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Global Downhole Tools Market to Grow at a CAGR of 4.3% During 2024-2032, Driven by Technical Integration to Reduce Greenhouse Gas Emissions

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Downhole Tools Market

Global Downhole Tools Market Size, Share, Trends, Growth: By Product: Drilling Tools, Flow and Pressure Control Tools, Control Tools, Handling Tools, Others; By Application: Well Drilling, Well Intervention, Formation and Evaluation, Production and Well Completion; Regional Analysis; Market Dynamics; Competitive Landscape; 2024-2032

Global Downhole Tools Market Outlook

The global downhole tools market attained a value of about USD 4.60 billion in 2023. The market is further expected to grow at a CAGR of 4.3% during the forecast period of 2024-2032 to reach approximately USD 6.70 billion by 2032.        

 

Global Downhole Tools Market

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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.

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: Market 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.

 

Global Downhole Tools Market by Segment

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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.

 

Global Downhole Tools Market by Region

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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.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
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
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
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.

 

*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.

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    Opportunities and Challenges in the Market
8    Global Downhole Tools Market Analysis
    8.1    Key Industry Highlights
    8.2    Global Downhole Tools Historical Market (2018-2023) 
    8.3    Global Downhole Tools Market Forecast (2024-2032)
    8.4    Global Downhole Tools Market by Product
        8.4.1    Drilling Tools
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Flow and Pressure Control Tools
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
        8.4.3    Control Tools
            8.4.3.1    Historical Trend (2018-2023)
            8.4.3.2    Forecast Trend (2024-2032)
        8.4.4    Handling Tools
            8.4.4.1    Historical Trend (2018-2023)
            8.4.4.2    Forecast Trend (2024-2032)
        8.4.5    Others
    8.5    Global Downhole Tools Market by Application
        8.5.1    Well Drilling
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Well Intervention
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
        8.5.3    Formation and Evaluation
            8.5.3.1    Historical Trend (2018-2023)
            8.5.3.2    Forecast Trend (2024-2032)
        8.5.4    Production and Well Completion
            8.5.4.1    Historical Trend (2018-2023)
            8.5.4.2    Forecast Trend (2024-2032)
    8.6    Global Downhole Tools Market by Region       
        8.6.1    North America
            8.6.1.1    Historical Trend (2017-2021) 
            8.6.1.2    Forecast Trend (2022-2027)
        8.6.2    Europe
            8.6.2.1    Historical Trend (2017-2021) 
            8.6.2.2    Forecast Trend (2022-2027)
        8.6.3    Asia Pacific
            8.6.3.1    Historical Trend (2017-2021) 
            8.6.3.2    Forecast Trend (2022-2027)
        8.6.4    Latin America
            8.6.4.1    Historical Trend (2017-2021) 
            8.6.4.2    Forecast Trend (2022-2027)
        8.6.5    Middle East and Africa
            8.6.5.1    Historical Trend (2017-2021) 
            8.6.5.2    Forecast Trend (2022-2027)
9    North America Downhole Tools Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2017-2021) 
        9.1.2    Forecast Trend (2022-2027)
    9.2    Canada
        9.2.1    Historical Trend (2017-2021) 
        9.2.2    Forecast Trend (2022-2027)
10    Europe Downhole Tools Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2017-2021) 
        10.1.2    Forecast Trend (2022-2027)
    10.2    Germany
        10.2.1    Historical Trend (2017-2021) 
        10.2.2    Forecast Trend (2022-2027)
    10.3    France
        10.3.1    Historical Trend (2017-2021) 
        10.3.2    Forecast Trend (2022-2027)
    10.4    Italy
        10.4.1    Historical Trend (2017-2021) 
        10.4.2    Forecast Trend (2022-2027)
    10.5    Others
11    Asia Pacific Downhole Tools Market Analysis
    11.1    China
        11.1.1    Historical Trend (2017-2021) 
        11.1.2    Forecast Trend (2022-2027)
    11.2    Japan
        11.2.1    Historical Trend (2017-2021) 
        11.2.2    Forecast Trend (2022-2027)
    11.3    India
        11.3.1    Historical Trend (2017-2021) 
        11.3.2    Forecast Trend (2022-2027)
    11.4    ASEAN
        11.4.1    Historical Trend (2017-2021) 
        11.4.2    Forecast Trend (2022-2027)
    11.5    Australia
        11.5.1    Historical Trend (2017-2021) 
        11.5.2    Forecast Trend (2022-2027)
    11.6    Others
12    Latin America Downhole Tools Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2017-2021) 
        12.1.2    Forecast Trend (2022-2027)
    12.2    Argentina
        12.2.1    Historical Trend (2017-2021) 
        12.2.2    Forecast Trend (2022-2027)
    12.3    Mexico
        12.3.1    Historical Trend (2017-2021) 
        12.3.2    Forecast Trend (2022-2027)
