Global Downhole Tools Market Overview:
The latest report by IMARC Group, titled “Downhole Tools Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022- 2027”, offers a comprehensive analysis of the industry, which comprises insights on the downhole tool market research report. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global downhole tools market size reached US$ 4.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 5.4 Billion by 2027, exhibiting a growth rate (CAGR) of 4.47% during 2022-2027.
Downhole tools represent equipment utilized for well drilling, interventions, and completions. They are available in numerous product variants, such as drilling tools, handling tools, flow and pressure tools, control tools, etc. These downhole tools aid in accessing the untapped oil remains beneath the surface and optimizes the production levels of the oil wells. They are employed in the bottom hole assembly for workover operations and prove to be extremely efficient in high temperature and pressure conditions. Consequently, downhole tools find extensive applications in the oil and gas industry across the globe.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
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Global Downhole Tools Market Trends:
The global market is primarily driven by the significant growth in the oil and gas industry. The increasing investments by the government of numerous countries to discover untapped oil fields and refineries are also contributing to the market growth. Along with this, continual technological advancements, such as the advent of three-dimensional (3D) visualization tools that aid in improving accuracy and advanced downhole tools that sustain high-pressure and high-temperature, are providing an impetus to the market growth further. Some of the other factors contributing to the market growth include rapid industrialization and extensive research and development (R&D) activities conducted by key players to enhance the rate of penetration (ROP) in oil extraction processes.
Competitive Landscape with Key Players:
- Baker Hughes Company
- Bilco Tools Inc
- Halliburton Company
- Innovex Downhole Solutions Inc
- NOV Inc
- Oil States International Inc
- Schlumberger Limited
- Schoeller-Bleckmann Oilfield Equipment AG
- Ulterra Drilling Technologies LP
- United Drilling Tools LTD
- Weatherford International plc
- Wenzel Downhole Tools Ltd. (Basin Tools LP)
Key Market Segmentation:
Breakup by Product:
- Drilling Tools
- Handling Tools
- Flow and Pressure Tools
- Control Tools
Breakup By Application:
- Well Drilling
- Well Intervention
- Formation and Evaluation
- Production and Well Completion
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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