Downhole Drilling Tools Market: Current Analysis and Forecast (2022-2028)
Emphasis on Application (Well Drilling, Well Intervention, Well Completion, Formation & Evaluation, and Oil & Gas Production); Type (Handing Tools, Downhole Control Tools, Drilling Tools, Impurity Control Tools, and Flow & Pressure Control Tools); Location of Deployment (Onshore and Offshore); and Region/Country
Global Downhole Drilling Tools Market is expected to grow at a significant rate of around 6% during the forecast period. Downhole tools are the component that is utilized during the process such as well drilling, well completion, and well intervention with other. The downhole drilling tools operations enable the oil well to enhance the oil well production and maintain the optimized rate during the operation. The downhole tools provide the opportunity for the oil field to tap the untapped oil and gas below the earth. The downhole drilling tools help the operator to reduce the operational cost of the activity and achieve maximum efficiency. These tools are widely used for variable pressure conditions and elevated temperatures. Additionally, it helps to recover oil & gas at a higher rate and maintain the constant flow of the material. The increasing demand for energy coupled with the rapid urbanization and industrialization along with increasing country-specific demand for oil & gas for the strategic reserve is expected to propel the downhole drilling tool market during the forecast period. The increasing investment and digitalization such as IoT, AI, and digital oil wells with others will positively impact the downhole drilling tool market.
Baker Hughes A GE Co., Saint Gobain, Schoeller Bleckmann Oilfield Equipment AG, United Drilling tools, Weatherford International, Oil States International Inc., National-Oilwell Varco Inc., Schlumberger Limited, Hunting PLC, and Halliburton Company are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst location of deployment, onshore category to witness robust CAGR during the forecast period”
Based on the location of deployment, the market is segmented into onshore and offshore segments. The onshore segment contributes significantly to the market for the year 2020 and is expected to remain the same during the forecast period owing to the higher availability of the oil field on the onshore location which is approximately 70% compared to the offshore segment which accounts for nearly 30%. %. Additionally, the increasing number of mature oil fields and technological advancements such as horizontal drilling will also propel the downhole drilling tools market. However, the increasing deep water and ultra-deepwater exploration activities will increase the offshore downhole drilling tool market share during the forecast.
“Amongst type, the drilling tools category to hold a significant share in the market during the forecast period”
Based on the type, the downhole drilling tools market is segmented into handling tools, downhole control tools, drilling tools, impurity control tools, and flow & pressure control tools. The drilling tools are expected to show significant growth during the forecast period owing to the increasing drilling activities and discoveries of the new oil field. The downhole tools are deployed to probe, extract, and perform other surface applications which allow the companies to reduce the overall cost by analyzing the onsite data in less time.
“North America to hold a significant share in the market”
North America accounted for the highest market share in the market for the year 2021 and is expected to remain the same during the forecast period owing to the presence of the unconventional oil and gas field. 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. The exploration of these oil fields required downhole drilling tools services to achieve maximum efficiency and are expected to propel the demand for the same. In addition, technological advancements such as the integration of the IoT, AI, and the requirement of horizontal drilling for optimized output are propelling the downhole drilling tools market. Additionally, the discoveries of the new oil field and boom in shale oil and gas field exploration are requiring more attention for the downhole drilling tools in the region and are expected to show positive inclination for the downhole drilling tools. For instance, according to the USGS (United States Geological Survey), there are over 280 trillion cubic feet of gas and 46 billion barrels of oil, and 20 billion barrels of natural gas are trapped under the low-permeability shale formations of the US and the exploration activities of this field will require efficient technology such as downhole drilling tools technology to obtain required output.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global Downhole Drilling Tools market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Downhole Drilling Tools Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global downhole drilling tools market were the three major steps undertaken to create and analyze the adoption of the downhole drilling tools market in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global downhole drilling tools market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the downhole drilling tools market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the downhole drilling tools market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as the location of deployment, application, and type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the downhole drilling tools market. Further, we conducted factor analysis using dependent and independent variables such as various locations of deployment, applications, and; types of the downhole drilling tools market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the downhole drilling tools market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global downhole drilling tools market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the downhole drilling tools market across the major markets domestically.
- All percentage shares, splits, and breakdowns of market segments and sub-segments.
- Key players in the global downhole drilling tools market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global downhole drilling tools market. Data was split into several segments & sub-segments post studying various parameters and trends in the location of deployment, application, and type in the global downhole drilling tools market.
The main objective of the Global Downhole Drilling Tools Market Study
The current & future market trends of the global downhole drilling tools market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the downhole drilling tools market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include the location of deployment, type, and application.
- Define and analysis of the regulatory framework for the downhole drilling tools market
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the downhole drilling tools market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the downhole drilling tools market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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