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Global Downhole Tools Market: By Product: Drilling Tools, Flow and Pressure Control Tools, Control Tools, Handling Tools, Others; By Application: Well Drilling, Well Intervention, Others; Regional Analysis; Historical Market and Forecast (2016-2026); Market Dynamics; Competitive Landscape; Industry Events and Developments

Global Downhole Tools Market Outlook

The global downhole tools market attained a value of about USD 4.05 billion in 2020. The market is further expected to grow at a CAGR of 4.3% during the forecast period of 2021-2026 to reach approximately USD 5.2 billion by 2026.

 

The Surge in Oil and Gas Consumption Owing to Rising Population is Driving the Market Growth

Downhole tools are primary equipment for drilling, handling, controlling and well formation, production and completion activities in oil and gas mining. The worldwide growth of the market can be attributed to the rising demand for oil and gas in the form of automotive fuel and household cooking owing to the rapidly rising levels of population, especially in developing countries. Furthermore, as most downhole tools are designed to perform specific functions, they significantly reduce mining costs by minimising human effort and speeding up operations.

 

Global Downhole Tools Market

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Moreover, investments by governments of developed and developing countries to enhance exploration and production activities for hydrocarbon extraction are positively impacting the market growth of downhole tools globally. The huge investments are invigorating market players to incorporate cutting-edge technologies to manufacture durable and cost-effective tools for smooth and safe operation. In addition, due to the shift towards a sustainable extraction method due to depleting natural resources, downhole tools can substantially reduce wastage and contribute to environment-friendly mining practices. Hence, the large-scale deployment of downhole tools in mining activities is supporting the market growth.

 

Downhole Tools: Industry Definition and Segmentation

Downhole tools are equipment deployed in oilfield activities during well drilling, completion and intervention, and well workover activities. These tools are designed to optimise productivity and maintain a continuous flow from an oil reservoir.

The market, based on product, can be categorised into:

  • Drilling Tools
  • Flow and Pressure Control Tools
  • Control Tools
  • Handling Tools
  • Others

Based on applications, the market can be segmented into:

  • Well Drilling
  • Well Intervention
  • Formation and Evaluation
  • Production and Well Completion

The EMR report looks into the regional markets of downhole tools like North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.

 

Integration of Present-Day Technology in Downhole Tools Manufacturing to Augment the Market Growth

The robust worldwide demand for energy resources is providing lucrative opportunities to integrate advanced technology into downhole tools to achieve productivity with sustainability. Drilling activities for hydrocarbon extraction, coupled with Artificial Intelligence (AI), Internet of Things (IoT), and other major technologies, are anticipated to drive the industry growth over the forecast period. The research and development (R&D) activities to include 3D visualisation and 3D earth models, and technical innovations like computer-operated systems in manufacturing practices to achieve safe and cost-effective well construction, are projected to aid the market growth. In addition, advanced autonomous drilling equipment is anticipated to positively impact the exploration and development of hydrocarbons with features that allow flexibility in operations and help in navigated drilling. Furthermore, environment-friendly drilling tools that generate low vibrations and keep the job site clean are continuously rising in demand and are expected to be included in manufacturing downhole tools in the coming years. Such developments in the industry are expected to propel the market growth over the forecast period.

 

Key Industry Players in the Global Downhole Tools Market

The report presents a detailed analysis of the following key players in the global downhole tools market, looking into their capacity, market share, and latest developments like capacity expansions, plant turnabouts and mergers and acquisitions.

  • Weatherford International plc
  • Ulterra Drilling Technologies, L.P.
  • Varel International Energy Services, Inc.
  • Baker Hughes Company
  • National Oilwell Varco, Inc.
  • Others

The comprehensive report looks at the micro and macro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of the Porter's Five Forces Model.

