Global Drilling Tools Market to Reach USD 9.58 Billion by 2027, Aided by the Rising Energy Demands

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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Market Analysis by Type, Application, and Region:

• The drilling tools market, on the basis of type, can be divided into drill bits, drill collars, drilling jars, drilling motors, drilling tubulars, drill swivels, drill reamers and stabilisers, mechanical thrusters, and shock tools.

• Based on application, the market can be divided into onshore and offshore.

• The regional markets for drilling tools include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The market growth can be attributed to the growing demand for drilling tools in various end-use sectors like oil and gas, construction, and metal, among others.

• The increasing extraction activities of natural gases and crude oils are surging the utilisation of drilling tools, hence aiding the growth of the drilling tools market.

• The development of hydrocarbon reserves and the surging number of oil fields are bolstering the market for drilling tools.

• The increasing investments in the upgradation of the oil and gas sector by governments across the globe are driving the market growth of drilling tools.

Key Offerings of the Report:

• The EMR report gives an overview of the global drilling tools market for the periods (2017-2021) and (2022-2027).

• The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the types, applications, and major regions of drilling tools.

• The market report also analyses the trade data by covering the major importing and exporting countries.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

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.