Downhole Tools Market Scenario
The global downhole tools market is anticipated to
boom and attain significant dominance over the forecast period in the coming
years of the forecast period. Market Research Future (MRFR) mentioned the
market is slated to attain an exponential CAGR percentage over the review
period between 2017 and 2023. A detailed analysis report of COVID-19
impact on Downhole Tools Market is provided with the report.
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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Market Segmentation
The global
downhill 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 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.
Competitive Landscape
The global
downhole tools market comprises a number of key players. These players, both
large and small, contribute immensely to the overall growth of the market and
bring-forward new ideas and developments to edge past their market competition.
The MRFR report identifies the following players in the global landscape of
downhole tools: Halliburton (U.S.), Schlumberger (U.S.), Saint Gobain (France),
National Oilwell Varco Inc. (U.S.), Baker Hughes (U.S.), Oil States
International Inc. (India), United Drilling tools (India), Weatherford
International (Ireland), Logan Oil Tools Inc. (U.S.), Wenzel Downhole Tools
Ltd. (U.S.). Anton Oilfield Services (China), Excalibre Downhole Tools Ltd.
(Canada), and others.
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Regional Analysis
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).
The North
American region is the dominant player in the global market for downhole tools.
The region is spearheaded by the US, which holds the largest contributory share
percentage. The growth of the region can be attributed to the advancements made
in unconventional drilling technologies, one which have massively attractive
capital for oil & gas-based drilling projects. In addition to this, the
presence of a vast pool of hydrocarbon resources in the US is also a key driver
of the region. In the Gulf of Mexico, shale basins and continuous offshore
drillings are pushing the demand for the regional market. Add to this, the
region hosts some of the major downhole tool manufacturers herein, thereby
having a positive influence over the growth of the market.
Asia Pacific
and Europe are two of the major regions in the downhole tools global market as
identified in the report released by MRFR. The burgeoning demand for energy
owing to the fast-paced urbanization and industrialization across countries
like China, India, and Indonesia is one of the major driving factors of the
Asia Pacific regional market.
The European
regional market is anticipated to be the dominated by the presence of major
contributory nations like Norway, Russia, and the UK. The growth of the region
can be directed towards the development of traditional oil and gas exploration
activities like shale.
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