Global Downhole Tools Market is expected to foresee significant growth. North America to lead the growth!

The downhole tools are defined as the pieces of oilfield equipment that are used during operations like well drilling, completion, and intervention, or well workover exercises. They are used to increase production levels and maintain a steady stream of oil from a reservoir. In addition, utilizing downhole equipment primarily serves to conduct workover operations and improves the completion process by allowing for the examination of the reservoir’s rock, sand, and fluid parameters. Furthermore, downhole tools contribute to extending an oil well’s life and ensuring a steady flow of fluids while also lowering the cost of carrying out oil recovery-related operations from an oil well.

The Downhole Tools Market is expected to grow at a steady rate of around 6% owing to the increasing ultra-deep drilling activities coupled with the increasing lateral or directional drilling practices. Major companies in the market offer downhole tools for oil and gas applications with technologically advanced features. For instance, in Sep 2019, Abu Dhabi Company in collaboration with Weatherford started a project for Offshore Petroleum Operations Limited (ADNOC) for directional drilling. The company Weatherford will provide directional drilling services to increase offshore production in the UAE.

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Based on tools type, the market is segmented into drilling, handling, flow & pressure, control, and others. The drilling category is to witness the highest CAGR during the forecast period owing to the growing demand for directional, conventional, and other types of drilling wells. Additionally, the drilling tool type is made to be productive and to keep an oil reservoir’s flow steady. Furthermore, Bottom hole assemblies (BHA) include drilling tools such as drill bits, mud motors, stabilizers, drill shears, drill pipes, and reamers. This arrangement not only aids in the efficient drilling of wells but also ensures the safety of personnel working on site. Similarly, hydrocarbon exploration and production (E&P) requires a wide variety of downhole tools. Thus, drilling offers better control capability and performance in the field.

On the basis of application, the market is categorized into well drilling, well intervention, formation & evaluation, and production & well completion. Among these, well drilling to hold a significant share of the market in 2020. This is mainly because extraction of oil and gas can be done using different types of well drilling techniques such as horizontal, lateral, directional, and others. Downhole tools are increasingly being used in the oil & gas sector wherein drilling of horizontal, directional, and other wells. In addition, downhole tools are primarily employed for well drilling as they are used for optimizing the production from wells and for well fishing services. Thus, these factors increase the demand for well drilling during the forecasted period.

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For a better understanding of the market adoption of the downhole tools market industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, U.K., France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Middle East & Africa (UAE, Saudi Arabia, Egypt, Nigeria, Rest of the Middle East & Africa), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing prevalence of unconventional hydrocarbon development and increased drilling activity in the U.S. is driving the growth of the market. For instance, as per World Energy Council, the US has 1161 trillion cubic feet of recoverable unconventional gas which is the higher in the world. Moreover, the exponential investment in shale gas discovery is further expected to support the market growth. In addition, technological advancements such as the integration of the IoT, AI, and the requirement of drilling for optimized output are propelling the downhole tools market. For instance, in Mar 2022, Enteq launched the technology center to drive SABER Tool development, an innovative alternative to traditional rotary steerable systems (RSS) for directional drilling.

Some of the major players operating in the market include Weatherford International plc, Ulterra, Varel International Energy Services, Baker Hughes Company, NOV Inc., Bilco Tools Inc, Halliburton Company, Schlumberger Limited, United Drilling Tools Ltd., Wenzel Downhole Tools.

Global Downhole Tools Market Segmentation

Market Insight, by Tools Type

• Drilling
• Handling
• Flow & Pressure
• Control
• Others

Market Insight, by Application

• Well Drilling
• Well Intervention• Formation & Evaluation• Production & Well Completion

Market Insight, by Region

• North America
  • US
  • Canada
  • Rest of North America
• Europe
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Rest of Asia-Pacific
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Egypt
  • Nigeria
  • Rest of the Middle East & Africa
• Rest of the World

Top Company Profiles

• Weatherford International plc
• Ulterra
• Varel International Energy Services
• Baker Hughes Company
• NOV Inc.
• Bilco Tools Inc
• Halliburton Company
• Schlumberger Limited
• United Drilling Tools Ltd.
• Wenzel Downhole Tools