Report Id: SNS/EQIP/1198 | May 2022 | Region: Global | 120 Pages
Downhole Tools Market Overview:
Downhole Tools Market size was valued at USD 4.62 Bn in 2021 and is expected to reach at USD 7.28 Bn by 2028, and grow at a CAGR of 6.7% over the forecast period 2022-2028.
Downhole tools are essential gear for well drilling. It's also one of the most cost-effective ways to improve the whole well-drilling process. In the oilfield, downhole tools are required for drilling, completion, and well intervention. Most oilfields have oil trapped inside them. On the other hand, downhole tools enable total oil well optimization. Downhole gadgets help to prevent oil resource waste. Oil firms are also seeing an increase in the extraction and production rate of oil owing to the use of Downhole tools. The oil flow from the wells is controlled by downhole equipment. On the market, there is a broad assortment of Downhole tools. Drilling pipes, centralizers, tubular tools, fishing tools, shock tools, and other Downhole tools are only a few examples. The main advantages of employing downhole equipment are the ability to do oil recovery operations, bring fluids from the surface, and extend the life of wells. Furthermore, during the projection period, the Market Value is predicted to skyrocket.
Increased need for cost-effective methods to enhance well drilling efficiency.
Incorporation of modern technologies into existing wells.
Drilling for shale oil and gas has increased.
Due to the pandemic, the oil and gas industry is experiencing several hurdles.
The market's present performance is deterring investors from investing in new oil and gas exploration projects.
In the following years, commercial activity will increase dramatically.
The number of hydrocarbon wells drilled is likely to increase.
Through technical developments, the leading firms are growing E&P activity in hydrocarbon wells.
Downhole tools need expert personnel.
Volatile oil and gas market.
IMPACT OF COVID-19:
The world markets have been thrown for a loop by the advent of covid 19. The worldwide lockout has had a significant influence on the downhole tools sector. Furthermore, downhole tools are essential oilfield equipment. It is an instrument used in oil field drilling, intervention, and completion. However, the oil and gas business is currently confronting several obstacles. The Market Outlook is being influenced by these variables. As a result, the Downhole Tools market is experiencing significant challenges. In addition, the market's manufacturing pace is slowing at this time. The drop in output has an impact on market demand. However, the worldwide industry is projected to experience significant changes in the next years. Moreover, throughout the anticipated time, the growth rate will skyrocket.
The drilling tools category is predicted to dominate the market through 2028, based on product. The segment's expansion can be due to increased drilling activity in many economies. Because of its expanding uses in the manufacturing phase, the worldwide market for handling tools and flow & pressure control tools is expected to increase significantly over the forecast period. These instruments can help with issues including great depth, high temperatures, and pressure differentials that are common in producing formations.
The downhole tools market has been divided into well intervention, drilling, production & well completion, and formation and evaluation, based on application. The production and well completion category is expected to dominate the market, followed by well drilling. The introduction of improved assessment technologies like as radiography and logging while drilling has fueled the expansion of the formation and evaluation industry in North America. Over the projected period, the market for formation and evaluation in Asia Pacific is expected to develop at a favorable rate.
Around the world, onshore drilling is quite popular. The increase in onshore drilling is mostly due to ongoing investment by major corporations in order to identify hydrocarbon deposits. Furthermore, the development of unconventional hydrocarbons in the United States, but the offshore portion has a great potential for producing significant amounts of hydrocarbon. The offshore segment is likely to be barged by technological advancements and increased interest in deep water and ultra-Deepwater drilling.
KEY MARKET SEGMENTS:
On the Basis of Product
Flow & Pressure Tools
On the Basis of Application
Formation & Evaluation
Production & Well Completion
On the Basis of Service
Asia Pacific, Europe, North America, and the Middle East make up the Downhole Tools market. The strong demand for downhole tools in North America is mostly due to increased drilling activity. During the projection period, North America will outperform the other regional players. During the predicted period, the oil and gas industry in this region will stabilize. As a result, the worldwide market's demand and growth rate will be enormous. The following largest market in the Asia Pacific. The primary contributors to the market are India and China. This increase is due to an increase in drilling and oil exploration activity. These markets were subjected to several limitations during the shutdown. However, there will be lots of changes in the Asia Pacific area in the next year. Europe is seeing unprecedented market expansion. In this location, hydrocarbon exploration is producing a lot of demand.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
The major kay players are Halliburton Company, Excalibre Downhole Tools Ltd., Schlumberger Ltd., Bilco Tools Inc., Baker Hughes Inc., Wenzel Downhole Tools Ltd., Oil States International Inc., National Oil Varco Inc., Weatherford International Ltd., Vertex Downhole
|Market Size in 2021||US$ 4.62 Billion|
|Market Size by 2028||US$ 7.28 Billion|
|CAGR||CAGR 6.7% From 2022 to 2028|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• by Product (Drilling Tools, Handling Tools, Flow & Pressure Tools, Control Tools, Others),
• by Application (Well Drilling, Well Intervention, Formation & Evaluation, Production & Well Completion)
• by Service (Onshore and Offshore [Shallow water, Deepwater, Ultra-Deepwater)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Halliburton Company, Excalibre Downhole Tools Ltd., Schlumberger Ltd., Bilco Tools Inc., Baker Hughes Inc., Wenzel Downhole Tools Ltd., Oil States International Inc., National Oil Varco Inc., Weatherford International Ltd., Vertex Downhole|
|Key Drivers||•Incorporation of modern technologies into existing wells.
•Drilling for shale oil and gas has increased.
|Restraints||•Due to the pandemic, the oil and gas industry is experiencing several hurdles.|
Frequently Asked Questions (FAQ) :
Ans: - The forecast period of the Downhole Tools market is 2022-2028
Ans: - Downhole tools need expert personnel and volatile oil and gas market.
Ans: - In 2021, Nort America had the greatest share.
Ans. The primary growth tactics of Downhole Tools market participants include merger and acquisition, business expansion, and product launch.
Ans: - Key Stakeholders Considered in the study are Raw material vendors, Regulatory authorities, including government agencies and NGOs, Commercial research, and development (R&D) institutions, Importers and exporters, etc.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of the Ukraine- Russia war
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Downhole Tools Market Segmentation, by Product
8.1 Drilling Tools
8.2 Handling Tools
8.3 Flow & Pressure Tools
8.4 Control Tools
9. Downhole Tools Market Segmentation, by Application
9.1 Well Drilling
9.2 Well Intervention
9.3 Formation & Evaluation
9.4 Production & Well Completion
10. Downhole Tools Market Segmentation, by Service
10.2.1 Shallow water
11. Regional Analysis
11.2 North America
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Halliburton Company
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Excalibre Downhole Tools Ltd.
12.3 Schlumberger Ltd.
12.4 Bilco Tools Inc.
12.5 Baker Hughes Inc.
12.6 Wenzel Downhole Tools Ltd.
12.7 Oil States International Inc.
12.8 National Oil Varco Inc.
12.9 Weatherford International Ltd.
12.10 Vertex Downhole
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
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