    12.4    Others
13    Middle East and Africa Downhole Tools Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2017-2021) 
        13.1.2    Forecast Trend (2022-2027)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2017-2021) 
        13.2.2    Forecast Trend (2022-2027)
    13.3    Nigeria
        13.3.1    Historical Trend (2017-2021) 
        13.3.2    Forecast Trend (2022-2027)
    13.4    South Africa
        13.4.1    Historical Trend (2017-2021) 
        13.4.2    Forecast Trend (2022-2027)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Trade Data Analysis ( HS Code - 8207)
    16.1    Major Importing Countries
        16.1.1    By Volume
        16.1.2    By Value
    16.2    Major Exporting Countries
        16.2.1    By Volume
        16.2.2      By Value
17   Competitive Landscape
    17.1    Market Structure
    17.2    Company Profiles
        17.2.1    Weatherford International plc
            17.2.1.1    Company Overview
            17.2.1.2    Product Portfolio
            17.2.1.3    Demographic Reach and Achievements
            17.2.1.4    Certifications
        17.2.2    Ulterra Drilling Technologies, L.P.
            17.2.2.1    Company Overview
            17.2.2.2    Product Portfolio
            17.2.2.3    Demographic Reach and Achievements
            17.2.2.4    Certifications
        17.2.3    Varel International Energy Services, Inc.
            17.2.3.1    Company Overview
            17.2.3.2    Product Portfolio
            17.2.3.3    Demographic Reach and Achievements
            17.2.3.4    Certifications
        17.2.4    Baker Hughes Company
            17.2.4.1    Company Overview
            17.2.4.2    Product Portfolio
            17.2.4.3    Demographic Reach and Achievements
            17.2.4.4    Certifications
        17.2.5    National Oilwell Varco, Inc.
            17.2.5.1    Company Overview
            17.2.5.2    Product Portfolio
            17.2.5.3    Demographic Reach and Achievements
            17.2.5.4    Certifications
        17.2.6    Others
18    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global Downhole Tools Market: Key Industry Highlights, 2018 and 2032
2.    Global Downhole Tools Historical Market: Breakup by Product (USD Million), 2018-2023
3.    Global Downhole Tools Market Forecast: Breakup by Product (USD Million), 2024-2032
4.    Global Downhole Tools Historical Market: Breakup by Application (USD Million), 2018-2023
5.    Global Downhole Tools Market Forecast: Breakup by Application (USD Million), 2024-2032
6.    Global Downhole Tools Historical Market: Breakup by Region (USD Million), 2018-2023
7.    Global Downhole Tools Market Forecast: Breakup by Region (USD Million), 2024-2032
8.    North America Downhole Tools Historical Market: Breakup by Country (USD Million), 2018-2023
9.    North America Downhole Tools Market Forecast: Breakup by Country (USD Million), 2024-2032
10.    Europe Downhole Tools Historical Market: Breakup by Country (USD Million), 2018-2023
11.    Europe Downhole Tools Market Forecast: Breakup by Country (USD Million), 2024-2032
12.    Asia Pacific Downhole Tools Historical Market: Breakup by Country (USD Million), 2018-2023
13.    Asia Pacific Downhole Tools Market Forecast: Breakup by Country (USD Million), 2024-2032
14.    Latin America Downhole Tools Historical Market: Breakup by Country (USD Million), 2018-2023
15.    Latin America Downhole Tools Market Forecast: Breakup by Country (USD Million), 2024-2032
16.    Middle East and Africa Downhole Tools Historical Market: Breakup by Country (USD Million), 2018-2023
17.    Middle East and Africa Downhole Tools Market Forecast: Breakup by Country (USD Million), 2024-2032
18.    Global Downhole Tools Market Structure

Key Questions Answered in the Report

What was the global downhole tools market size in 2023?

In 2023, the market attained a value of nearly USD 4.60 billion.

What is the growth rate of the global downhole tools market?

The market is projected to grow at a CAGR of 4.3% in the forecast period of 2024-2032.

What is the forecast outlook of the global downhole tools market for 2024-2032?

The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach about USD 6.70 billion by 2032.  

What are the major market drivers?

The surging mining activities and the introduction of favourable government initiatives to enhance oil exploration and production are the major market drivers.

What are the key trends of the market?

The key trends guiding the market growth are increasing research and development activities to integrate technological advancements in downhole tools and the growing utilisation of advanced autonomous drilling equipment.

What are the major regional markets of downhole tools, according to the EMR report?

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

What are the different types of products in the market?

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

What are the significant applications of downhole tools?

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

Who are the key downhole tools market players, according to the report?

The major players in the market 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 4.60 billion in 2023, 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 2024-2032 to reach approximately USD 6.70 billion by 2032.             

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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