring and control market.

 

Many countries have fossil reserves, and there is a sense of urgency as these nations race to extract oil and gas before the world transitions to renewables. In the midst of such a situation, global oil inventories could rise by 0.5 million barrels per day in 2022 to 0.6 million barrels per day in 2023. The potential increase in inventories forecasts a bullish future for drilling activities, implying growth for downhole vibration monitoring and control. 

 

The exacerbating global energy crisis is driving offshore oil and gas production, where reserves tend to last longer than the conventional wells on land. Due to the long-lasting nature of offshore wells, drilling is bound to improve in the offshore segment. Therefore, downhole vibration monitoring and control is forecasted to gain a greater market share in the offshore oil and gas sector. 

 

Downhole Vibration Monitoring and Control

 

Drilling through the hard rock formations encountered in deep wells can often lead to severe and potentially damaging vibration of the drillstring. The drill string can undergo axial vibration(up and down) or lateral or torsional vibration(where the drillstring momentarily stops and then spins free, called stick-slip or bit whirl). Vibration that causes the bit to bounce against the sides or bottom of the hole can cause premature bit or drill string failure and low rates of penetration. One way to control this vibration is to adjust the rotary speed and weight on bit (WOB), but this can also have a negative effect on drilling efficiency. Shock subs (downhole shock absorbers run as part of the drill string's bottom hole assembly) can help, but these are designed for one set of conditions and can be ineffective or even counterproductive when conditions change.

 

The purpose of a downhole vibration monitoring and control system is to improve the rate of penetration and reduce the incidence of premature equipment failures in deep hard rock drilling environments by reducing harmful drill string vibration.

 

Latin America Region Analysis

 

The discovery of nearly 2 billion barrels of recoverable oil resources in offshore Suriname, the discovery of the Stabroek Block with approximately 10 billion barrels of oil reserves in offshore Guyana, the Guyana-Suriname region of South America is bound to be the regional hotspot for oil exploration and production. Moreover, an abundant supply of light, sweet, low sulphur crude makes these oil plays extremely attractive in light of the stringent rules associated with carbon-intensive oil production and the recent IMO 2020 regulation. 

 

The economic recovery of Brazil's ultra-deepwater oil and gas market mostly driven by pre-salt projects highlights Brazil as a major future drilling market and the associated downhole vibration monitoring and control market. 

 

Asia-Pacific Region Analysis

 

South-East Asia is one of the world's fastest-growing economic regions, where energy demand is expected to double over the next 20 years. However, the region's declining oil and gas production leaves it reliant on overseas oil suppliers, jeopardizing national security. In addition, the rising need for electricity across Asia is a significant driver for drilling activity in the region. Natural gas already represents 60% of South-East Asia's power plant needs, and this trend is forecasted to continue, further driving drilling activity. To promote exploration and production in the region, SKK Migas, the government organization that works in upstream activities, has removed traditional fees and has introduced a membership model. It has also embraced a "massive, aggressive, and efficient" policy to boost production in Indonesia. 

 

Indonesia and Malaysia will emerge as key areas in the region. 

 

United States Regional Analysis

 

With the sale of drilling rights in the Gulf of Mexico, with conventional gulf wells having the potential to produce for decades at a stretch, offshore drilling rigs have a bright outlook in the region. However, Biden's "Build Back Better" Bill would ban Offshore drilling in Florida and increase royalty rates if approved by the Senate. The approval of this Bill has the potential to influence capital spending of upstream oil and gas companies, which cascades to offshore drilling companies. Despite the Biden administration's efforts to control greenhouse emissions and reinforced focus on transitioning to renewable energy by incentivizing renewables, there has been no clear indication of moving away from fossil fuels. Fossil fuels will likely remain a major supply of US energy demands while the United States works on building up its renewable energy. Therefore, the downhole vibration monitoring and control market will continue to grow in the North American market. 

 

Europe Regional Analysis

 

The New Norwegian government has declared that Norway will continue Offshore Oil and Gas exploration. New PM Mr.Store underlined that Norway's current oil licensing system would remain in place and that new acreage will be continued to be offered to the oil industry. 

 

In line with Norway, the UK is set to offer new offshore oil and gas licenses in the future.

 

Despite its zero emissions by 2050 goal, citing security of supply concerns, the UK will continue to offer licenses for exploration and drilling. With most Western Europe relying on Norway for its energy needs and Russia being the only other major supplier, Norway's decision seems prudent. 

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Oil and Gas Downhole Vibration Monitoring and Control System Market Drivers & Restraints

The study covers all the major underlying forces that help the market develop and grow and the factors that constrain the growth.

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Each factor's respective impact in the near, medium, and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyze the degree of impact.

Oil and Gas Downhole Vibration Monitoring and Control System Market Analysis

This report discusses the overview of the market, latest updates, important commercial developments and structural trends, and government policies and regulations.

This section provides an assessment of COVID-19 impact on Oil and Gas Downhole Vibration Monitoring and Control System Market demand.

Oil and Gas Downhole Vibration Monitoring and Control System Market Size and Demand Forecast

The report provides Global Oil and Gas Downhole Vibration Monitoring and Control System Market size and demand forecast until 2027, including year-on-year (YoY) growth rates and CAGR.

Oil and Gas Downhole Vibration Monitoring and Control System Market Industry Analysis

The report examines the critical elements of Oil and Gas Downhole Vibration Monitoring and Control System industry supply chain, its structure, and participants

Using Porter's five forces framework, the report covers the assessment of the Oil and Gas Downhole Vibration Monitoring and Control System industry's state of competition and profitability.

Oil and Gas Downhole Vibration Monitoring and Control System Market Segmentation & Forecast

The report dissects the Global Oil and Gas Downhole Vibration Monitoring and Control System Market into various segments. A detailed summary of the current scenario, recent developments, and market outlook will be provided for each segment.

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Regional Market Analysis

The report covers detailed profiles of major countries across the world. Each country's analysis covers the current market scenario, market drivers, government policies & regulations, and market outlook.

In addition, market size, demand forecast, and growth rates will be provided for all regions.

Following are the notable countries covered under each region.

North America - United States, Canada, Mexico, and Rest of North America

Europe - Germany, France, United Kingdom (UK), Russia, and Rest of Europe

Asia-Pacific - China, India, Japan, South Korea, Australia, Rest of APAC

Rest of the world - Saudi Arabia, Brazil, Nigeria, South Africa, and other countries
 

Key Company Profiles

This report presents detailed profiles of Key companies in the Oil and Gas Downhole Vibration Monitoring and Control System industry. In general, each company profile includes - overview of the company, relevant products and services, a financial overview, and recent developments.

Competitive Landscape

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Executive Summary

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The report begins with an Executive Summary chapter and ends with Conclusions and Recommendations.

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