Reports
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 (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments
Global Downhole Tools Market Outlook
The global downhole tools market attained a value of about USD 4.41 billion in 2022. The market is further expected to grow at a CAGR of 4.3% during the forecast period of 2023-2028 to reach approximately USD 5.66 billion by 2028.
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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.
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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.
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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.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| 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, 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. |
*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 (2018-2022)
8.3 Global Downhole Tools Market Forecast (2023-2028)
8.4 Global Downhole Tools Market by Product
8.4.1 Drilling Tools
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 Flow and Pressure Control Tools
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.4.3 Control Tools
8.4.3.1 Historical Trend (2018-2022)
8.4.3.2 Forecast Trend (2023-2028)
8.4.4 Handling Tools
8.4.4.1 Historical Trend (2018-2022)
8.4.4.2 Forecast Trend (2023-2028)
8.4.5 Others
8.5 Global Downhole Tools Market by Application
8.5.1 Well Drilling
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 Well Intervention
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.5.3 Formation and Evaluation
8.5.3.1 Historical Trend (2018-2022)
8.5.3.2 Forecast Trend (2023-2028)
8.5.4 Production and Well Completion
8.5.4.1 Historical Trend (2018-2022)
8.5.4.2 Forecast Trend (2023-2028)
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 2028
2. Global Downhole Tools Historical Market: Breakup by Product (USD Million), 2018-2022
3. Global Downhole Tools Market Forecast: Breakup by Product (USD Million), 2023-2028
4. Global Downhole Tools Historical Market: Breakup by Application (USD Million), 2018-2022
5. Global Downhole Tools Market Forecast: Breakup by Application (USD Million), 2023-2028
6. Global Downhole Tools Historical Market: Breakup by Region (USD Million), 2018-2022
7. Global Downhole Tools Market Forecast: Breakup by Region (USD Million), 2023-2028
8. North America Downhole Tools Historical Market: Breakup by Country (USD Million), 2018-2022
9. North America Downhole Tools Market Forecast: Breakup by Country (USD Million), 2023-2028
10. Europe Downhole Tools Historical Market: Breakup by Country (USD Million), 2018-2022
11. Europe Downhole Tools Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Asia Pacific Downhole Tools Historical Market: Breakup by Country (USD Million), 2018-2022
13. Asia Pacific Downhole Tools Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Latin America Downhole Tools Historical Market: Breakup by Country (USD Million), 2018-2022
15. Latin America Downhole Tools Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Middle East and Africa Downhole Tools Historical Market: Breakup by Country (USD Million), 2018-2022
17. Middle East and Africa Downhole Tools Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Global Downhole Tools Market Structure
Key Questions Answered in the Report
In 2022, the market attained a value of nearly USD 4.41 billion.
The market is projected to grow at a CAGR of 4.3% in the forecast period of 2023-2028.
The market is estimated to witness healthy growth in the forecast period of 2023-2028 to reach about USD 5.66 billion by 2028.
The surging mining activities and the introduction of favourable government initiatives to enhance oil exploration and production are the major market drivers.
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.
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 market 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 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 4.41 billion in 2022, 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 2023-2028 to reach approximately USD 5.66 billion by 2028.
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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