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.
Competitive
Analysis
Characterized by the presence of
several well-established and small players, the global Market of Downhole Tools
appears to be highly competitive. Well established players incorporate
acquisition, collaboration, partnership, expansion, and product launch in order
to gain competitive advantage in this market and to maintain their market
position. These key players compete based upon pricing, and services. Vendors
operating in the market strive to deliver the best quality products and
services based on innovative technologies, and best practices. These Key
Players make a substantial investment for R&D and to secure a guaranteed
resource for the customers. Downhole Tools market demonstrates a high growth
potential which is likely to attract many entrants to the market resulting in
to intensified competition further.
Leading
Players
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)
Downhole
Tools Market Segmentation
Global Downhole tools market has
been segmented based on application, type and region.
Based on Type, the market has been
segmented into Downhole Control, Handling, Flow & Pressure Control, and
others.
Based on application, the market
has been segmented into Drilling, Completion, Formation & Evaluation,
Production, and Intervention.
Based on region, the global
downhole tools market is segmented into North America, Europe, Asia Pacific, Middle
East & Africa and South America.
Downhole
Tools Regional Market Analysis:
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.
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.
About
Market Research Future:
At Market Research Future (MRFR),
we enable our customers to unravel the complexity of various industries through
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