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The market for drilling tools is being driven by the growing demand for energy and the increasing investments in hydrocarbons. With the surging drilling activities to explore crude oils and hydrocarbons, the demand for drilling tools is growing. Advancements and innovations in drilling technology and design are expected to bolster the market for drilling tools.
The increasing research and development (R&D) activities to develop cost-effective drilling tools with enhanced efficiency are also anticipated to aid the expansion of the drilling tools market. Further, the integration of various technologies such as the Internet of things (IoT) and artificial intelligence (AI) with drilling tools to efficiently optimise drilling processes is likely to provide impetus to the market in the forecast period.
Schlumberger Limited (NYSE: SLB), one of the leading companies in the market, announced a collaboration with NOV in May 2021. The collaboration would accelerate the adoption of automated drilling solutions by drilling contractors and oil and gas operators. It would also enable consumers to combine the downhole and surface drilling automation solutions of Schlumberger Limited with NOV’s rig automation platform for superior construction performance.
With the collaboration, Schlumberger Limited would enable the automation of manual workflows and boost decision-making, safety, consistency, and efficiency in drilling operations. Moreover, this enables consumers to leverage surface and downhole automation applications with enhanced operational efficiency. With this partnership, the company would accelerate the adoption of drilling automation technologies by consumers to enable superior construction performance.
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The major players in the global drilling tools market are Schlumberger Limited, NOV Inc., Sandvik AB, Drilling Tools International, and Tianhe Oil Group Huifeng Petroleum Equipment CO. ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
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