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 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.
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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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