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).
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.
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Key Players
The
key players involved in downhole tools market are 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.), and Wenzel
Downhole Tools Ltd. (U.S.). Saint Gobain (France), Oil States International
Inc. (India), United Drilling tools (India), Anton Oilfield Services (China),
and Excalibre Downhole Tools Ltd. (Canada) are among others.
Segmental Overview
Based
on Type, the market has been segmented into Drilling, Downhole Control, Handling,
Flow & Pressure Control, and others. Drilling tools dominates the type
segment of global market. due to its wide use in drilling the wells. Increasing
drilling activities across the globe increase the demand for the drilling
tools.
Based
on application, the market has been segmented into Drilling, Completion,
Formation & Evaluation, Production, and Intervention. Well Intervention
dominates the application segment of global market. Well drilling tools demand
is expected to remain fairly stable over the forecast period.
Segmentation
by Regions: Comprises Geographical regions - North America, Europe, Asia
Pacific, Middle East & Africa and South America.
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Regional
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. 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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