According to a recent study report published by the Market Research Future, The global market of Downhole Tools is booming and expected to gain prominence over the forecast period. The global Downhole Tools market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, CAGR during the estimated period (2017 – 2023).
The proliferating demand for energy has subsequently resulted in boosting the offshore drilling activities in order to meet the growing demand. This, in turn, has ultimately proved to be a major boost to the downhole tools market and is expected to be a positive driver in the coming years. Additionally, new oil reserve discoveries is expected to significantly ameliorate the drilling and exploration activities in the near future, thereby causing an upsurge to the global market for downhole tools.
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Schlumberger (U.S.), Halliburton (U.S.), Baker Hughes (U.S.), Weatherford International (Ireland), National Oilwell Varco Inc. (U.S.), Logan Oil Tools Inc. (U.S.), Wenzel Downhole Tools Ltd. (U.S.), Saint Gobain (France), and Oil States International Inc. (India), among other are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Downhole Tools Market.
Global Downhole Tools Industry Segmentation
The global downhole tools market segmentation is based upon two key components, namely application and type.
By type, the market segments into handling, drilling, downhole control, flow & pressure control, and others. Herein, the drilling tools segment holds the dominant share of this global market category. This is due to the widespread usage of the tool in drilling the wells. The growing drilling activities around the world further heightens the demand for these drilling tools.
By application, the downhole tools market comprises drilling, formation & evaluation, completion, intervention, and production. The well intervention segment commands the global application market segment with the highest share percentage and is projected to remain the same in the forthcoming years of the forecast period. The demand for well drilling tools, however, is anticipated to remain at a fairly decent rate.
The global regional market segmentation covers the following regions in its geographical segmentation: North America, Asia Pacific, Europe, and the Rest of the World (RoW).
North America dominates the downhole tools market. The U.S. accounts for the largest market share in the North American region. The advancements in unconventional drilling technologies, which have attracted capital for oil and gas drilling projects. Additionally, vast hydrocarbon resources in the U.S. Shale basins and continuous offshore drilling in the Gulf of Mexico region, are driving the demand of the market. Additionally, most of the major downhole tool manufacturer are operating in this region. This has the positive influence on the growth of the market.
Asia Pacific and Europe are the other major market for the downhole tools. Increasing demand for energy due to urbanization & industrialization from the countries such as India, China, and Indonesia among others driving the demand of the market in Asia Pacific region. The Europe drill bit market is expected to be dominated by countries such as U.K, Norway and Russia. The development of unconventional oil and gas exploration activities such as shale, is driving the market in the region. It is expected to contribute significantly during the forecast period.
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Table Of Content
1 Executive Summary
2 Scope Of The Report
3 Market Landscape
4 Market Dynamics
5 Global Downhole Tools, By Application
5.4 Formation & Evaluation
6 Global Downhole Tools, By Type
6.2 Downhole Control Tools
6.3 Handling Tools
6.4 Flow & Pressure Control Tools
6.5 Drilling Tools
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