Downhole Tools Market: Current Analysis and Forecast (2022-2028)

Global Downhole Tools Market is expected to grow at a significant rate of around 6% during the forecast period. A downhole tool is defined as a piece of oilfield equipment used during operations such as drilling, completion, and intervention, or well drilling. They are used to increase production levels and maintain a steady flow of oil from the reservoir. Additionally, the use of downhole equipment is primarily used to perform workup operations, improving the completion process by allowing rock, sand, and fluid parameters of the reservoir to be investigated. In addition, downhole tools help extend well life and ensure a steady flow of fluid while reducing the costs of performing operations associated with extracting oil from wells.

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 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 tools type, drilling category to witness the highest CAGR during the forecast period"

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.

"Amongst application, the well drilling to hold a significant share in the market in 2020"

On the basis of application, the market is segmented into well drilling, well intervention, formation and evaluation, and production and well completion. Among these, well drilling hold a large market share in 2020. This is mainly because oil and gas extraction can be done with different types of drilling techniques such as horizontal, lateral, and directional. Downhole tools are increasingly being used in the oil and gas sector where horizontal wells, directional wells, and other wells are drilled. In addition, downhole tools are mainly used for drilling wells as they optimize production from wells and are used for well fishing services. These factors will therefore increase the demand for water well drilling during the forecast period.

"North America to hold a significant share in the market"

In 2020, 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.

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The study includes market sizing and forecasting analysis validated by authenticated key industry experts.

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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.

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