Market Segmentation by Product:
Based on the segmentation by product, the market generated maximum revenue in the tubular segment in 2019. The deeper wells and increased drilling activities in unconventional resources such as shale formations are the key drivers in the tubular segment of the global downhole drilling tools market. The growth of the market segment will be significant over the forecast period.
Market Segmentation by Geography:
North America held the largest market share of 39% in 2019 and the region will offer immense growth opportunities to market vendors. The growth of the market in North America can be attributed to the new exploration policies over the forecast period. The US is the key market for downhole drilling tools market in North America.
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Major Three Downhole Drilling Tools Market Participants:
Baker Hughes Co.
Baker Hughes Co. offers drill bit systems, directional drilling equipment, evaluation, MWD, LWD, coiled tubing, and re-entry equipment, among other equipment.
Halliburton Co.
Halliburton Co. offers drill bits, downhole tools, LWD, MWD, directional drilling, and geo-steering systems.
Schlumberger Ltd.
Schlumberger Ltd. offers BHA drilling tools, drilling impact tools, drill bit, coiled tubing, fishing service, LWD, and MWD.
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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
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Available Customization:
Along with the market data, Technavio offers customizations as per the specific needs of the companies. The following customization options are available for the downhole drilling tools market report.
- Further breakdown of the market segmentation in requested regions.
- Detailed analysis and profiling of additional market players, vendor segmentation, and vendor offerings
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