Downhole Tools Market Scenario
The global downhole tools market is anticipated to boom and attain significant dominance over the forecast period in the coming years of the forecast period. Market Research Future (MRFR) mentioned the market is slated to attain an exponential CAGR percentage over the review period between 2017 and 2023.
The proliferating demand for energy has subsequently resulted in boosting the offshore drilling activities in order to meet the growing demand. This, in turn, has ultimately proved to be a major boost to the downhole tools market and is expected to be a positive driver in the coming years. Additionally, new oil reserve discoveries is expected to significantly ameliorate the drilling and exploration activities in the near future, thereby causing an upsurge to the global market for downhole tools.
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Market Segmentation
The global downhill tools market segmentation is based upon two key components, namely application and type.
By type, the market segments into handling, drilling, downhole control, flow & pressure control, and others. Herein, the drilling tools segment holds the dominant share of this global market category. This is due to the widespread usage of the tool in drilling the wells. The growing drilling activities around the world further heightens the demand for these drilling tools.
By application, the market comprises drilling, formation & evaluation, completion, intervention, and production. The well intervention segment commands the global application market segment with the highest share percentage and is projected to remain the same in the forthcoming years of the forecast period. The demand for well drilling tools, however, is anticipated to remain at a fairly decent rate.
Competitive Landscape
The global downhole tools market share comprises a number of key players. These players, both large and small, contribute immensely to the overall growth of the market and bring-forward new ideas and developments to edge past their market competition. The MRFR report identifies the following players in the global landscape of downhole tools: Halliburton (U.S.), Schlumberger (U.S.), Saint Gobain (France), National Oilwell Varco Inc. (U.S.), Baker Hughes (U.S.), Oil States International Inc. (India), United Drilling tools (India), Weatherford International (Ireland), Logan Oil Tools Inc. (U.S.), Wenzel Downhole Tools Ltd. (U.S.). Anton Oilfield Services (China), Excalibre Downhole Tools Ltd. (Canada), and others.
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Regional Analysis
The global regional market segmentation covers the following regions in its geographical segmentation: North America, Asia Pacific, Europe, and the Rest of the World (RoW).
The North American region is the dominant player in the global market for downhole tools. The region is spearheaded by the US, which holds the largest contributory share percentage. The growth of the region can be attributed to the advancements made in unconventional drilling technologies, one which have massively attractive capital for oil & gas-based drilling projects. In addition to this, the presence of a vast pool of hydrocarbon resources in the US is also a key driver of the region. In the Gulf of Mexico, shale basins and continuous offshore drillings are pushing the demand for the regional market. Add to this, the region hosts some of the major downhole tool manufacturers herein, thereby having a positive influence over the growth of the market.
Asia Pacific and Europe are two of the major regions in the downhole tools global market as identified in the report released by MRFR. The burgeoning demand for energy owing to the fast-paced urbanization and industrialization across countries like China, India, and Indonesia is one of the major driving factors of the Asia Pacific regional market.
The European regional market is anticipated to be the dominated by the presence of major contributory nations like Norway, Russia, and the UK. The growth of the region can be directed towards the development of traditional oil and gas exploration activities like shale.
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