The increase in oil and gas E&P activities, and new exploration policies are among the major factors propelling market growth. However, factors such as growing adoption of alternative energy sources are hampering market growth.
Exploration and production (E&P) are upstream oil and gas activities, which have undergone several improvements with recent technological advances. For example, the development of data-oriented, sensitive equipment has helped in the accurate identification of the underlying reserves without the need to undertake actual drilling. On the basis of the data obtained from seismic acquisitions, E&P activities are carried out. Therefore, such E&P activities are becoming more common in recent times. For instance, in June 2019, the US Department of Energy’s Fossil Energy Office selected 12 projects, which would receive USD 44.5 million in federal funding for cost-shared R&D of advanced technologies to recover unconventional oil and gas. Thus, the increase in oil and gas E&P activities is expected to drive the demand for downhole drilling tools, thereby fueling market growth.
Global Downhole Drilling Tools Market: Product Landscape
Based on the product segmentation analysis, the tubulars segment is expected to witness lucrative growth during the forecast period. Due to the increasing demand for energy, E&P activities are increasing across the globe. The increase in E&P activities results in high demand for drilling tools. Tubulars are used as the primary tools for drilling, therefore, increased exploration activities will mean an increase in the use of tubulars.
Global Downhole Drilling Tools Market: Geographic Landscape
As per Technavio’ s geographical segmentation, North America is expected to witness significant growth which will offer several growth opportunities to market vendors during the forecast period. The growth of the downhole drilling tools market in North America is attributed to the increased investments by governments and oil and gas companies.
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- Baker Hughes Co.
- Halliburton Co.
- National Oilwell Varco Inc.
- Nine Energy Service Inc.
- RUBICON OILFIELD PRODUCTS LTD.
- Schlumberger Ltd.
- Schoeller-Bleckmann Oilfield Equipment AG
- Tasman Oil Tools Ltd.
- Weatherford International Plc
- Wenzel Downhole Tools
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Downhole Drilling Tools Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist downhole drilling tools market growth during the next five years
- Estimation of the downhole drilling tools market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the downhole drilling tools market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of downhole drilling tools market, vendors