About Downhole Tools
The demand for downhole tools is growing at a faster rate due to its benefits in end-use applications such as drilling, completion, well intervention, formation & evaluation, oil & gas production, and others. Drilling systems that are used to remove, probe, and conduct subsurface applications include downhole equipment. Participants in the downhole tools market are expected to boost the reliability of their products in addition to providing cost-effective downhole tools. The majority of research and development activities are expected to be focused on improving drilling diagnostics and developing new drilling technologies.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain a competitive advantage through combined collaborations. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Downhole 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), Weatherford International (Ireland), National Oilwell Varco Inc. (United States), Logan Oil Tools Inc. (United States), Wenzel Downhole Tools Ltd. (United States), Saint Gobain (France), Oil States International Inc. (India) and United Drilling Tools (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 Anton Oilfield Services (China) and Excalibre Downhole Tools Ltd. (Canada).
Segmentation Overview
AMA Research has segmented the market of Global Downhole Tools market by Type (Flow & Pressure Control Tools, Impurity Control Tools, Drilling Tools, Downhole Control Tools and Handling Tools), Application (Well Drilling, Well Completion, Well Intervention, Formation & Evaluation and Oil & Gas Production) and Region.
On the basis of geography, the market of Downhole 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).
Influencing Trend:
Implementation of New Technology in the Mature Wells and Introduction of Laser Drilling
Market Growth Drivers:
Increase in Drilling Activities across the Globe, Advent of Automated Solution and Rising Exploration and Drilling Activities of Oil and Gas Fields
Challenges:
Strict Government Regulations
Restraints:
Declining Crude Oil Prices and High-capital Investments for New Product Development
Opportunities:
Growing Popularity of Hydraulic Fracturing and Horizontal Drilling Techniques and Increase in the Adoption of Cutting-edge Technologies to Develop Innovative and Effective Downhole Tools
Market Leaders and their expansionary development strategies
In Nov 2019, Coretrax announced the acquition of Churchill Drilling Tools for an undisclosed sum as part of an ongoing growth and expansion strategy., and In Oct 2018, Nine Energy Service, Inc announced that it has entered into a definitive agreement to acquire Magnum Oil Tools International, LTD. (“Magnum”). Magnum has a broad offering of proprietary downhole completions products, including dissolvable and composite frac plugs, as well as a number of other patented consumables.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Downhole Tools Manufacturer, Downhole Tools Suppliers, Distributors, Raw Material Suppliers, Government Regulatory and Research Organizations and End-Use Industry
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.