The global downhole tools market size was valued at USD 4.82 billion in 2020, which is expected to reach USD 6.98 billion by 2027, registering a CAGR of 5.2% during the forecast period (2021-2027). Downhole tools are an integral requirement for any good drilling and are an economical way to improve the overall performance of operations. Downhole tools provide the advantage of improving the production levels in oil & gas exploration and production activities. Downhole tools such as tubular tools, shock tools, fishing tools, drilling jars, and drag friction are used for fulfilling these activities. The trends in the market are increasing due to the introduction of new downhole tools such as flow & pressure control, impurity control, downhole control systems, handling tools, and drilling.
Factors Affecting the Downhole Tools Industry over the Forecast Period:
The rapid growth in the industrial and manufacturing sectors in emerging economies, especially in Asia-Pacific economies, is due to the continuous rise in foreign direct investment in promoting the manufacturing industry in the respective economies. It will be expected to raise the demand for downhole tools, offering growth to the global market.
The growth of downhole tools in the global market is driven by an increase in drilling activities across the globe, implementation of new & advanced technology in mature wells, and cost-effective downhole tools.
Rapid urbanization, massive investments from large-scale companies, and emphasis on the use of sustainable energy are other factors expected to propel the growth of the global market.
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However, the high cost of downhole tools and increasing raw materials prices may restrain the growth of downhole tools in the global market over the forecast period.
Impact of COVID-19 on Downhole Tools Market:
The COVID-19 pandemic has certainly impacted the growth of the downhole tools market across the globe. The imposition of lockdown in various nations impacted the energy sector, oil & gas exploration activities, leading to the decline in the global sales of the downhole tools market in 2020. The lockdown has decreased the demand for oil and natural gas, owing to which the demand for downhole tools has considerably declined, especially during April-May 2020. Therefore, a considerable downfall in the downhole tools market can be expected in 2020, considering the impact of the COVID-19 pandemic on the downhole tools industry.
Scope of the Report
The report outlines the study of the global downhole tools market based on type and application.
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The downhole tools market has been segmented based on type –
- Contamination Control Tools
- Drilling Tools
- Pressure & Flow Control Tools
- Handling Tools
The downhole tools market has been segmented based on application –
- Oil & Gas Production
- Well Drilling
- Well Completion
- Formation & Evaluation
- Well Intervention
Downhole Tools Market: Regional Outlook
Based on the region, the global downhole tools market has been segmented into five geographical regions, namely, North America, Asia Pacific, Europe, South America, and the Middle East and Africa. In 2020, North America held the largest share in the downhole tools market, followed by the Asia Pacific and Europe due to a large number of exploration activities & mature oilfields in the region. Moreover, Asia Pacific is expected to project the highest CAGR globally over the forecast period, owing to recent developments in offshore activities in the region.
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Key Global Downhole Tools Market Competitors Includes –
The downhole tools market is highly fragmented, with a large number of small players across the globe. The vital downhole tools market manufacturers operating in the global market are –
- Anton Oilfield Services
- Baker Hughes Company
- BILCO Tools, Inc.
- Flotek Industries
- Frank’s International N.V
- Halliburton Company
- Logan Oil Tools
- National Oilwell Varco
- Rival Downhole tools
- Stabiltec Downhole Tools, LLC
- Ulterra Drilling Technologies, L.P.
- United Drilling Tools Ltd.
- Varel International, Inc.
- Weatherford International PLC.
The downhole tools market report provides a thorough analysis of macro-economic factors and every segment’s market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players’ presence in the respective segment and region/country. The information concluded in the report includes the inputs.
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