About Drilling Tools
Drilling Tools are the Industrial Tools that find their Application in Drilling Operations in Various Industries, With Their Heavy Usage in Oil & Gas, Exploration and Production, Industry. They Find Their Usage Right from the Beginning of any Operation for drilling Wells
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
CAGR | 6.25% |
The Market for the Drilling Tools is Fragmented with the Presence of many Global as well as Regional Players. Leading Players can adopt Strategies like a Merger, Acquisition, Expansion, New Product Launches, in Order to Gain Share within the Market. Owing to Booming Oil Exploration, there are Growing Prospects for the New Players to Enter the Market Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Drilling Tools market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Schlumberger (United States), Halliburton (United States), Baker Hughes (United States), National Oilwell Varco (United States), BHGE (United States), Transocean (Switzerland), Nabors (Bermuda), Helmerich & Payne (United States), Shell (Netherlands) and United Drilling Tools Ltd (India) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Bico Drilling Tools, Inc. (United States), Cougar Drilling Solutions (Canada), X Drilling Tools (Australia), Redback Drilling Tools (United Kingdom), Knight Oil Tools (United States), Weatherford International (United States), Chevron (United States), Exxonmobil (United States), British Petroleum (United Kingdom), Saudi Aramco (Saudi Arabia), Petrobras (Brazil) and Petronas (Malaysia).
Segmentation Overview
AMA Research has segmented the market of Global Drilling Tools market by Type (Drilling Motors, Drill Collars, Drilling Jars, Drill Bits, Drilling Tubulars, Drill Swivels, Drill Reamers and Stabilizers and Others), Application (Onshore and Offshore) and Region.
On the basis of geography, the market of Drilling Tools has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Sales Channel , the sub-segment i.e. Direct Sales will boost the Drilling Tools market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End-Use Industry, the sub-segment i.e. Oil & Gas will boost the Drilling Tools market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Popularity and Adoption of New-Generation Automated Drilling Tools Owing to Technological Advancements Offering Better Efficiencies and Reduced Drilling Time
Market Growth Drivers:
Rise in the Exploration and Production Activities of Crude Oil Aimed at Generating Energy for Rapidly Growing Population and Growth in the Mining Industry Requiring Drilling Tools for the Extraction of Products like Metals, Coal, Gemstones, Limestone, Chalk, Dimension Stone, Rock Salt, Potash, and Gravel
Challenges:
Shift towards Renewable Energy like Bio-Fuel, Solar and Wind Instead Of Oil and Gas Can Act as a Challenge for the Market Expansion and Handling and Disposal of the Waste Generated Associated with the Usage of the Drilling Operations
Restraints:
Stringent Government Regulations Linked with Offshore Drilling Activities
Opportunities:
There is an Increased Opportunity for the Market Expansion for Drilling Tools with their Usage in the Probable Oil and Gas Reserves of South America and Africa and Increasing Shale Oil Exploration in the United States, Creates Prospect for the Probable Growth of Drilling Tools
Market Leaders and their expansionary development strategies
In July 2019, Drilling Tools International, Inc. (DTI), a Leading Provider of Rental Tools, Technology and Services to the North American Land and Offshore Drilling, Completion and Production Markets, acquired Wellfence LLC (Wellfence), a Tech-Enabled Security and Credentialing Service Offering for the Oil and Gas Industry
In January 2019, Epiroc, a Sweden-based Productivity Partner for the Mining, Infrastructure and Natural Resources Industries, Acquired Fordia, a Canadian Manufacturer of Exploration Drilling Tools
Key Target Audience
Drilling Tool Manufacturers and Suppliers, Exploration and Production Companies, National and International Drilling Associations, Investors, Regulatory and Government Bodies, Downstream Vendors, Upstream Vendors and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.