 

REPORT FEATURES DETAILS
Base Year 2020
Historical Period 2016-2020
Forecast Period 2021-2026
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Product, Application, Region
Breakup by Product Drilling Tools, Flow and Pressure Control Tools, Control Tools, Handling Tools, Others
Breakup by Application Well Drilling, Well Intervention, Formation and Evaluation, Production and Well Completion
Breakup by Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Market Dynamics SWOT, Porter's Five Forces, EMR’s Key Indicators for Price and Demand
Trade Data Analysis Major Importing Countries by Value and Volume, Major Exporting Countries by Value and Volume
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered Weatherford International plc, Ulterra Drilling Technologies, L.P., Varel International Energy Services, Inc., Baker Hughes Company, National Oilwell Varco, Inc., Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Industry Opportunities and Challenges
8    Global Downhole Tools Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Downhole Tools Historical Market (2016-2020) 
    8.3    Global Downhole Tools Market Forecast (2021-2026)
    8.4    Global Downhole Tools Market by Product
        8.4.1    Drilling Tools
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2016-2020)
            8.4.1.3    Forecast Trend (2021-2026)
        8.4.2    Flow and Pressure Control Tools
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2016-2020)
            8.4.2.3    Forecast Trend (2021-2026)
        8.4.3    Control Tools
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2016-2020)
            8.4.3.3    Forecast Trend (2021-2026)
        8.4.4    Handling Tools
            8.4.4.1    Market Share
            8.4.4.2    Historical Trend (2016-2020)
            8.4.4.3    Forecast Trend (2021-2026)
        8.4.5    Others
    8.5    Global Downhole Tools Market by Application
        8.5.1    Well Drilling
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2016-2020)
            8.5.1.3    Forecast Trend (2021-2026)
        8.5.2    Well Intervention
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2016-2020)
            8.5.2.3    Forecast Trend (2021-2026)
        8.5.3    Formation and Evaluation
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2016-2020)
            8.5.3.3    Forecast Trend (2021-2026)
        8.5.4    Production and Well Completion
            8.5.4.1    Market Share
            8.5.4.2    Historical Trend (2016-2020)
            8.5.4.3    Forecast Trend (2021-2026)
    8.6    Global Downhole Tools Market by Region
        8.6.1    Market Share
            8.6.1.1    North America
            8.6.1.2    Europe
            8.6.1.3    Asia Pacific
            8.6.1.4    Latin America
            8.6.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2016-2020)
        9.1.2    Forecast Trend (2021-2026)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2016-2020)
        9.2.2    Forecast Trend (2021-2026)
        9.2.3    Breakup by Country 
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2016-2020)
        9.3.2    Forecast Trend (2021-2026)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2016-2020)
        9.4.2    Forecast Trend (2021-2026)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2016-2020)
        9.5.2    Forecast Trend (2021-2026)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    EMR’s Key Indicators for Demand
    10.4    EMR’s Key Indicators for Price
11    Value Chain Analysis
12    Trade Data Analysis (8207)

    12.1    Major Exporting Countries
        12.1.1    By Value
        12.1.2    By Volume
    12.2    Major Importing Countries
        12.2.1    By Value
        12.2.2    By Volume
13    Competitive Landscape
    13.1    Market Structure
    13.2    Company Profiles
        13.2.1    Weatherford International plc
            13.2.1.1    Company Overview
            13.2.1.2    Product Portfolio
            13.2.1.3    Demographic Reach and Achievements
            13.2.1.4    Certifications
        13.2.2    Ulterra Drilling Technologies, L.P.
            13.2.2.1    Company Overview
            13.2.2.2    Product Portfolio
            13.2.2.3    Demographic Reach and Achievements
            13.2.2.4    Certifications
        13.2.3    Varel International Energy Services, Inc.
            13.2.3.1    Company Overview
            13.2.3.2    Product Portfolio
            13.2.3.3    Demographic Reach and Achievements
            13.2.3.4    Certifications
        13.2.4    Baker Hughes Company
            13.2.4.1    Company Overview
            13.2.4.2    Product Portfolio
            13.2.4.3    Demographic Reach and Achievements
            13.2.4.4    Certifications
        13.2.5    National Oilwell Varco, Inc.
            13.2.5.1    Company Overview
            13.2.5.2    Product Portfolio
            13.2.5.3    Demographic Reach and Achievements
            13.2.5.4    Certifications
        13.2.6    Others
14    Industry Events and Developments

