What is Downhole Tools Market?
The demand for downhole tools is growing at a faster rate due to its benefits in end-use applications such as drilling, completion, well intervention, formation & evaluation, oil & gas production, and others. Drilling systems that are used to remove, probe, and conduct subsurface applications include downhole equipment. Participants in the downhole tools market are expected to boost the reliability of their products in addition to providing cost-effective downhole tools. The majority of research and development activities are expected to be focused on improving drilling diagnostics and developing new drilling technologies.
The market study is being classified by Type (Flow & Pressure Control Tools, Impurity Control Tools, Drilling Tools, Downhole Control Tools and Handling Tools), by Application (Well Drilling, Well Completion, Well Intervention, Formation & Evaluation and Oil & Gas Production) and major geographies with country level break-up.
Schlumberger (United States), Halliburton (United States), Baker Hughes (United States), Weatherford International (Ireland), National Oilwell Varco Inc. (United States), Logan Oil Tools Inc. (United States), Wenzel Downhole Tools Ltd. (United States), Saint Gobain (France), Oil States International Inc. (India) and United Drilling Tools (India) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Anton Oilfield Services (China) and Excalibre Downhole Tools Ltd. (Canada).
The companies are exploring the market by adopting expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain a competitive advantage through combined collaborations. Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Downhole Tools market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Downhole Tools market by Type, Application and Region.
On the basis of geography, the market of Downhole Tools has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Increase in Drilling Activities across the Globe
- Advent of Automated Solution
- Rising Exploration and Drilling Activities of Oil and Gas Fields
- Implementation of New Technology in the Mature Wells
- Introduction of Laser Drilling
- Declining Crude Oil Prices
- High-capital Investments for New Product Development
- Growing Popularity of Hydraulic Fracturing and Horizontal Drilling Techniques
- Increase in the Adoption of Cutting-edge Technologies to Develop Innovative and Effective Downhole Tools
- Strict Government Regulations
Market Leaders and some development strategies
In Nov 2019, Coretrax announced the acquition of Churchill Drilling Tools for an undisclosed sum as part of an ongoing growth and expansion strategy., and In Oct 2018, Nine Energy Service, Inc announced that it has entered into a definitive agreement to acquire Magnum Oil Tools International, LTD. (“Magnum”). Magnum has a broad offering of proprietary downhole completions products, including dissolvable and composite frac plugs, as well as a number of other patented consumables.
Key Target AudienceNew Entrants/Investors, Analysts and Strategic Business Planners, Downhole Tools Manufacturer, Downhole Tools Suppliers, Distributors, Raw Material Suppliers, Government Regulatory and Research Organizations and End-Use Industry