Increasing exploration and production projects across the globe, rising number of rig deployments, and increasing demand for technologically advanced downhole tools in oil and gas industry are some key factors supporting market revenue growth
Market Size – USD 4.78 Billion in 2020, Market Growth – CAGR of 5.2%, Market Trends – Increasing advancements in drilling technologies
The global Downhole Tools Market is expected to reach USD 7.17 Billion by 2028 at a CAGR of 5.2%, according to a latest report by Reports and Data. Growth of this market is predominantly driven by increasing demand for technologically advanced equipment and tools for drilling and extraction in the oil and gas industry. Growing number of mature oilfields and rising deployment of drilling rigs worldwide is further supporting market growth. Downhole tools are vital in oil and gas exploration and production activities and are used for a wide range of applications such as cementing, fishing, drilling, well measurements, and others. These tools are also used for well workover activities and to enhance drilling performance. Downhole remediation for mature oil and gas wells has also been increasing to a significant extent in the recent past and this is expected to further augment market growth going ahead.
Downhole tools are components that are part of oilfield equipment and are primarily used in well drilling, completion, and intervention. These enable maintenance of optimal levels of oil production and allow a continuous flow from the reservoir. Downhole tools can also drill without causing friction and can effectively clear blockages. These tools enhance drilling performance and improve efficiency of drilling operations and processes. Increasing demand is expected to continue to augment market growth over the forecast period.
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Major companies operating in the market include Schoeller Bleckmann Oilfield Equipment AG, National Oilwell Varco, Inc., BILCO Tools, Inc., Halliburton, Weatherford International, Schlumberger, Varel International Energy Services, Stabiltec Downhole Tools, LLC, and Baker Hughes Company, among others.
Some Key Highlights in the Report:
Some primary factors driving growth of the market are continual technological advancements in drilling equipment, increasing number of exploration activities, and rising demand for crude oil and gas.
The drilling tools segment expected to account for a significantly large revenue share in the global market owing to increasing demand for advanced and more efficient drilling tools and equipment for deployment in oil and gas production. Steady growth can also be attributed to capacity of downhole drilling tools to drill at more extensive depths and ability to be easily controlled from the surface.
The well drilling segment revenue is expected to expand at a significantly high rate over the forecast period owing to increasing need for downhole drilling tools for more precise and specific drilling activities. Emergence of advanced drilling technologies and machinery is projected to further bolster revenue growth of this segment going ahead.
North America is expected to account for highest revenue share contribution to the global market as a result of increasing activities for oil and gas exploration and production, rapid industrialization, and rising demand for crude oil and gas.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/downhole-tools-market
For the purpose of this report, Reports and Data has segmented the global downhole tools market based on type, application, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
Flow & Pressure Control Tools
Impurity Control Tools
Application Outlook (Revenue, USD Billion; 2018-2028)
Production and Well Completion
Formation and Evaluation
Regional Outlook (Revenue, USD Billion; 2018-2028)
Middle East & Africa
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Market Report includes major TOC points:
Downhole Tools market Overview
Global Economic Impact on Industry
Global Market Competition by Manufacturers
Global Production, Revenue (Value) by Region
Global Supply (Production), Consumption, Export, Import by Regions
Global Production, Revenue (Value), Price Trend by Type
Global Market Analysis by Application
Manufacturing Cost Analysis
Industrial Chain, Sourcing Strategy and Downstream Buyers
Marketing Strategy Analysis, Distributors/Traders
Market Effect Factors Analysis
Downhole Tools market Forecast
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Sr. Research Analyst at Reports and Data