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Downhole Tools Market Size To Reach USD 7.17 Billion By 2028, Says Reports And Data

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Downhole Tools Market Size To Reach USD 7.17 Billion By 2028, Says Reports And Data

August 21
03:05 2021
Downhole Tools Market Size To Reach USD 7.17 Billion By 2028, Says Reports And Data
Reports And Data
Increasing exploration and production projects across the globe, rising number of rig deployments, and increasing demand for technologically advanced downhole tools in oil and gas industry are some key factors supporting market revenue growth

The global downhole tools market is expected to reach USD 7.17 Billion by 2028 at a CAGR of 5.2%, according to a latest report by Reports and Data. Growth of this market is predominantly driven by increasing demand for technologically advanced equipment and tools for drilling and extraction in the oil and gas industry. Growing number of mature oilfields and rising deployment of drilling rigs worldwide is further supporting market growth. Downhole tools are vital in oil and gas exploration and production activities and are used for a wide range of applications such as cementing, fishing, drilling, well measurements, and others. These tools are also used for well workover activities and to enhance drilling performance. Downhole remediation for mature oil and gas wells has also been increasing to a significant extent in the recent past and this is expected to further augment market growth going ahead.

Downhole tools are components that are part of oilfield equipment and are primarily used in well drilling, completion, and intervention. These enable maintenance of optimal levels of oil production and allow a continuous flow from the reservoir. Downhole tools can also drill without causing friction and can effectively clear blockages. These tools enhance drilling performance and improve efficiency of drilling operations and processes. Increasing demand is expected to continue to augment market growth over the forecast period.

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However, adverse effects of drilling and exploration activities on the environment due to oil spill and improper disposal of crude oil and heavy metals are expected to impede market growth to a certain extent. Furthermore, implementation of stringent regulatory framework regarding environmental protection is further projected to restrain market growth going ahead.

Major companies operating in the market include:

Schoeller Bleckmann Oilfield Equipment AG, National Oilwell Varco, Inc., BILCO Tools, Inc., Halliburton, Weatherford International, Schlumberger, Varel International Energy Services, Stabiltec Downhole Tools, LLC, and Baker Hughes Company, among others.

Some Key Highlights in the Report:

  • Some primary factors driving growth of the market are continual technological advancements in drilling equipment, increasing number of exploration activities, and rising demand for crude oil and gas.
  • The drilling tools segment expected to account for a significantly large revenue share in the global market owing to increasing demand for advanced and more efficient drilling tools and equipment for deployment in oil and gas production. Steady growth can also be attributed to capacity of downhole drilling tools to drill at more extensive depths and ability to be easily controlled from the surface.
  • The well drilling segment revenue is expected to expand at a significantly high rate over the forecast period owing to increasing need for downhole drilling tools for more precise and specific drilling activities. Emergence of advanced drilling technologies and machinery is projected to further bolster revenue growth of this segment going ahead.
  • North America is expected to account for highest revenue share contribution to the global market as a result of increasing activities for oil and gas exploration and production, rapid industrialization, and rising demand for crude oil and gas.
  • In March 2021, Omega Well Intervention and Wellpro Group signed a collaboration agreement to provide downhole tools to markets in North Africa and the Middle East.

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For the purpose of this report, Reports and Data has segmented the global downhole tools market based on type, application, and region:

Type Outlook (Revenue, USD Billion; 2018-2028)

  • Drilling Tools
  • Flow & Pressure Control Tools
  • Handling Tools
  • Impurity Control Tools
  • Others

Application Outlook (Revenue, USD Billion; 2018-2028)

  • Well Drilling
  • Well Intervention
  • Production and Well Completion
  • Formation and Evaluation
  • Others

Regional Outlook (Revenue, USD Billion; 2018-2028)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

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