Global Downhole Tools Market - Overview
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). Downhole tools are
used extensively in bottom hole assembly for several completion and work-over
operations. The bottom hole assembly is selected majorly dependent on the
formation of the reservoirs.
Global increasing demand for
energy has resulted in rapid increase in the offshore drilling activities to
meet the increasing demand, which ultimately has provided significant boost to
the downhole tools market. Moreover, new oil reserve discoveries increase the
drilling and exploration activities in coming years which upsurge the demand
for the market. However, environmental risks and strict government regulations
for drilling as well as increasing focus on renewable energy may hinder the
market growth of the market.
Key Contributors
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)
Industry Segmentation
Global Downhole Tools Market
is segmented in to type, application and region.
Based on Type, the market
has been segmented into Drilling, Downhole Control, Handling, Flow &
Pressure Control, and others.
Based on application, the
market has been segmented into Drilling, Completion, Formation &
Evaluation, Production, and Intervention.
Segmentation by Regions:
Comprises Geographical regions - North America, Europe, Asia Pacific, Middle
East & Africa and South America.
Global Downhole Tools Regional Market Analysis
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.
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.
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