Exploring the Booming Downhole Tools Market: Trends and Forecasts...

Exploring the Booming Downhole Tools Market: Trends and Forecasts with Key Industries Size and Share forecast till 2028

Posted 2023-03-30 14:57:32

According to a new report published by UnivDatos Markets Insights, the Downhole Tools Market was valued at USD 5 billion in 2020 and is expected to grow at a CAGR of around 6% from 2022-2028. The analysis has been segmented into Tools Type (Drilling, Handling, Flow & Pressure, Control, and Others); Application (Well Drilling, Well Intervention, Formation & Evaluation, and Production & Well Completion); Region/Country.

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The downhole tools market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the downhole tools market. The downhole tools market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the downhole tools market at the global and regional levels.

Market Overview

The downhole tools are defined as the pieces of oilfield equipment that are used during operations like well drilling, completion, and intervention, or well workover exercises. They are used to increase production levels and maintain a steady stream of oil from a reservoir. In addition, utilizing downhole equipment primarily serves to conduct workover operations and improves the completion process by allowing for the examination of the reservoir's rock, sand, and fluid parameters. Furthermore, downhole tools contribute to extending an oil well's life and ensuring a steady flow of fluids while also lowering the cost of carrying out oil recovery-related operations from an oil well.

Factors such as an increasing ultra-deep drilling activity coupled with the increasing lateral or directional drilling practices, increasing adoption, and product launches in the market are some of the prominent factors that are positively influencing the market growth globally.

Some of the major players operating in the market include Weatherford International plc, Ulterra, Varel International Energy Services, Baker Hughes Company, NOV Inc., Bilco Tools Inc, Halliburton Company, Schlumberger Limited, United Drilling Tools Ltd., Wenzel Downhole Tools.

COVID-19 Impact

Due to travel limitations and the projected dismal financial performance of market players in 2020, the spread of the COVID-19 pandemic has impacted industries. Supply chain execution, regulatory and policy changes, labor reliance, working capital management, and liquidity and solvency management are all major concerns for the downhole tools industry. Since the COVID-19 epidemic has considerably diminished by the beginning of 2021, a lot of businesses are resuming operations.

The global downhole tools market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

· Based on tools type, the market is segmented into drilling, handling, flow & pressure, control, and others. The drilling category is to witness the highest CAGR during the forecast period owing to the growing demand for directional, conventional, and other types of drilling wells. Additionally, the drilling tool type is made to be productive and to keep an oil reservoir's flow steady. Furthermore, Bottom hole assemblies (BHA) include drilling tools such as drill bits, mud motors, stabilizers, drill shears, drill pipes, and reamers. This arrangement not only aids in the efficient drilling of wells but also ensures the safety of personnel working on site. Similarly, hydrocarbon exploration and production (E&P) requires a wide variety of downhole tools. Thus, drilling offers better control capability and performance in the field

· On the basis of application, the market is categorized into well drilling, well intervention, formation & evaluation, and production & well completion. Among these, well drilling to hold a significant share of the market in 2020. This is mainly because extraction of oil and gas can be done using different types of well drilling techniques such as horizontal, lateral, directional, and others. Downhole tools are increasingly being used in the oil & gas sector wherein drilling of horizontal, directional, and other wells. In addition, downhole tools are primarily employed for well drilling as they are used for optimizing the production from wells and for well fishing services. Thus, these factors increase the demand for well drilling during the forecasted period.

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Downhole Tools Market Geographical Segmentation Includes:

· North America (U.S, Canada, and the Rest of North America)

· Europe (Germany, U.K., France, Italy, Spain, and the Rest of Europe)

· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)

· Middle East & Africa (UAE, Saudi Arabia, Egypt, Nigeria, and the Rest of the Middle East & Africa)

· Rest of the World

North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing prevalence of unconventional hydrocarbon development and increased drilling activity in the U.S. is driving the growth of the market. For instance, as per World Energy Council, the US has 1161 trillion cubic feet of recoverable unconventional gas which is the higher in the world. Moreover, the exponential investment in shale gas discovery is further expected to support the market growth. In addition, technological advancements such as the integration of the IoT, AI, and the requirement of drilling for optimized output are propelling the downhole tools market. For instance, in Mar 2022, Enteq launched the technology center to drive SABER Tool development, an innovative alternative to traditional rotary steerable systems (RSS) for directional drilling.

The major players targeting the market include

· Weatherford International plc

· Ulterra

· Varel International Energy Services

· Baker Hughes Company

· NOV Inc.

· Bilco Tools Inc

· Halliburton Company

· Schlumberger Limited

· United Drilling Tools Ltd.

· Wenzel Downhole Tools

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the downhole tools market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the downhole tools market?

• Which factors are influencing the downhole tools market over the forecast period?

• What are the global challenges, threats, and risks in the downhole tools market?

• Which factors are propelling and restraining the downhole tools market?

• What are the demanding global regions of the downhole tools market?

• What will be the global market size in the upcoming years?

• What are the crucial market acquisition strategies and policies applied by global companies?

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Table of Content:

1 MARKET INTRODUCTION

2 RESEARCH METHODOLOGY OR ASSUMPTION

3 MARKET SYNOPSIS

4 EXECUTIVE SUMMARY

5 IMPACT OF COVID-19 ON THE DOWNHOLE TOOLS MARKET

6 DOWNHOLE TOOLS MARKET REVENUE, 2020-2028F

7 MARKET INSIGHTS BY TOOLS TYPE

8 MARKET INSIGHTS BY APPLICATION

9 MARKET INSIGHTS BY REGION

10 DOWNHOLE TOOLS MARKET DYNAMICS