The global downhole tools market size is expected to reach USD 5.16 billion by 2026, according to a new report by Grand View Research, Inc., progressing at a CAGR of 4.2% during the forecast period. The growth of the market is primarily driven by ongoing increase in drilling activities worldwide. The operational cost incurred in E&P activities has dropped with advent of operational efficiencies and technological innovations. This has resulted in rise in exploration of unconventional resources, thereby spurring the global demand for the product.
Enhanced efficiency of downhole tools will facilitate in improved extraction of hydrocarbons without raising the cost involved in production, which will provide an edge over conventional equipment. The implementation of digital technology has also enhanced E&P activities, which, in turn, has boosted the market over the last few years. Various digital well construction planning and operation software have improved drilling operations. Several wellbore technologies have been manufactured for premium connections that are designed to reduce bottomhole failure and improve the rate of connection on rig floor.
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Regulatory trends and various industry standardizations have a major impact on the growth of the market. There is an increased stringency in rules and regulations by various governments for protecting the environment and minimizing damage during well operations. Specifications given by governments to meet standard tools are anticipated to stimulate the growth of the downhole tools market.
Drilling tools were the leading product segment and accounted for more than one fourth of the overall revenue in 2017. Some of the major drilling equipment include reamers & stabilizers, jars & impact tools, and tubulars. Evolution of various sensor technologies and increasing investments from cross-industry players has enhanced drilling equipment efficiencies.
Further key findings from the report suggest:
• The U.S. handling tools market is anticipated to cross value of USD 175 Million by 2026
• The Asia Pacific market for well intervention was valued at USD 101.13 million in 2017. It is estimated to register a CAGR of 5.3% from 2018 to 2026
• The Middle East & Africa downhole tools market is anticipated to reach USD 1.76 Billion by 2026, owing to selling off ongoing rig operations and resuming operations in abandoned oil wells in Persian Gulf
• In Brazil, increasing deep and ultra-deepwater exploration and production activities in offshore sedimentary oil & gas fields are expected to drive the demand for downhole tools over the forecast period
• Key market players operating in the global downhole tools market include Schlumberger, Halliburton, Weatherford International, Baker Hughes (BHGE), and National Oilwell Varco (NOV).
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Grand View Research has segmented the global downhole tools market on the basis of product, application, and region:
Downhole Tools Product Outlook (Revenue, USD Million, 2014 - 2026)
• Drilling Tools
• Handling Tools
• Flow & Pressure Tools
• Control Tools
• Others
Downhole Tools Application Outlook (Revenue, USD Million, 2014 - 2026)
• Well Drilling
• Well Intervention
• Formation & Evaluation
• Production & Well Completion
Downhole Tools Regional Outlook (Revenue, USD Million, 2014 - 2026)
• North America
o U.S.
o Canada
o Mexico
• Europe
o U.K.
o Russia
o Norway
o Kazakhstan
• Asia Pacific
o China
o Australia
o India
o Indonesia
• Middle East & Africa (MEA)
o Saudi Arabia
o U.A.E.
o Qatar
o Kuwait
o Iran
o Iraq
o Nigeria
• Central & South America (CSA)
o Brazil
o Venezuela
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.