San
Francisco, 28 March, Downhole Tools Market Analysis Report By Product
(Drilling, Handling, Flow & Pressure Control), By Application (Well
Drilling, Well Intervention, Production & Well Completion), And Segment
Forecasts, 2019 - 2026
The global downhole tools market size is expected to reach USD 5.16 billion by
2026, according to a new report by Grand View Research, Inc., progressing at a
CAGR of 4.2% during the forecast period. The growth of the market is primarily
driven by ongoing increase in drilling activities worldwide. The operational
cost incurred in E&P activities has dropped with advent of operational
efficiencies and technological innovations. This has resulted in rise in
exploration of unconventional resources, thereby spurring the global demand for
the product.
Enhanced
efficiency of downhole tools will facilitate in improved extraction of
hydrocarbons without raising the cost involved in production, which will
provide an edge over conventional equipment. The implementation of digital
technology has also enhanced E&P activities, which, in turn, has boosted
the downhole tools market over the last few years. Various digital well construction
planning and operation software have improved drilling operations. Several
wellbore technologies have been manufactured for premium connections that are
designed to reduce bottomhole failure and improve the rate of connection on rig
floor.
Regulatory
trends and various industry standardizations have a major impact on the growth
of the market. There is an increased stringency in rules and regulations by
various governments for protecting the environment and minimizing damage during
well operations. Specifications given by governments to meet standard tools are
anticipated to stimulate the growth of the downhole tools market.
Drilling
tools were the leading product segment and accounted for more than one fourth
of the overall revenue in 2017. Some of the major drilling equipment include
reamers & stabilizers, jars & impact tools, and tubulars. Evolution of
various sensor technologies and increasing investments from cross-industry
players has enhanced drilling equipment efficiencies.
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Research Report On Downhole Tools Market Analysis:
Further key findings from the report
suggest:
·
The U.S. handling tools market
is anticipated to cross value of USD 175 Million by 2026
·
The Asia Pacific market for
well intervention was valued at USD 101.13 million in 2017. It is estimated to
register a CAGR of 5.3% from 2018 to 2026
·
The Middle East & Africa
downhole tools market is anticipated to reach USD 1.76 Billion by 2026, owing
to selling off ongoing rig operations and resuming operations in abandoned oil
wells in Persian Gulf
·
In Brazil, increasing deep and
ultra-deepwater exploration and production activities in offshore sedimentary
oil & gas fields are expected to drive the demand for downhole tools over
the forecast period
·
Key market players operating in
the global downhole tools market include Schlumberger, Halliburton, Weatherford
International, Baker Hughes (BHGE), and National Oilwell Varco (NOV).
Browse More Reports Of This
Category By Grand View Research At: https://www.grandviewresearch.com/industry/oil-and-gas-drilling-and-extraction-equipments
Grand View Research has
segmented the global downhole tools market on the basis of product,
application, and region:
Downhole
Tools Product Outlook (Revenue, USD Million, 2014 - 2026)
·
Drilling Tools
·
Handling Tools
·
Flow & Pressure Tools
·
Control Tools
·
Others
Downhole
Tools Application Outlook (Revenue, USD Million, 2014 - 2026)
·
Well Drilling
·
Well Intervention
·
Formation & Evaluation
·
Production & Well
Completion
Downhole
Tools Regional Outlook (Revenue, USD Million, 2014 - 2026)
·
North America
o
U.S.
o
Canada
o
Mexico
·
Europe
o
U.K.
o
Russia
o
Norway
o
Kazakhstan
·
Asia Pacific
o
China
o
Australia
o
India
o
Indonesia
·
Middle East & Africa (MEA)
o
Saudi Arabia
o
U.A.E.
o
Qatar
o
Kuwait
o
Iran
o
Iraq
o
Nigeria
·
Central & South America
(CSA)
o
Brazil
o
Venezuela
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Press Release of this Report: https://www.grandviewresearch.com/press-release/global-downhole-tools-market
About Grand
View Research
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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