The global downhole tools market is expected to reach USD 7.17 Billion in 2028 at a CAGR of 5.2%, according to a latest report by Reports and Data. Surging demand for unconventional oil and gas, rapid technological advancements in drilling tools, and growing need to enhance efficiency and reduce costs associated with drilling and oil production are some key factors contributing to market revenue growth. Downhole tools are components of oil recovery systems, and are deployed in well drilling, well intervention, and completion. The primary purpose of deploying downhole tools is to perform workover operations and well completion processes. These tools are used in bottom hole assembly for workover operations and well completion.
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Leading Players Profiled in the Report Include:
Stabiltec Downhole Tools, National Oilwell Varco, Inc., Baker Hughes Company, BILCO Tools, Inc., Schoeller Bleckmann Oilfield Equipment AG, Varel International Energy Services, Halliburton, Weatherford International, LLC, and Schlumberger, among others.
Downhole tools are deployed to perform workover operations and well completion. Materials used to manufacture downhole tools enables them to perform even at extreme temperature and pressure conditions. These tools enable reduction in production costs and enhances life of an oil well, and improves fluid flow. These factors are expected to result in increasing adoption and preference for downhole tools to revive spent wells and improve fluid extraction volumes. Downhole tools allow fracturing and drilling at higher depths and augment efficiency of drilling operations, which in turn are projected to bolster market growth.
Technological advancements has led to emergence of new and more advanced and superior downhole tools that perform more efficiently, even in hostile downhole situations and conditions. However, stringent regulatory policies associated with environment protection and the hazardous effects of heavy metals and crude oil on the surroundings are factors expected to hamper market growth to some extent.
Some Key Highlights in the Report:
- Downhole tools are crucial for oil and gas production activities as they enable maintaining optimal production levels of oil and also assist in increasing oil production levels without need for additional energy.
- Based on type, the drilling tools segment is expected to account for largest revenue share contribution to the global market during the forecast period owing to rising demand for crude oil, increasing application of drilling tools in oil wells owing to capacity to drill at higher depths, and availability of technologically upgraded machinery and tools in the market.
- The production and well completion segment is expected to lead among the application segments in terms of revenue share owing to increasing deployment of downhole tools in well completion and intervention. The well drilling segment is also estimated to register a significant growth rate during the period owing to increasing need for drilling tools for accurate and specific drilling operations.
- North America is expected to register a considerably high revenue growth rate during the forecast period owing to large number of onshore exploration and production activities, high number of mature oilfields, and rising demand for crude oil countries in the region.
- Asia Pacific market revenue is expected to expand at a significantly high compounded annual growth rate owing to an upsurge in oil and gas drilling operations and rapid industrialization in countries such as China and India.
- In March 2021, U.K-based downhole technology company, Omega Well Intervention Ltd., joined forces with globally renowned well drilling firm, Wellpro Group, to jointly provide downhole tools to Middle East & North African markets.
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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
Application Outlook (Revenue, USD Billion; 2018-2028)
- Well Drilling
- Well Intervention
- Production and Well Completion
- Formation and Evaluation
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Table of contents
Chapter 1 Methodology and Scope
1.1 Research methodology
1.2 Research Scope and Assumptions
1.3 List of Data Sources
Chapter 2 Executive Summary
Chapter 3 Market Variables, Trends and Scope
3.1 Market Segmentation
3.2 Downhole Tools Market Size & Growth Prospects
3.2.1 Value Chain Analysis
3.2.2 Technological developments
3.2.3 Regulatory Scenario
3.2.4 Market Dynamics
22.214.171.124 Market Driver Analysis
126.96.36.199 Market Restraint Analysis
3.2.5 Industry Porter’s Analysis
3.2.6 Pestel Analysis
3.2.7 Key opportunities prioritized
3.2.8 regional analysis
Chapter 4 Downhole Tools Market: Product Estimates & Trend Analysis
4.1 Downhole tools market: Product movement analysis, 2021 & 2028
4.2 Drilling tools
4.2.1 Market estimates and forecasts, 2018-2028 (USD Billion)
4.3 Flow and pressure control tools
4.3.1 Market estimates and forecasts, 2018-2028 (USD Billion)
4.4 Control tools
4.4.1 Market estimates and forecasts, 2018-2028 (USD Billion)
4.5 Handling tools
4.5.1 Market estimates and forecasts, 2018-2028 (USD Billion)
4.6.1 Market estimates and forecasts, 2018-2028 (USD Billion)
About Reports and Data
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