The report “Downhole Tools Market by Tool Type (Flow & Pressure Control, Drilling, Impurity Control, Downhole Control, and Handling), Application (Drilling, Completion, Well Intervention, Formation & Evaluation, and Oil & Gas Production) & by Region - Global Trends & Forecast to 2019”. 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. The increase in exploration activities for shale and other resources, especially in the North American region, followed by South & Central America and Asia-Pacific have led to a widespread need for downhole tools. However, the current oil price decline has impacted the downhole tools market growth. By 2018, oil price is anticipated to reach $80 a barrel, delayed and cancelled projects are likely to resume and push the market growth.
Browse 65 market data tables and 55 figures spread through 155 pages and in-depth TOC on “Downhole Tools Market”
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Well Intervention: Largest market segment
Market is sub-segmented by application into well intervention, well completion, well drilling, Oil & gas production and formation and evaluation. Downhole tools market for Well intervention application held the largest share in 2014 driven by the demand from large number of matured wells across the globe. Some of the downhole tools used in well intervention process includes fishing tools, tubing tools, wireline tools and others.
Drilling Tools Held Major Share in Downhole Tools Market
Downhole tools are also segmented on the basis of tools application type into flow & pressure control tools, drilling tools, impurity control tools, downhole control tools and handling tools. Drilling tools held the largest share within the global market driven by the increasing drilling activities worldwide. The rise in unconventional drilling methods and explorations in deep waters have also pushed the demand for more robust drilling tools. Flow & pressure control tools are the second largest market and is expected to grow at a highest CAGR during the forecast period.
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