The global downhole tools market is driven by increasing oil rig count due to an increase in awareness among consumers about the benefits associated with downhole tools such as cost minimization. Besides, increasing exploration and production activities across the globe are the other factor responsible for the growth of the market. The development of new-generation automated drilling tools is expected to drive the market growth in the near future. Several digital well construction operations and planning software have improved drilling operations. Various wellbore technologies are manufactured for premium connections to reduce bottom hole failure and to improve the connection rate on the rig floor. Moreover, service providers are delivering optimized solutions and technologies to minimize the challenges faced by operators.
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The drilling tools segment is anticipated to dominate the global downhole tools market. Increasing rates of drilling activities in various economies such as Argentina and Colombia are attributing to the growth of the drilling tools industry. Besides, recommence of onshore drilling in countries such as Libya & Republic of Congo, increased drill bit sales in Algeria, and, new drilling project startups in Qatar are gaining traction to the growth of drilling tools segment of the market.
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The major market players are actively adopting growth strategies such as mergers & acquisitions, partnerships & collaboration, and agreements to improve their dominance among competitors. Higher investment in R&D, Technological innovation, and new product launching are the core strength of key market players of the downhole tool market. For instance, in October 2018, Blackstone group has acquired Ulterra Drilling Technologies L.P. to take advantage of Ulterra’s portfolio of premium drill bits. The acquisition is done to take the technological advancement of Ulterra and to increase the customer base of the Blackstone group.
Global Downhole Tools Market- Segmentation
By Application
- Well Drilling
- Well Intervention
- Formulation and Evaluation
- Others (Oil & Gas Production)
By Type
- Drilling Tools
- Handling Tools
- Contamination Control Tools
- Others (Pressure and Flow Control Tools)
Global Downhole Tools Market- Regions
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
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