Global Downhole Tools Market was valued at US$ 3.9Bn in 2019 and is expected to reach US$ 5.8Bn by 2026 at a CAGR of 5.9% during the forecast period.
The report includes the analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
Global Downhole Tools Market Dynamics
Downhole tools refer to the equipment used in upstream gas and oil operations such as the production of drilling, oil and gas, well interventions, and well completions. Downhole drilling tools form the main part of the overall market for downhole tools.
Downhole tools are used extensively in bottom hole assembly for various completion and work-over operations. The downhole tools aid in reducing the cost related to the oil recovery activities in order to ensure a large quantity of oil production in the upcoming years. The awareness among consumers regarding the benefits of using downhole tools is expected to encourage the growth of the overall market during the forecast period.
Global Downhole Tools Market Segment Analysis
Drilling tools held the largest share within the global market driven by the increasing drilling activities globally. Increasing unconventional drilling methods and explorations in deep waters have also pushed the demand for more robust drilling tools.
The oil and gas application segment is dominating the global downhole tools market. Downhole tools are used for the effective and efficient production of oil gas. The worldwide oil and gas industry is a key segment of the energy market and covers the locating, drilling, refining, delivering, and marketing of oil and gas products. Oil meets much of the world’s demand for energy, around a third in Europe and Asia and over half in the Middle East.
Global Downhole Tools Market Regional Insights
Region-wise, North America continues to be the dominant market for downhole tools with the U.S. being the biggest player in this region. This may be attributed to the presence of several oil field services companies and the use of new technologies on a large scale. Also, the shale boom backed by the major players in the market provided a great impetus to downhole tools market growth in North America.
Primary resources, which include experts and suppliers from the industry, have been interviewed to obtain and verify critical information, also assess future prospects of the downhole tools market. Many secondary resources such as encyclopedia, directories, and databases have been used to identify and collect information which is beneficial for this extensive commercial study of the downhole tools market globally.
Global downhole tools market report includes PESTLE analysis, competitive landscape, and Porter’s five force model. Market attractive analysis wherein all the segments are benchmarked based on the market size, growth rate, and general attractiveness.
Global Downhole Tools Market, Key Highlights:
• Global Downhole Tools Market analysis and forecast, in terms of value.
• Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the Global Downhole Tools Market
• Global Downhole Tools Market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided.
• Global Downhole Tools Market strategic analysis with respect to individual growth trends, future prospects along with the contribution of various sub-market stakeholders have been considered under the scope of study.
• Global Downhole Tools Market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East Africa (MEA) and Latin America along with country-wise segmentation.
• Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.
• Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the Global Downhole Tools Market are also profiled.
Scope of the Global Downhole Tools Market
Global Downhole Tools Market, by Tool type
• Flow Pressure Control
• Impurity Control
• Downhole Control
Global Downhole Tools Market, by Application
• Well Intervention
• Formation Evaluation
• Oil Gas Production
Global Downhole Tools Market, by Region
• North America
• Middle East and Africa
• South America
Global Downhole Tools Market Key Players
• Oil States International Inc.
• Halliburton Company Logan Oil Tools Inc.
• Bilco Tools Inc.
• United Drilling Tools Ltd.
• CJ Energy Services
• Schlumberger Ltd.
• Weatherford International
• Baker Hughes
• Schoeller Bleckmann Oilfield Equipment AG
• National Oilwell Varco, Inc
• Logan Oil Tools Inc.
• Anton Oilfield Services
• Weatherford International
• Baker Hughes Inc.
• National Oilwell Varco Corp.
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