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. The market for downhole tools is estimated to be USD 3.53 Billion in 2014 and is projected to grow with a CAGR of 4.9% from 2014 to 2019.

Market growth for downhole tools has been strongly impacted by the oil price decline. E&P capital expenditures in 2015 have witnessed more than 20% investment dip in comparison to 2014. This is further expected to decline in 2016 by another 5 to 10%. However, from the end of 2017 and after, oil price is anticipated to stabilize and start climbing to reach at least $80 a barrel by 2018 rejuvenating the overall market growth.

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Scope of the Report

The scope accordingly aids market participants to identify high growth markets and help managing key investment decisions. For this report, major players in the downhole tools market have been identified using various primary and secondary sources, which include annual reports of top market players, interviews with key opinion leaders such as CEOs, directors, and marketing people. Based on this research, the market shares have been evaluated and validated.

The top players in the downhole tools market

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.).

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Discovery of shale gas reserves and ultra-deep drilling activities: Driver of downhole tools market.

North America dominated the global market with a share of 42% in 2013. However, Africa is expected to grow at a faster rate with the highest CAGR of 8.2% during the forecast period. This is mainly because of new hydrocarbons discoveries in Africa. Well intervention forms the major application of downhole tools and accounts for a market share of 29%.

North America will continue to be the global leader in downhole tools market by value

North America leads the global downhole tools market owing to drilling activities and shale exploration activities in the U.S. and Gulf of Mexico region. Asia-Pacific stood at the second position in terms of market size, followed by the Middle East and Europe. However, the sharp decline in the oil prices slowed the market growth for downhole tools all over.

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