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Global Drilling Tools Market Share, Size, Forecast, Analysis: By Type: Drill Bits, Drill Collars, Drilling Jars, Drilling Motors, Drilling Tubulars, Drill Swivels, Drill Reamers and Stabilisers, Mechanical Thrusters, Shock Tools; By Application; Regional Analysis; Competitive Landscape; Key Trends and Developments in the Market; 2023-2028
Global Drilling Tools Market Outlook
The global drilling tools market attained a value of nearly USD 7.15 billion in 2021. The market is further estimated to grow in the forecast period of 2023-2028 at a CAGR of 5% to reach about USD 9.58 billion by 2027.
North America to Hold a Significant Share in the Market Growth of Drilling Tools
North America is expected to register a significant share in the drilling tools market growth on account of the growing shale gas production and energy reforms in the region. The surging oil and gas exploration activities in the region are expected to fuel the market growth of drilling tools during the forecast period.
The increasing production of crude oil in the United States coupled with surging onshore and drilling activities are further boosting the market growth of drilling tools in the region. The increasing investments in new oil and gas projects in Canada is further supporting the market growth of drilling tools.
Meanwhile, Asia Pacific is anticipated to witness substantial market growth on account of the growing drilling activities in emerging economies such as China and India. The developing economies in the Asia Pacific are aiming at expanding their shale gas resources to enhance their oil & gas production which is likely to bolster the market growth of drilling tools.
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Market Segmentation
Drilling tools are specialised tools used for creating holes of various sizes in different kinds of materials. The capability of the drilling tool can vary based on the spindle nose, spindle speed, spindle travel, and electric motor used in the tool.
The market for drilling tools, by type, is divided into:
- Drill Bits
- Drill Collars
- Drilling Jars
- Drilling Motors
- Drilling Tubulars
- Drill Swivels
- Drill Reamers and Stabilisers
- Mechanical Thrusters
- Shock Tools
Based on application type, the market is categorised into:
- Onshore
- Offshore
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The EMR report looks into the regional markets of drilling tools like Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa.
Rapid Growth in Onshore Segment to Bolster the Market Growth of Drilling Tools
Based on application, the onshore segment is anticipated to register significant growth in the drilling tools market across the globe over the forecast period due to the surging onshore and drilling activities in regions like North America and the Asia Pacific. Onshore drilling is less complex and provides greater production results and is also cost-effective. Such factors are likely to gain more traction with consumers and are expected to propel the demand for the segment in the market.
Shale is easily accessible with onshore drilling, and equipment can simply be moved between sites by utilising skids. Other resources are also available that can make drilling sites mobile and flexible which further reduces the costs of shipping and installation. Regionally, China is concentrating on various onshore oil drilling projects.
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Key Players in the Global Market for Drilling Tools
The report presents a detailed analysis of the following key players in the global drilling tools market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Schlumberger Limited
- NOV Inc.
- Sandvik AB
- Drilling Tools International
- Tianhe Oil Group Huifeng Petroleum Equipment CO. ltd.
