Downhole Tools Market – Overview
The global Downhole Tools market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, CAGR during the estimated period (2017 – 2023). Downhole tools are used extensively in bottom hole assembly for several completion and work-over operations. The bottom hole assembly is selected majorly dependent on the formation of the reservoirs.
Global increasing demand for energy has resulted in rapid increase in the offshore drilling activities to meet the increasing demand, which ultimately has provided significant boost to the downhole tools market. Moreover, new oil reserve discoveries increase the drilling and exploration activities in coming years which upsurge the demand for the market. However, environmental risks and strict government regulations for drilling as well as increasing focus on renewable energy may hinder the market growth of the market.
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Prominent Industry Players:
Schlumberger (U.S.), Halliburton (U.S.), Baker Hughes (U.S.), Weatherford International (Ireland), National Oilwell Varco Inc. (U.S.), Logan Oil Tools Inc. (U.S.), Wenzel Downhole Tools Ltd. (U.S.), Saint Gobain (France), and Oil States International Inc. (India)
Downhole Tools Market Segmentation
The global Downhole tools market has been segmented based on application, type and region.
Based on Type, the market has been segmented into Drilling, Downhole Control, Handling, Flow & Pressure Control, and others.
Based on application, the market has been segmented into Drilling, Completion, Formation & Evaluation, Production, and Intervention.
Global Downhole Tools Market – Regional Analysis
Geographically, the Downhole Tools Market covers growth opportunities into regions such as North America, Europe, Asia Pacific, Middle East & Africa and South America.
North America dominates the downhole tools market. The U.S. accounts for the largest market share in the North American region. The advancements in unconventional drilling technologies, which have attracted capital for oil and gas drilling projects. Additionally, vast hydrocarbon resources in the U.S. Shale basins and continuous offshore drilling in the Gulf of Mexico region, are driving the demand of the market. Additionally, most of the major downhole tool manufacturer are operating in this region. This has the positive influence on the growth of the market.
Asia Pacific and Europe are the other major market for the downhole tools. Increasing demand for energy due to urbanization & industrialization from the countries such as India, China, and Indonesia among others driving the demand of the market in Asia Pacific region. The Europe drill bit market is expected to be dominated by countries such as U.K, Norway and Russia. The development of unconventional oil and gas exploration activities such as shale, is driving the market in the region. It is expected to contribute significantly during the forecast period.
Industry Related News:
- In December 2017, Oil States International, Inc. announced that it has entered into a definitive agreement to acquire GEODynamics, Inc., a provider of oil and gas perforation systems and downhole tools in support of completion, intervention, wireline and well abandonment operations.
- In September 2017, Halliburton has launched GeoTech HE, a robust drill bit that incorporates new features and materials to deliver enhanced performance and increased reliability in high energy drilling systems characterized by very high weight-on-bit and drilling torque.
- In January 2017, Schlumberger announced the acquisition of Peak Well System, an Aberdeen-based manufacturer of downhole tools for well intervention.
- In July 2016, American Securities LLC, a leading U.S. private equity firm, Completes Acquisition of Ulterra Drilling Technologies, L.P. Ulterra is a leading manufacturer of polycrystalline diamond compact (“PDC”) drill bits for the oil and gas industry. The Company was owned by ESCO Corporation.
- Trican Well Service Ltd. is pleased to announce that it has closed the previously announced acquisition of i-TEC Well Solutions (“i-TEC”), a privately owned company based in Norway that has developed a field-proven portfolio of completion systems and intervention tools.
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