Growth Factors of Downhole Tools Market
The global downhole tools market, valued at USD 4.06 billion in 2019, is projected treach USD 8.79 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.67% during the forecast period of 2020-2032.
Market Dynamics
The oil and gas industry's demand for efficient extraction processes has led tsignificant investments in advanced downhole tools. These tools are essential for various operations, including drilling, well completion, well intervention, and production. The adoption of cutting-edge technologies aims toptimize exploration and production (E&P) activities, ensuring higher yields and operational efficiency.
Unconventional Hydrocarbons Driving Growth
The surge in global energy demand has prompted a shift towards unconventional hydrocarbons, such as shale gas and tight gas. The United States' shale gas revolution has notably transformed the dynamics of the hydrocarbon market, encouraging other nations tinvest in unconventional resource exploration. This trend is anticipated tbolster the downhole tools market, as specialized equipment is required for efficient extraction from these complex reservoirs.
Impact of COVID-19
The COVID-19 pandemic posed unprecedented challenges tthe hydrocarbon industry, leading tplummeting oil prices and market uncertainties. Lockdowns and restrictions on non-essential services disrupted economic activities globally. However, essential economic activities and trade continued, providing opportunities for recovery and growth in the downhole tools market as industries adapted tthe new normal.
Regional Insights
- North America: This region has experienced significant growth due tthe development of unconventional hydrocarbons and increased drilling activities, particularly in the United States. Substantial investments in shale gas exploration have further strengthened the market.
- Asia-Pacific: Emerging economies like China and India are witnessing increased energy consumption, leading theightened exploration and production activities. Investments in offshore drilling, especially in deepwater and ultra-deepwater projects, are expected tdrive the demand for downhole tools in this region.
- Europe: Countries such as Russia, Norway, and the UK are major oil producers in the region. The increasing demand for oil has led ta rise in production activities, thereby contributing tthe growth of the downhole tools market.
The downhole tools market is segmented based on tool type, application, and location:
- By Tool Type:
Pressure & Flow Control Tools
Handling Tools
Impurity Control Tools
Others
- By Application:
Well Completion
Well Intervention
Well Production
Formation & Evaluation
- By Location:
Offshore (Shallow Water, Deepwater, Ultra-Deepwater)
Future Outlook
Despite challenges, the downhole tools market is poised for substantial growth, driven by technological advancements and the ongoing quest for energy security. The focus on optimizing oil and gas production through innovative tools and techniques will continue tshape the market landscape in the coming years.
ATTRIBUTE DETAILS
Study Period - 2016-2027
Base Year - 2019
Forecast Period - 2020-2027
Historical Period - 2016-2018
Unit - Value (USD Billion)
By Segmentation By Tool Type
- Drilling Tools
- Pressure & Flow Control Tools
- Handling Tools
- Impurity Control Tools
- Others
- Well Drilling
- Well Completion
- Well Intervention
- Well Production
- Formation & Evaluation
- Onshore
- Offshore
Deepwater
Ultra-Deepwater
By Region
- North America (U.S. and Canada)
- Europe (UK, Germany, Norway, Russia, and Rest of Europe)
- Asia Pacific (China, India, Indonesia, Thailand, Australia, and Rest of Asia Pacific)
- Middle East & Africa (Saudi Arabia, UAE, Oman, Kuwait, Algeria, Angola, Egypt, and Rest of the Middle East & Africa)
- Latin America (Brazil, Mexico, Argentina, Venezuela, and Rest of Latin America)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
- 5. Qualitative Analysis – Impact of COVID-19
- 5.1. Impact of COVID-19 on the Oil and Gas Industry
- 5.2. Steps Taken by Government to Overcome the Impact
- 5.3. Key Developments in the Industry in Response to COVID-19
- 5.4. Potential Opportunity and Challenges due to Outbreak
- 6. Global Downhole Tools Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Tool Type
- 6.2.1. Drilling Tools
- 6.2.2. Pressure & Flow Control Tools
- 6.2.3. Handling Tools
- 6.2.4. Impurity Control Tools
- 6.2.5. Others
- 6.3. Market Analysis, Insights and Forecast – By Application
- 6.3.1. Well Drilling
- 6.3.2. Well Completion
- 6.3.3. Well Intervention
- 6.3.4. Well Production
- 6.3.5. Formation & Evaluation
- 6.4. Market Analysis, Insights and Forecast – By Location
- 6.4.1. Onshore
- 6.4.2. Offshore
- 6.4.2.1. Shallow Water
- 6.4.2.2. Deepwater
- 6.4.2.3. Ultra-Deepwater
- 6.5. Market Analysis, Insights and Forecast – By Region
- 6.5.1. North America
- 6.5.2. Latin America
- 6.5.3. Europe
- 6.5.4. Asia Pacific
- 6.5.5. Middle East & Africa
- 7. North America Downhole Tools Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Tool Type
- 7.2.1. Drilling Tools
- 7.2.2. Pressure & Flow Control Tools
- 7.2.3. Handling Tools
- 7.2.4. Impurity Control Tools
- 7.2.5. Others
- 7.3. Market Analysis, Insights and Forecast – By Application
- 7.3.1. Well Drilling
- 7.3.2. Well Completion
- 7.3.3. Well Intervention
- 7.3.4. Well Production
- 7.3.5. Formation & Evaluation
- 7.4. Market Analysis, Insights and Forecast – By Location
- 7.4.1. Onshore
- 7.4.2. Offshore
- 7.4.2.1. Shallow Water
- 7.4.2.2. Deepwater
- 7.4.2.3. Ultra-Deepwater
- 7.5. Market Analysis, Insights and Forecast – By Country
- 7.5.1. U.S.
