Borehole Cable Market to Record Sturdy Growth by 2024

Borehole cables are specialized cables designed and developed to cope with the extremely tough geological conditions typical to downhole areas, particularly high pressures, temperatures, inhospitable chemical conditions, and physical constraints imposed by borehole geometry. Particular attention is given to developing cables that are strong enough to support their own weight for long vertical drops, are resistant to high impact, and can adhere to the several safety requirements that are usually associated with heavy industries. Some of the key characteristics that borehole cables typically possess are chemical resistance, fire resistance, non-toxicity (essential when operating in potable water boreholes), rodent resistance, and lightening resistance.

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This report on the global borehole cables market divulges key qualitative and quantitative details pertaining to the key elements of the market and the major factors that are expected to have a substantial impact on the overall development of the market in present as well as future times. As such, the impact of major drivers, restraints, and trends on the market’s growth prospects over the period between 2016 and 2024 is evaluated. The major market segments are analyzed for growth opportunities and challenges on global as well as regional fronts.

The report also gives deep insights into the competitive scenario of the market. The report presents data pertaining to the strengths and weaknesses, finance-related details, revenues, product and technological advancements, and involvement in activities such as mergers and acquisitions for some of the major vendors in the market.

The global borehole cabling market is chiefly driven by a surge in exploration activities in the oil and gas, coal and other fossil fuels, minerals, and water supply industries across the globe. The increased rate of construction of structures such as high-rise buildings, industrial utility facilities, and submarine crossings, which also involve a variety of borehole and submersible cables, is also a major factor driving the global borehole cabling market.

One of the most lucrative end-use sectors for the global borehole cabling market is the offshore drilling industry. From drilling typically more than 5,000 feet below the surface to pipelines that are spread across many landscapes to the intense conditions faced in the process of refining, the offshore drilling market presents the need for highly specialized borehole cables. As the offshore drilling industry continues its excellent growth pace on a global front, it will be a major consumer of a variety of borehole cables in the years to come. The construction and mining industries are two of the other most crucial end users of a variety of borehole cables.

The global borehole cables market has been examined from a geographical perspective for regional markets such as Asia Pacific, Europe, and North America, and for the Rest of the World (RoW). Asia Pacific holds a leading position in the global borehole cables market as it houses some of the world’s biggest cable manufacturers. Technological and product advancements in the industry have led to significant developments in the Asia Pacific borehole cables market and the region presently serves several industries and applications across the globe.

A substantial rise in mining and subsea exploration activities across North America and certain parts of Asia Pacific will create lucrative growth opportunities for the global borehole cable market over the forecast period.

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The market features the presence of several multinational vendors operating amidst tough competition. The introduction of innovations and technologically advanced products at a steady pace are the major strategies adopted by companies to stay ahead of the competition. Some of the major vendors operating in the global cable market space are Grupo Condumex, Fujikura Ltd., Southwire, Far East Holding, General Cable, Polycab Group, LS Cable & System, and Prysmian Group.

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