NEW YORK , Jan. 7, 2022 /PRNewswire/ --
Downhole Drilling Tools Market Facts at a Glance-
Companies: 10+ – Including Baker Hughes Co., Halliburton Co., NOV Inc., Nine Energy Service Inc., RUBICON OILFIELD PRODUCTS LTD., Schlumberger Ltd., Schoeller-Bleckmann Oilfield Equipment AG, Tasman Oil Tools Ltd., Weatherford International Plc, and Wenzel Downhole Tools
Coverage: Key drivers, trends, and challenges; Product insights & news; Value chain analysis; Parent market analysis; Vendor landscape; COVID impact & recovery analysis
Segments: Product (tubulars, deflection and downhole motors, casing and cementing tools, drill bits, and others) and Application (onshore and offshore)
Geographies: North America, MEA, APAC, Europe , and South America
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According to the recent market study by Technavio, the Downhole Drilling Tools Market Size is expected to increase by USD 7.56 billion from 2020 to 2025, progressing at a CAGR of 4.73% during the forecast period. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets.
North America will register the highest growth rate, occupying 42% of the global market share. The US and Canada are the key markets for downhole drilling tools in North America . However, the market growth in this region will be slower than the growth of the market in APAC and MEA.
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The downhole drilling tools market is fragmented due to the presence of many vendors offering differentiated products.
Baker Hughes Co.: The company offers downhole drilling products such as Retrievable bridge plugs, STONE WALL V0-rated well barriers, and Cement retainers.
Halliburton Co.: The company offers downhole drilling products such as Rotary Steerable Drilling and Turbine Drilling.
NOV Inc.: The company offers downhole drilling products such as Agitator, Bowen, and Vector Series 50.
Nine Energy Service Inc.: The company offers downhole drilling products through brands such as Trident, Nine Lite, and Rapid Set 1.
RUBICON OILFIELD PRODUCTS LTD.: The company offers downhole drilling products brands such as Drilling Jar System, NightHAWK Accelerator, and Drilling Shock Tool.
Find additional highlights on the vendors and their product offerings. Download Free Sample Report
Regional Market Outlook The downhole drilling tools market growth in North America will be significant during the forecast period. The growth of unconventional E&P activities, such as drilling of shale in the US and oil sands in Canada is driving the downhole drilling tools market in North America . In addition, increasing petroleum consumption and rising demand for energy are fueling the growth of the regional market.
Download our FREE sample report for more key highlights on the regional market share of most of the above-mentioned countries.
Latest Drivers & Trends Driving the Market-
Downhole Drilling Tools Market Driver:
The growing global demand for energy has led to an increase in the number of oil and gas exploration and production activities worldwide. Several unconventional oil and gas reserves have been found in countries such as the US, Canada , China , and Argentina . Governments in these countries are carrying out various drilling activities to tap unconventional resources. In addition, increasing investments by oil and gas E&P companies has resulted in a surge in the demand for drilling tools, which is fueling the growth of the global downhole drilling market.
Downhole Drilling Tools Market Challenge:
The depletion of available resources is driving oil and gas E&P companies to look for unexplored areas. This has resulted in an increase in the number of deepwater and ultra-deepwater drilling projects worldwide. Besides, the recovery in crude oil prices is encouraging oil and gas companies to increase their efforts in large reserves, especially in the Gulf of Mexico and Brazil . Many such factors are increasing the number of drilling activities, thereby positively influencing the market growth.
Find additional information about various other market Drivers & Trends mentioned in our FREE sample report.
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Downhole Drilling Tools Market Scope
Accelerate at a CAGR of 4.73%
North America, MEA, APAC, Europe, and South America
US, Saudi Arabia, China, Canada, and Russian Federation
Leading companies, competitive strategies, consumer engagement scope
Baker Hughes Co., Halliburton Co., NOV Inc., Nine Energy Service Inc., RUBICON OILFIELD PRODUCTS LTD., Schlumberger Ltd., Schoeller-Bleckmann Oilfield Equipment AG, Tasman Oil Tools Ltd., Weatherford International Plc, and Wenzel Downhole Tools
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
About Us Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/
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