- 7.5.2. Canada
- 8. Latin America Downhole Tools Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Tool Type
- 8.2.1. Drilling Tools
- 8.2.2. Pressure & Flow Control Tools
- 8.2.3. Handling Tools
- 8.2.4. Impurity Control Tools
- 8.2.5. Others
- 8.3. Market Analysis, Insights and Forecast – By Application
- 8.3.1. Well Drilling
- 8.3.2. Well Completion
- 8.3.3. Well Intervention
- 8.3.4. Well Production
- 8.3.5. Formation & Evaluation
- 8.4. Market Analysis, Insights and Forecast – By Location
- 8.4.1. Onshore
- 8.4.2. Offshore
- 8.4.2.1. Shallow Water
- 8.4.2.2. Deepwater
- 8.4.2.3. Ultra-Deepwater
- 8.5. Market Analysis, Insights and Forecast – By Country
- 8.5.1. Brazil
- 8.5.2. Mexico
- 8.5.3. Argentina
- 8.5.4. Venezuela
- 8.5.5. Rest of Latin America
- 9. Europe Downhole Tools Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Tool Type
- 9.2.1. Drilling Tools
- 9.2.2. Pressure & Flow Control Tools
- 9.2.3. Handling Tools
- 9.2.4. Impurity Control Tools
- 9.2.5. Others
- 9.3. Market Analysis, Insights and Forecast – By Application
- 9.3.1. Well Drilling
- 9.3.2. Well Completion
- 9.3.3. Well Intervention
- 9.3.4. Well Production
- 9.3.5. Formation & Evaluation
- 9.4. Market Analysis, Insights and Forecast – By Location
- 9.4.1. Onshore
- 9.4.2. Offshore
- 9.4.2.1. Shallow Water
- 9.4.2.2. Deepwater
- 9.4.2.3. Ultra-Deepwater
- 9.5. Market Analysis, Insights and Forecast – By Country
- 9.5.1. U.K.
- 9.5.2. Germany
- 9.5.3. Norway
- 9.5.4. Russia
- 9.5.5. Rest of Europe
- 10. Asia Pacific Downhole Tools Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Tool Type
- 10.2.1. Drilling Tools
- 10.2.2. Pressure & Flow Control Tools
- 10.2.3. Handling Tools
- 10.2.4. Impurity Control Tools
- 10.2.5. Others
- 10.3. Market Analysis, Insights and Forecast – By Application
- 10.3.1. Well Drilling
- 10.3.2. Well Completion
- 10.3.3. Well Intervention
- 10.3.4. Well Production
- 10.3.5. Formation & Evaluation
- 10.4. Market Analysis, Insights and Forecast – By Location
- 10.4.1. Onshore
- 10.4.2. Offshore
- 10.4.2.1. Shallow Water
- 10.4.2.2. Deepwater
- 10.4.2.3. Ultra-Deepwater
- 10.5. Market Analysis, Insights and Forecast – By Country
- 10.5.1. China
- 10.5.2. India
- 10.5.3. Indonesia
- 10.5.4. Thailand
- 10.5.5. Australia
- 10.5.6. Rest of Asia Pacific
- 11. Middle East & Africa Downhole Tools Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- 11.1. Key Findings / Summary
- 11.2. Market Analysis, Insights and Forecast – By Tool Type
- 11.2.1. Drilling Tools
- 11.2.2. Pressure & Flow Control Tools
- 11.2.3. Handling Tools
- 11.2.4. Impurity Control Tools
- 11.2.5. Others
- 11.3. Market Analysis, Insights and Forecast – By Application
- 11.3.1. Well Drilling
- 11.3.2. Well Completion
- 11.3.3. Well Intervention
- 11.3.4. Well Production
- 11.3.5. Formation & Evaluation
- 11.4. Market Analysis, Insights and Forecast – By Location
- 11.4.1. Onshore
- 11.4.2. Offshore
