Global Downhole Tools Market was value US$ 3.9Bn in 2017 and is expected to reach US$ 5.8Bn by 2026 at a CAGR of 5.9%.
Downhole tools refer to the equipment used in upstream gas and oil operations such as the production of drilling, oil and gas, well interventions, and well completions. Downhole drilling tools form the main part of the overall market for downhole tools.
Downhole tools are used extensively in bottom hole assembly for numerous completion and work-over operations. The downhole tools aid in reducing the cost related to the oil recovery activities in order to ensure a large quantity of oil production in the upcoming years. The awareness among consumers regarding the benefits of using downhole tools is expected to encourage the growth of the overall market during the forecast period.
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Drilling tools held the largest share within the global market driven by the increasing drilling activities globally. Increasing unconventional drilling methods and explorations in deep waters have also pushed the demand for more robust drilling tools.
Oil and Gas application segment is dominating the global downhole tools market. Downhole tools are used for effective and efficient production of oil & gas. The worldwide oil and gas industry is a key segment of the energy market and covers the locating, drilling, refining, delivering and marketing of oil and gas products. Oil meets much of the worldâ€™s demand for energy, around a third in Europe and Asia and over half in the Middle East.
Region-wise, North America continues to be the dominant market for the downhole tools with the U.S. being the biggest player in this region. This may be attributed to the presence of several oil field services companies and the use of new technologies on a large scale. Also, the shale boom backed by the major players in the market provided a great impetus to downhole tools market growth in North America.
Primary resources, which include experts and suppliers from the industry, have been interviewed to obtain and verify critical information also assess future prospects of the downhole tools market. Many secondary resources such as encyclopedias, directories, and databases have been used to identify and collect information that was useful for this extensive commercial study of the downhole tools market globally.
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Global downhole tools market report includes PESTLE analysis, competitive landscape, and Porterâ€™s five force model. Market attractive analysis wherein all the segments are benchmarked based on the market size, growth rate, and general attractiveness.
Scope of Global Downhole Tools Market
Global Downhole Tools Market, by Tool type
Flow & Pressure Control
Global Downhole Tools Market, by Application
Formation & Evaluation
Oil & Gas Production
Global Downhole Tools Market, by Region
Middle East and Africa
Key players operating in Global Downhole Tools Market
Oil States International Inc.
Halliburton Company Logan Oil Tools Inc.
Bilco Tools Inc.
United Drilling Tools Ltd.
C&J Energy Services
Baker Hughes Inc.
National Oilwell Varco Corp.
This post was originally published on Raleigh Recorder