Global Downhole Tools Market
Global Downhole Tools Market Report Description:
Global downhole tools market report gives comprehensive outlook on downhole tools across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East Africa. The report on global downhole tools market gives historical, current, and future market sizes (US$ Mn) on the product type, application, and regions. This report studies global Downhole Tools market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global downhole tools market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global downhole tools market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the global downhole tools market report include suppliers, manufacturers, marketers, policy makers, and healthcare service providers engaged in global downhole tools products.
Global Downhole Tools Market:
The global downhole tools market estimated to be valued US$ XX Mn in 2018 and poised to grow at significant CAGR over 2019-2025. Rising activities of E & P in deep-sea bed related with efficiencies of drilling and completion is resultant in production rate expansion by major companies. This, consequently, has a positive impact on the market. Growing demand for scientifically innovative tools that has an optimum function in high temperature (HPHT) conditions and high-pressure, in order to enhance the penetration rates, is likewise expected to strengthen the market growth. Major companies are endlessly concentrating on product development with technologically advanced features to withstand the competition plus to improve drilling activities with advanced ROP and insignificant contribution of cost. However, risk associated with the product to withhold the extremities in various environmental parameters dampens the market growth.
Rising Demand for Drilling Tools
Downhole tools are available in the form of variety of products such as drilling, handling flow, and pressure control. Drilling tools is expected to be the leading segment during the forecast period due to amplified rates of drilling activities in numerous countries such as Argentina and Colombia. This is supplementary reinforced by restart in the activities of onshore drilling in states such as Libya & Republic of Congo, increased drill bit sales in Algeria, and new drilling project startups in Qatar and China.
Handling tools and flow & pressure control tools is also one of the major products of downhole tools. It is further expected to up surge the growth of downhole tools owed to their growing uses in manufacture phase. These tools aids to meet a number of challenges such as pressure disparities related with creating formations, great depth, and extraordinary temperatures.
North America Accounts for Larger Market Revenue Share in Global Downhole Tools Market
North America accounted for the largest share in the market in terms of revenue, besides it is likely to linger its domination during forecasted period. The growth in this region can be attributed to the enhanced activity of land. U.S has emerged as a front runner in the regional market and is expected to drive the regional market growth. Europe is expected to hold a second leading position in the market due to countries such as the U.K. and Norway which are expected to observe great expansion particularly in offshore basins, in arrears to enlarged deep sea drilling activities in North Sea.
Key player’s profiles in the global downhole tools market include:
- Ulterra Drilling Technologies, L.P
- Baker Hughes
- National Oilwell Varco, Inc.
- Stabiltec Downhole Tools LLC
- BILCO Tools
- Frank’s International N.V
- Varel International Energy Services, Inc.
- Weatherford International
Key players in global downhole tools market enhance their product portfolio and consumer base by adopting striking market strategy like collaborations, acquisitions, technological innovations, among others. For instance, April 1, 2016—Schlumberger Limited (NYSE:SLB) announced that it has acquired Houston-based Omron Oilfield and Marine Inc. and Saltel Industries, a France-headquartered engineering, manufacturing and service firm.
Key Findings of the Report:
- Global downhole tools market expanding at significant CAGR over 2019 to 2025 due to significant oilfield development.
- Based on product type, drilling tools segment accounted for larger market revenue share in 2018 and projected gain market revenue share over the forecast period
- Players focusing on innovation of newer products and collaboration strategies to retain market position in global downhole tools market
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2014-2018) and forecast (2019-2025)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market.
By Product Type
- Drilling Tools
- Handling Tools
- Flow & Pressure Tools
- Control Tools
By Application Type
- Well Drilling
- Well Intervention
- Formation & Evaluation
- Production & Well Completion
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
Middle East and Africa
- South Africa
- Gulf Corporation Council Counties (GCC)
- Rest of MEA