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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.

 

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 

 

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.

 

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:

  • Type
  • Application
  • Region
Breakup by Type
  • Drill Bits
  • Drill Collars
  • Drilling Jars
  • Drilling Motors
  • Drilling Tubulars
  • Drill Swivels
  • Drill Reamers and Stabilisers
  • Mechanical Thrusters
  • Shock Tools
Breakup by Application
  • Onshore
  • Offshore
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
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Trade Data Analysis
  • Major Exporting Countries
    • By Value
    • By Volume
  • Major Importing Countries
    • By Value
    • By Volume
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Schlumberger Limited
  • NOV Inc.
  • Sandvik AB
  • Drilling Tools International
  • Tianhe Oil Group Huifeng Petroleum Equipment CO. ltd.
  • Others

 

*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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