Increasing exploration and production projects across the globe, rising number of rig deployments, and increasing demand for technologically advanced downhole tools in oil and gas industry are some key factors supporting market revenue growth
Market Size – USD 4.78 Billion in 2020, Market Growth – CAGR of 5.2%, Market Trends – Increasing advancements in drilling technologies
The global Downhole Tools Market is expected to reach USD 7.17 Billion by 2028 at a CAGR of 5.2%, according to a latest report by Reports and Data. Growth of this market is predominantly driven by increasing demand for technologically advanced equipment and tools for drilling and extraction in the oil and gas industry. Growing number of mature oilfields and rising deployment of drilling rigs worldwide is further supporting market growth. Downhole tools are vital in oil and gas exploration and production activities and are used for a wide range of applications such as cementing, fishing, drilling, well measurements, and others. These tools are also used for well workover activities and to enhance drilling performance. Downhole remediation for mature oil and gas wells has also been increasing to a significant extent in the recent past and this is expected to further augment market growth going ahead.
Downhole tools are components that are part of oilfield equipment and are primarily used in well drilling, completion, and intervention. These enable maintenance of optimal levels of oil production and allow a continuous flow from the reservoir. Downhole tools can also drill without causing friction and can effectively clear blockages. These tools enhance drilling performance and improve efficiency of drilling operations and processes. Increasing demand is expected to continue to augment market growth over the forecast period.
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Major companies operating in the market include Schoeller Bleckmann Oilfield Equipment AG, National Oilwell Varco, Inc., BILCO Tools, Inc., Halliburton, Weatherford International, Schlumberger, Varel International Energy Services, Stabiltec Downhole Tools, LLC, and Baker Hughes Company, among others.
Some Key Highlights in the Report:
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/downhole-tools-market
For the purpose of this report, Reports and Data has segmented the global downhole tools market based on type, application, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
Application Outlook (Revenue, USD Billion; 2018-2028)
Regional Outlook (Revenue, USD Billion; 2018-2028)
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Table of Content:
Highlights of the TOC:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Downhole Tools Market Segmentation & Impact Analysis
4.1. Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.3. Market restraints analysis
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter’s Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
4.9. Customer Mapping
Chapter 5. Competitive Landscape
5.1. Market Revenue Share By Manufacturers
5.2. Manufacturing Cost Breakdown Analysis
5.3. Mergers & Acquisitions
5.4. Market positioning
5.5. Strategy Benchmarking
5.6. Vendor Landscape
Continue……
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