Market Overview
The global downhole tools market is proliferating rapidly. The market growth attributes to the advantages of downhole tools, such as optimized production levels of a large amount of oil that remains untapped beneath the surface. Besides, downhole tools are used for maintaining the flow from a reservoir, which in turn offers the market significant growth opportunities.
Moreover, increasing exploration activities and implementations of new technology in the mature wells and increased shale oil & gas drilling activities escalate the market growth. According to Market Research Future (MRFR), the global downhole tools market is poised to register a 5.2% CAGR during the assessment period (2017 -2023). The market has been witnessing exponential advances owing to continuous discoveries in the oil and gas industry worldwide.
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Competitive Analysis
The major market players operating in the global market as acknowledged by MRFR are Schlumberger (U.S.), Baker Hughes (U.S.), Halliburton (U.S.), Weatherford International (Ireland), Logan Oil Tools Inc. (U.S.), National Oilwell Varco Inc. (U.S.), and Wenzel Downhole Tools Ltd. (U.S.). Saint Gobain (France), United Drilling tools (India), Anton Oilfield Services (China), Oil States International Inc. (India), and Excalibre Downhole Tools Ltd. (Canada) are among others.
Drivers and Restraints
Growing global demand for energy has resulted in a rapid rise in offshore drilling activities to satisfy the rising demand, which has eventually provided the downhole tool market a major boost. In addition, new oil reserve discoveries are boosting drilling and exploration activities in the coming years that are increasing market demand. The continuous increase in drilling activities worldwide is the major factor driving downhole tool market. The advantage of downhole tools over traditional drilling tools lies in the capacity to improve production output from the oil wells.
The major driving factors for the market include growing exploration activities from the globe, introducing new technologies in mature fields, and growing shale oil and gas drilling. Downhole tools market is expected to have a large number of developments over the forecast period due to continuous discoveries in the oil and gas industries coupled with growing numbers of mature fields. Multinationals and well known businesses are also projected to have strong expansion activities on the sector. But environmental threats and strict government exploration regulations as well as growing emphasis on renewable energy can impede market development.
Segmental Analysis
The market for Global Downhole tools is segmented based on application, size and area.
The market was segmented by Form into Drilling, Downhole Control, Handling, Flow & Pressure Management, and others. The drilling tools dominate the global market segment of form. Because of their widespread use in well drilling. Rising worldwide drilling activities raise demand for the drilling equipment.
The market was segmented by application into Drilling, Completion, Training & Evaluation, Production, and Intervention. Well Interference dominates globally business application group. Well demand for drilling tools is expected to stay fairly stable over the forecast period.
Regional research
The global business regional overview was performed in four major regions namely Asia Pacific, North America , Europe and the rest of the world.
North America region is estimated to account for the largest market share due to a larger number of new exploration activities and a limited number of mature oilfields. The U.S. is witnessing massive shale rock production which requires advanced technology. The advances in unconventional exploration techniques that have attracted money for ventures to mine oil and gas. Additionally, the United States has vast hydrocarbon deposits. Shale basins and continuous offshore exploration in the area of the Gulf of Mexico, push consumer demand. Additionally, this area is where most of the big downhole tool manufacturer works. That has the positive effect on market growth. Given the region's increasing exploratory activities for shale production, Asia Pacific is likely to command the second-largest market share. The growth of the downhole tool market is largely due to the demand for efficient drilling and well finishing equipment. The market advantage of downhole tools over traditional well finishing tools is the leading influence on the global downhole tool market.
Countries like UK, Norway and Russia are expected to dominate the Europe drill bit market. Developing unconventional oil and gas exploration activities such as shale, drives the regional market. It is expected to contribute significantly during the forecast period.
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