Zion Market Research has published a new report titled “Downhole Tools Market by Type (Contamination Control Tools, Drilling Tools, Pressure and Flow Control Tools, and Handling Tools) and by Application (Well Drilling, Well Completion, Well Intervention, Formulation & Evaluation, and Oil & Gas Production): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global downhole tools market was valued at approximately USD 4.05 billion in 2018 and is expected to generate around USD 5.62 billion by 2025, at a CAGR of around 4.78% between 2019 and 2025.
Large-scale oilfield exploration and production activities witnessed in developing countries of North America and Europe is likely to drive the downhole tools market in the future. The superior functionalities of downhole tools in comparison to conventional drilling tools lies in their ability to augment oil production from oil wells. The crucial factors that are boosting the downhole tools market include the implementation of new technology in mature wells and rise in the shale oil and gas drilling activities. Moreover, the ongoing technological advancements in the oil exploration and production operations are likely to further propel the downhole tools market in the future, as these advancements trigger the need for the downhole tools for cost-effective operations.
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Thus, the major companies are investing significantly in their R&D activities for developing new products by upgrading their functionalities. The rise in unconventional oil fields is also projected to fuel the downhole tools market over the forthcoming years. Unconventional oil and gas resources refer to the natural gas and crude oil found in shale formations. Coal-bed methane is another unconventional source of natural gas, which is found in coal seams or coal deposits. However, fluctuating crude oil prices may hamper the downhole tools market in the future.
Based on the type, the downhole tools market is segmented into contamination control tools, drilling tools, pressure, and flow control tools, and handling tools. Drilling tools are expected to dominate the downhole tools market in the future, owing to their ability to drill up to 7,000 to 11,000 feet with an angle of more or less than 900 degrees and the drilling activities can also be controlled from above the surface. On the basis of application, the downhole tools market is segmented into well drilling, well completion, well intervention, formulation and evaluation, and oil and gas production. The well drilling segment is expected to dominate the market in the future, due to the rising number of unconventional oilfields. Downhole tools are utilized for retaining the pressure and flow of production fluids during operations and thus widely installed by the oilfield service providers.
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North America contributed an extensive revenue share to the global downhole tools market in 2018, due to increasing oilfield exploration and production activities across the region. Gulf of Mexico, Texas, North Dakota, etc. are expected to provide lucrative growth prospects for the North American downhole tools market in the future. Moreover, ongoing development of the power plant projects coupled with shale gas exploration activities throughout the region is anticipated to further boost this regional market in the upcoming years. Europe is anticipated to provide significant growth opportunities in the global downhole tools market in the years ahead, owing to the burgeoning demand for energy has resulted in increasing need of the offshore and onshore oilfield operations, particularly in the North Sea Basin area.
Some key players of the global downhole tools market are Excalibre Downhole Tools Ltd., Bilco Tools Inc., Baker Hughes Inc., Schlumberger Ltd., Wenzel Downhole Tools Ltd., Oil States International Inc., Halliburton Company, National Oil Varco Inc., Weatherford International Ltd., Logan Oil Tools Inc., and United Drilling Tools Ltd.
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This report segments the global downhole tools market as follows:
Global Downhole Tools Market: Type Analysis
- Contamination Control Tools
- Drilling Tools
- Pressure and Flow Control Tools
- Handling Tools
Global Downhole Tools Market: Application Analysis
- Well Drilling
- Well Completion
- Well Intervention
- Formulation and Evaluation
- Oil and Gas Production
Global Downhole Tools Market: Regional Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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