Downhole Tools Market Overview:
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.
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 Research 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.
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.
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.
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