Analysis of COVID-19 Crisis-driven Growth Opportunities in Mud Logging Unit Market
Global energy consumption is increasing rapidly day-by-day. Therefore, oil & gas exploration is expanding rapidly all over the globe in order to meet the rising demand for energy. Oil & gas drilling requires mud logging for the purpose of further decision-making for exploration and production of oil & gas. Mud logging, also termed as surface logging, is the process of extraction of a detailed record from the subsurface of the Earth present in the borehole, by studying the bits of sediments or rock structures carried out to the surface by the circulating medium, primarily drilling mud. Mud logging operations are contracted to a third-party mud logging company. It provides well producers and owners with approximate data about the fluid content and the subsurface lithology present in the borehole while drilling. Mud logging units are constructed of steel plate, pressurized to prevent gas entry, and equipped with insulating fireproof & explosion-proof components.
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The mudlogging unit market can be segmented based on type of standard equipment, type of specialized services, application, and region. Based on type of standard equipment, the mud logging unit market can be segregated into gas extractor, vacuum system, total gas detector, gas calibration, total gas detector, gas calibrator, and optical instrument. In terms of type of specialized services, the mud logging unit market can be classified into pressure detection, geochemical analysis, petro physical analysis, measurements while drilling (MWD), and communications. Based on application, the mud logging unit market can be segmented into offshore and onshore.
A major benefit of mud logging unit is the safety of the crew working on the rig. It helps predict mishaps on the rig site by studying different parameters to avoid mishaps. New and advanced technologies are emerging in order to reduce costs and ensure better safety A major restraint of the mud logging unit market is the emergence of real-time data centers. It helps save time of installation on the rig site and also ensures better safety of the crew.
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In terms of geography, North America leads in the global mud logging unit market in terms of demand. This can be ascribed to the increase in oil & gas activities in offshore regions of the U.S. New discovery of shale oil in the North Dakota region in the U.S. has propelled the demand for mud logging units. The mud logging unit market has been expanding in countries in Asia Pacific such as India, China, and Japan due to the rise in offshore oil & gas production activities, and improvement in underwater communications in these countries. Demand for mud logging units is estimated to increase in countries in Europe such as the U.K., Germany, France, and Norway due to the rise in oil & gas drilling activities in the North Sea and improvement of maritime security in these countries. Countries in Latin America such as Brazil and Mexico are anticipated to witness an increase in demand for mud logging units due to rapid urbanization and the rise in offshore oil & gas activities in the Gulf of Mexico. Demand for mud logging units in the countries in Middle East & Africa is also likely to rise due to the increase in number of offshore oil & gas exploration and production activities in these countries. Countries in Middle East such as Saudi Arabia, Oman, and Egypt are anticipated to witness an increase in demand for mud logging units due to the rapid rise in drilling activities for exploration of oil & gas.
Key players operating in the mud logging unit market are DHI Services, Schlumberger, Weatherford International, Naftagas Oilfield Services, Diversified Well Logging LLC, Oil Field Instrumentation Ltd., Specialist Services Group, ATCO Group, Jindal Drilling & Industries Limited, SDP Services Ltd., and Excellence Logging.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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