“Global Downhole Tools Market Report and Forecast 2022-2027”
Global Downhole Tools Market to be Driven by Rising Oil and Gas Consumption During the Forecast Period 2022-2027
Expert Market Research’s new report titled “Global Downhole Tools Market Report and Forecast 2022-2027” provides an in-depth analysis of the global downhole tools market, assessing the market based on its segments such as products, applications and regions. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
• Historical market size (2021): 4.2 billion USD
• Forecast CAGR (2022-2027): 4.30%
• Projected market size (2027): 5.4 billion USD
Market Overview (2017-2027)
Downhole tools are the main pieces of equipment used in oil and gas mines for drilling, handling, control, well formation, production and completion. The global expansion of the market can be attributed to the increased demand for oil and gas in the form of automotive fuel and household cooking, which is a result of rapidly increasing population levels, especially in developing countries. Additionally, since most downhole tools are designed to perform certain tasks, they save money by reducing human labor and speeding up processes.
Industry definition and major segments
Downhole tools are pieces of equipment used in oilfield operations such as well drilling, completion, intervention and workover. These gadgets are designed to increase productivity and maintain a constant flow of oil from a reservoir.
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On the basis of product, the market is segmented into:
• Drilling tools
• Flow and pressure control tools
• Control tools
• Handling tools
Based on Application, the market is split into:
• Well drilling
• Intervention on wells
• Training and evaluation
• Production and completion of wells
On the basis of region, the market is segmented into:
• North America
• Latin America
• Middle East and Africa
The high global demand for energy resources presents profitable prospects for incorporating sophisticated technology into downhole gear to achieve productivity while ensuring long-term sustainability. Drilling for hydrocarbon extraction, in combination with Artificial Intelligence (AI), Internet of Things (IoT) and other important technologies, is expected to propel the sector forward during the period of projection. The market is expected to benefit from R&D efforts such as 3D visualization and 3D earth models, as well as technical developments such as computerized systems in manufacturing procedures to achieve safe and cost-effective well construction. In addition, advanced autonomous drilling rigs with features that enable flexibility in operations and navigational drilling aid are expected to have a favorable impact on hydrocarbon exploration and development. Additionally, environmentally friendly drilling tools that produce minimal vibration and keep the jobsite clean are in high demand and will likely be included in downhole tool manufacturing over the next few years. These industry innovations are expected to drive the expansion of the market over the forecast period.
Main market players
The major market players are Weatherford International plc, Ulterra Drilling Technologies LP, Varel International Energy Services, Inc., Baker Hughes Company, National Oilwell Varco, Inc. and others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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* At Expert Market Research, we always strive to give you the latest information. The figures in the article are only indicative and may differ from the actual report.
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