 

List of Figures and Tables

1.    Global Downhole Tools Market: Key Industry Highlights, 2016 and 2026
2.    Global Downhole Tools Historical Market: Breakup by Product (USD Million), 2016-2020
3.    Global Downhole Tools Market Forecast: Breakup by Product (USD Million), 2021-2026
4.    Global Downhole Tools Historical Market: Breakup by Application (USD Million), 2016-2020
5.    Global Downhole Tools Market Forecast: Breakup by Application (USD Million), 2021-2026
6.    Global Downhole Tools Historical Market: Breakup by Region (USD Million), 2016-2020
7.    Global Downhole Tools Market Forecast: Breakup by Region (USD Million), 2021-2026
8.    North America Downhole Tools Historical Market: Breakup by Country (USD Million), 2016-2020
9.    North America Downhole Tools Market Forecast: Breakup by Country (USD Million), 2021-2026
10.    Europe Downhole Tools Historical Market: Breakup by Country (USD Million), 2016-2020
11.    Europe Downhole Tools Market Forecast: Breakup by Country (USD Million), 2021-2026
12.    Asia Pacific Downhole Tools Historical Market: Breakup by Country (USD Million), 2016-2020
13.    Asia Pacific Downhole Tools Market Forecast: Breakup by Country (USD Million), 2021-2026
14.    Latin America Downhole Tools Historical Market: Breakup by Country (USD Million), 2016-2020
15.    Latin America Downhole Tools Market Forecast: Breakup by Country (USD Million), 2021-2026
16.    Middle East and Africa Downhole Tools Historical Market: Breakup by Country (USD Million), 2016-2020
17.    Middle East and Africa Downhole Tools Market Forecast: Breakup by Country (USD Million), 2021-2026
18.    Global Downhole Tools Market Structure

Key Questions Answered in the Report

The global downhole tools market attained a value of nearly USD 4.05 billion in 2020.

The market is projected to grow at a CAGR of 4.3% in the forecast period of 2021-2026.

The market is estimated to witness healthy growth in the forecast period of 2021-2026 to reach about USD 5.2 billion by 2026.

The market is being driven by increased mining activities due to heightened demand for oil and gas for day-to-day consumption and government investments to enhance exploration and production activities.

The surge in research and development activities to integrate technological advancements in downhole tools is expected to influence the market in the forecast period positively.

The major regional markets for downhole tools are North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.

The different types of products in the industry are drilling tools, flow and pressure control tools, control tools, and handling tools, among others.

The significant applications of downhole tools are well drilling, well intervention, formation and evaluation, and production and well completion.

The major players in the industry are Weatherford International plc, Ulterra Drilling Technologies, L.P., Varel International Energy Services, Inc., Baker Hughes Company, and National Oilwell Varco, Inc., among others.

Analyst Review

The global downhole tools market attained a value of about USD 4.05 billion, driven by large-scale deployment of downhole tools in mining activities. Aided by the technological integration to boost productivity, the market is expected to grow at a CAGR of 4.3% in the forecast period of 2021-2026 to reach approximately USD 5.2 billion by 2026.

EMR's meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. On the basis of product, the market is classified into drilling tools, flow and pressure control tools, control tools, and handling tools, among others. The major applications of downhole tools are well drilling, well intervention, formation and evaluation, and production and well completion. The major regional markets for downhole tools are North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa. The key players in the industry are Weatherford International plc, Ulterra Drilling Technologies, L.P., Varel International Energy Services, Inc., Baker Hughes Company, and National Oilwell Varco, Inc., among others.

EMR's research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus providing their customers with market insights that are accurate, actionable and help them remain ahead of their competition.

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