- 11.4.2.1. Shallow Water
- 11.4.2.2. Deepwater
- 11.4.2.3. Ultra-Deepwater
- 11.5. Market Analysis, Insights and Forecast – By Country
- 11.5.1. Saudi Arabia
- 11.5.2. UAE
- 11.5.3. Oman
- 11.5.4. Kuwait
- 11.5.5. Algeria
- 11.5.6. Angola
- 11.5.7. Egypt
- 11.5.8. Rest of Middle East & Africa
- 12. Competitive Analysis
- 12.1. Company Market Share Analysis, 2018
- 12.2. Company Profile
- 12.2.1. National Oilwell Varco
- 12.2.1.1. Business Overview
- 12.2.1.2. Product & Service Offering
- 12.2.1.3. Overall Revenue
- 12.2.1.4. Geographic Presence
- 12.2.1.5. Recent Development
- 12.2.2. Schoeller-Bleckmann Sales
- 12.2.2.1. Business Overview
- 12.2.2.2. Product & Service Offering
- 12.2.2.3. Overall Revenue
- 12.2.2.4. Geographic Presence
- 12.2.2.5. Recent Development
- 12.2.3. Weatherford
- 12.2.3.1. Business Overview
- 12.2.3.2. Product & Service Offering
- 12.2.3.3. Overall Revenue
- 12.2.3.4. Geographic Presence
- 12.2.3.5. Recent Development
- 12.2.4. Core Laboratories
- 12.2.4.1. Business Overview
- 12.2.4.2. Product & Service Offering
- 12.2.4.3. Overall Revenue
- 12.2.4.4. Geographic Presence
- 12.2.4.5. Recent Development
- 12.2.5. Baker Hughes
- 12.2.5.1. Business Overview
- 12.2.5.2. Product & Service Offering
- 12.2.5.3. Overall Revenue
- 12.2.5.4. Geographic Presence
- 12.2.5.5. Recent Development
- 12.2.6. Huntings PLC
- 12.2.6.1. Business Overview
- 12.2.6.2. Product & Service Offering
- 12.2.6.3. Overall Revenue
- 12.2.6.4. Geographic Presence
- 12.2.6.5. Recent Development
- 12.2.7. Schlumberger
- 12.2.7.1. Business Overview
- 12.2.7.2. Product & Service Offering
- 12.2.7.3. Overall Revenue
- 12.2.7.4. Geographic Presence
- 12.2.7.5. Recent Development
- 12.2.8. RPC, Inc.
- 12.2.8.1. Business Overview
- 12.2.8.2. Product & Service Offering
- 12.2.8.3. Overall Revenue
- 12.2.8.4. Geographic Presence
- 12.2.8.5. Recent Development
- 12.2.9. APS Technology Inc.
- 12.2.9.1. Business Overview
- 12.2.9.2. Product & Service Offering
- 12.2.9.3. Overall Revenue
- 12.2.9.4. Geographic Presence
- 12.2.9.5. Recent Development
- 12.2.10. Flotek Industries, Inc.
- 12.2.10.1. Business Overview
- 12.2.10.2. Product & Service Offering
- 12.2.10.3. Overall Revenue
- 12.2.10.4. Geographic Presence
- 12.2.10.5. Recent Development
- 12.2.11. TechnipFMC
- 12.2.11.1. Business Overview
- 12.2.11.2. Product & Service Offering
- 12.2.11.3. Overall Revenue
- 12.2.11.4. Geographic Presence
- 12.2.11.5. Recent Development
- 12.2.12. United Drilling Tools Ltd
- 12.2.12.1. Business Overview
- 12.2.12.2. Product & Service Offering
- 12.2.12.3. Overall Revenue
- 12.2.12.4. Geographic Presence
- 12.2.12.5. Recent Development
- 12.2.13. Rival Downhole Tools
- 12.2.13.1. Business Overview
- 12.2.13.2. Product & Service Offering
- 12.2.13.3. Overall Revenue
- 12.2.13.4. Geographic Presence
- 12.2.13.5. Recent Development
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