Oil & Gas Production Industry to Grow at a Faster Rate in the Downhole Tools Market


Posted September 1, 2017 by Dsiddhant

Downhole tools market is expected to grow from an estimated USD 3.53 Billion in 2014 to USD 4.49 Billion by 2020, at a CAGR of 4.9% from 2014 to 2019.

 
Downhole Tools are the basic tools employed at the bottom hole level for various applications like Well Drilling, Well Completion, Well Intervention, Formation & Evaluation, and Oil & Gas Production. These tools are essential for all the services that are related to oil and gas industry.

Downhole Tools play an important role in oil & gas exploration and production activities with applications in a variety of operations such as fishing, casing, cementing, well bottom communication, drilling, logging, fracturing, and well measurements. Downhole tools are employed for workover and completion activities of a well in the Bottom Hole Assembly (BHA).

Downhole Tools Market is expected to grow from an estimated USD 3.53 Billion in 2014 to USD 4.49 Billion by 2020, at a CAGR of 4.9% from 2014 to 2019, signifying a high demand for these tools. The rising demand for advanced tools that function optimally in high pressure and temperature conditions has also been a driver of this market.

To Know More about Downhole Tools Industry, Download PDF Brochure@ http://bit.ly/2eqGMkX

Scope of the Report:

By Region

Asia-Pacific
Europe
North America
South & Central America
Middle East
By Application

Well Drilling
Well Completion
Well Intervention
Formation & Evaluation
Oil & Gas Production
Request for Sample of the Report@ http://bit.ly/2eqAqSr

The major downhole tools include flow and pressure control, impurity control, drilling, downhole control systems, and handling tools.

The top players in the downhole tools market include National Oilwell Varco, Inc. (U.S.), Logan Oil Tools Inc. (U.S.), Halliburton (U.S.), Baker Hughes (U.S.), Schoeller Bleckmann Oilfield Equipment AG (Austria), and Schlumberger (U.S.).

For a Discussion on the above findings, Speak to our Analyst@ http://bit.ly/2iNAm4e

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Issued By MarketsandMarkets
Country United States
Categories Business , Energy
Last Updated September 1, 2017