- Others
The comprehensive report looks into the macro and micro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
Key Highlights of the Report
| 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:
|
| Breakup by Type |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Trade Data Analysis |
|
| Competitive Landscape |
|
| Companies Covered |
|
*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 Market Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Drilling Tools Market Analysis
8.1 Key Industry Highlights
8.2 Global Drilling Tools Historical Market (2018-2022)
8.3 Global Drilling Tools Market Forecast (2023-2028)
8.4 Global Drilling Tools Market by Type
8.4.1 Drill Bits
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Drill Collars
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Drilling Jars
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.4.4 Drilling Motors
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2018-2022)
8.4.4.3 Forecast Trend (2023-2028)
8.4.5 Drilling Tubulars
8.4.5.1 Market Share
8.4.5.2 Historical Trend (2018-2022)
8.4.5.3 Forecast Trend (2023-2028)
8.4.6 Drill Swivels
8.4.6.1 Market Share
8.4.6.2 Historical Trend (2018-2022)
8.4.6.3 Forecast Trend (2023-2028)
8.4.7 Drill Reamers and Stabilisers
8.4.7.1 Market Share
8.4.7.2 Historical Trend (2018-2022)
8.4.7.3 Forecast Trend (2023-2028)
8.4.8 Mechanical Thrusters
8.4.8.1 Market Share
8.4.8.2 Historical Trend (2018-2022)
8.4.8.3 Forecast Trend (2023-2028)
8.4.9 Shock Tools
8.4.9.1 Market Share
8.4.9.2 Historical Trend (2018-2022)
8.4.9.3 Forecast Trend (2023-2028)
8.5 Global Drilling Tools Market by Application
8.5.1 Onshore
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Offshore
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.6 Global Drilling 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 (2018-2022)
9.1.2 Forecast Trend (2023-2028)
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 (2018-2022)
9.2.2 Forecast Trend (2023-2028)
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 (2018-2022)
9.3.2 Forecast Trend (2023-2028)
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 (2018-2022)
9.4.2 Forecast Trend (2023-2028)
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 (2018-2022)
9.5.2 Forecast Trend (2023-2028)
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 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Trade Data Analysis
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 Schlumberger Limited
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 NOV Inc.
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 Sandvik AB
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 Drilling Tools International
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 Tianhe Oil Group Huifeng Petroleum Equipment CO. ltd.
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 Key Figures and Tables
1. Global Drilling Tools Market: Key Industry Highlights, 2018 and 2028
2. Global Drilling Tools Historical Market: Breakup by Type (USD Million), 2018-2022
3. Global Drilling Tools Market Forecast: Breakup by Type (USD Million), 2023-2028
4. Global Drilling Tools Historical Market: Breakup by Application (USD Million), 2018-2022
5. Global Drilling Tools Market Forecast: Breakup by Application (USD Million), 2023-2028
6. Global Drilling Tools Historical Market: Breakup by Region (USD Million), 2018-2022
7. Global Drilling Tools Market Forecast: Breakup by Region (USD Million), 2023-2028
8. North America Drilling Tools Historical Market: Breakup by Country (USD Million), 2018-2022
9. North America Drilling Tools Market Forecast: Breakup by Country (USD Million), 2023-2028
10. Europe Drilling Tools Historical Market: Breakup by Country (USD Million), 2018-2022
11. Europe Drilling Tools Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Asia Pacific Drilling Tools Historical Market: Breakup by Country (USD Million), 2018-2022
13. Asia Pacific Drilling Tools Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Latin America Drilling Tools Historical Market: Breakup by Country (USD Million), 2018-2022
15. Latin America Drilling Tools Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Middle East and Africa Drilling Tools Historical Market: Breakup by Country (USD Million), 2018-2022
17. Middle East and Africa Drilling Tools Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Global Drilling Tools Market Structure
Key Questions Answered in the Report
In 2021, the global drilling tools market attained a value of nearly USD 7.15 billion.
The market is assessed to grow at a CAGR of 5% between 2023 and 2028.
The market is estimated to witness healthy growth in the forecast period of 2023-2028 to reach almost USD 9.58 billion by 2027.
The major market drivers are increasing investment in onshore drilling projects, rising industrialisation, and growing oil and gas production.
The key market trends include growing government investment in oil and gas infrastructure and new energy reforms.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The various types of drilling tools in the market include drill bits, drill collars, drilling jars, drilling motors, drilling tubulars, drill swivels, drill reamers and stabilizers, mechanical thrusters, and shock tools.
The major applications of drilling tools in the market are onshore and offshore.
The major players in the market are Schlumberger Limited, NOV Inc., Sandvik AB, Drilling Tools International, and Tianhe Oil Group Huifeng Petroleum Equipment CO. ltd., among others.
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