Market Dynamics

An increase in ultradeep drilling activities is expected to drive the growth of downhole tools market during the forecast period. This has resulted some of the key developments by companies operating in the market to consolidate their market positions and look for further niche opportunities.

Downhole tools are essential for drilling of a well. They are types of equipment used in upstream oil and gas operations to optimize efficiency.

Segment Insights

Based on type, the downhole tools market has been segmented into drilling tools, flow & pressure control tools, contamination control tools, and handling tools. Among these, drilling tools are used widely, as there has been an increase in drilling activities around the world to obtain more resources.

Technological advancements in oil & gas production process are expected to drive the downhole tools market, as they are likely to be more cost-effective in the future.

Moreover, stringent regulations regarding use of tools to protect the environment and minimize the damage during drilling operations have been laid down by the government. These standard tool specifications which are prescribed by the governments drive the market.

However, fluctuating prices of crude oil and investments made in renewable energy can affect the downhole tools market negatively.

Key Factors Impacting Market Growth:

• Increase in ultradeep drilling activities
• Increase in the number of oil rigs
• Increase in exploration and production activities

Regional Outlook:

The regional outlook for  downhole tools market provides detailed information for markets including North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, and Rest of the World. North America and Western Europe are estimated to be key regions for  downhole tools market during the forecast period. Being one of the industrialized regions, the energy & power sector is key to the operations of various industries in this region. This is one of the important factors governing the growth of  downhole tools market in these regions. Some of the major countries covered in this region include US, Germany, UK, France, Italy, Canada, and so on. 

Asia Pacific is estimated one of the fastest growing regions for  downhole tools market during the forecast period. Some of the fastest growing economies and increasing demand for energy & power to cater high population & industries is expected to drive the demand in this region. China and India are projected to register major demand during the forecast period. Middle East that includes UAE, Saudi Arabia, Iran, Qatar, and others promises high market potential during the forecast period. Rest of the World including South America and Africa are emerging regions in terms of market demand during the forecast period.

Companies Covered: General Electric, National Oilwell Varco, Halliburton Company, Schlumberger Limited, Baker Hughes, Weatherford International, Logan Oil Tools Inc., and United Drilling tools

Market Segmentation:

By Type:

• Drilling Tools
• Flow & Pressure Control Tools
• Contamination Control Tools
• Handling Tools

By Application:

• Well Drilling
• Well Intervention
• Well Completion
• Oil & Gas Production
• Formation & Evaluation

By Region:

• North America
  • By Country (US, Canada, Mexico)
  • By Type
  • By Application
• Western Europe
  • By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
  • By Type
  • By Application
• Eastern Europe
  • By Country (Russia, Turkey, Rest of Eastern Europe)
  • By Type
  • By Application
• Asia Pacific
  • By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
  • By Type
  • By Application
• Middle East
  • By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
  • By Type
  • By Application
• Rest of the World
  • By Region (South America, Africa)
  • By Type
  • By Application

Reasons to Buy This Report:

• Market size estimation of the global downhole tools market on a regional and global basis
• The unique research design for market size estimation and forecast
• Profiling of major companies operating in the market with key developments
• Broad scope to cover all the possible segments helping every stakeholder in the market

Customization:

We provide customization of the study to meet specific requirements:

• By Segment
• By Sub-segment
• By Region/Country

For more information, contact: [email protected]