Market Size – USD 4.78 Billion in 2020, Market Growth – CAGR of 5.2%, Market Trends – Increasing Advancements in Drilling Technologies
NEW YORK, NY, USA, March 9, 2022 /EINPresswire.com/ — The global downhole tool market is expected to reach USD 7.17 billion by 2028 at a CAGR of 5.2%, according to a latest report from Reports and Data. The growth of this market is mainly driven by the growing demand for technologically advanced equipment and tools for drilling and extraction in the oil and gas industry. Growing number of mature oilfields and increasing deployment of drilling rigs globally further support the growth of the market. Downhole tools are essential in oil and gas exploration and production activities and are used for a wide range of applications such as cementing, fishing, drilling, well measurement, etc. These tools are also used for well workover activities and to improve drilling performance. Downhole remediation for mature oil and gas wells has also increased significantly in the recent past, which is expected to further augment the market growth in the future.
Downhole tools are components that are part of oilfield equipment and are primarily used in drilling, completion and well intervention. These help maintain optimum levels of oil production and allow continuous flow from the reservoir. Downhole tools can also drill without causing friction and can effectively clear blockages. These tools improve drilling performance and improve the efficiency of drilling operations and processes. The growing demand is expected to continue increasing the market growth over the forecast period.
However, the adverse effects of drilling and exploration activities on the environment due to oil spill and improper disposal of crude oil and heavy metals are expected to hamper the market growth to some extent. Furthermore, the implementation of a strict regulatory framework for environmental protection is further expected to restrain the market growth in the future.
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Major companies operating in the market include Schoeller Bleckmann Oilfield Equipment AG, National Oilwell Varco, Inc., BILCO Tools, Inc., Halliburton, Weatherford International, Schlumberger, Varel International Energy Services, Stabiltec Downhole Tools, LLC, and Baker Hughes Company, among others.
Some key highlights in the report:
Some of the major market growth factors are continuous technological advancements in drilling equipment, growing number of exploration activities, and growing demand for crude oil and gas.
The drilling tools segment is expected to account for a significantly large revenue share in the global market owing to the growing demand for advanced and more efficient drilling tools and equipment for deployment in oil and gas production. The steady growth can also be attributed to the ability of downhole tools to drill to greater depths and their ability to be easily controlled from the surface.
Well drilling segment revenue is expected to increase at a significantly high rate during the forecast period owing to the growing need for down-the-hole drilling tools for more precise and specific drilling activities. The emergence of advanced technologies and drilling machines is expected to further enhance the revenue growth of this segment in the future.
North America is expected to make the highest contribution in terms of revenue share in the global market owing to increasing oil and gas exploration and production activities, rapid industrialization, and growing demand for crude oil and gas.
In March 2021, Omega Well Intervention and Wellpro Group signed a collaboration agreement to provide downhole tools to North African and Middle Eastern markets.
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For the purposes 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)
Flow and pressure control tools
Impurity Control Tools
Application Outlook (Revenue, USD Billion; 2018-2028)
Well production and completion
Training and assessment
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Regional Outlook (Revenue, USD Billion; 2018-2028)
Middle East and Africa
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