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)
- Drilling
Tools
- Flow
& Pressure Control Tools
- Handling
Tools
- Impurity
Control Tools
- Others
Application Outlook (Revenue, USD Billion; 2018-2028)
- Well
Drilling
- Well
Intervention
- Production
and Well Completion
- Formation
and Evaluation
- Others
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North
America
- Europe
- Asia
Pacific
- Latin
America
- Middle
East & Africa
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