Global Downhole Tools Market - Overview

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). Downhole tools are used extensively in bottom hole assembly for several completion and work-over operations. The bottom hole assembly is selected majorly dependent on the formation of the reservoirs.

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 Contributors

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.), Wenzel Downhole Tools Ltd. (U.S.), Saint Gobain (France), and Oil States International Inc. (India)

Industry Segmentation

Global Downhole Tools Market is segmented in to type, application and region.

Based on Type, the market has been segmented into Drilling, Downhole Control, Handling, Flow & Pressure Control, and others.

Based on application, the market has been segmented into Drilling, Completion, Formation & Evaluation, Production, and Intervention.

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

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Global Downhole Tools Regional Market 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.

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.

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