According to a recent study report published by the Market Research Future, The global market of Downhole Tools is booming and expected to gain prominence over the forecast period. The global Downhole Tools market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, CAGR during the estimated period (2017 – 2023).

Global increasing demand for energy has resulted in rapid increase in the offshore drilling activities to meet the increasing demand, which ultimately has provided significant boost to the downhole tools market. Moreover, new oil reserve discoveries increase the drilling and exploration activities in coming years which upsurge the demand for the market. However, environmental risks and strict government regulations for drilling as well as increasing focus on renewable energy may hinder the market growth of the market.

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Key Players

The key players involved in downhole tools market are Schlumberger (U.S.), Halliburton (U.S.), Baker Hughes (U.S.), Weatherford International (Ireland), National Oilwell Varco Inc. (U.S.), Logan Oil Tools Inc. (U.S.), and Wenzel Downhole Tools Ltd. (U.S.). Saint Gobain (France), Oil States International Inc. (India), United Drilling tools (India), Anton Oilfield Services (China), and Excalibre Downhole Tools Ltd. (Canada) are among others.

Segmental Overview

Based on Type, the market has been segmented into Drilling, Downhole Control, Handling, Flow & Pressure Control, and others. Drilling tools dominates the type segment of global market. due to its wide use in drilling the wells. Increasing drilling activities across the globe increase the demand for the drilling tools.

Based on application, the market has been segmented into Drilling, Completion, Formation & Evaluation, Production, and Intervention. Well Intervention dominates the application segment of global market. Well drilling tools demand is expected to remain fairly stable over the forecast period.

Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia Pacific, Middle East & Africa and South America.

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Regional Analysis

North America dominates the downhole tools market. The U.S. accounts for the largest market share in the North American region. The advancements in unconventional drilling technologies, which have attracted capital for oil and gas drilling projects. Additionally, vast hydrocarbon resources in the U.S. Shale basins and continuous offshore drilling in the Gulf of Mexico region, are driving the demand of the market. Additionally, most of the major downhole tool manufacturer are operating in this region. This has the positive influence on the growth of the market.

Asia Pacific and Europe are the other major market for the downhole tools. Increasing demand for energy due to urbanization & industrialization from the countries such as India, China, and Indonesia among others driving the demand of the market in Asia Pacific region. The Europe drill bit market is expected to be dominated by countries such as U.K, Norway and Russia. The development of unconventional oil and gas exploration activities such as shale, is driving the market in the region. It is expected to contribute significantly during the forecast period.

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