Click on the following link for complimentary access to more information on this analysis or to register for a Growth Strategy Dialogue, a free interactive briefing with Frost & Sullivan's thought leaders: http://frost.ly/1cn
"Technologically improved downhole tools ensure greater penetration, real-time analysis, heightened performance and increased productivity that translate into significant capital cost savings, reduced well downtime, and increased well life expectancy," said Frost & Sullivan Energy & Environment Industry Analyst Rasholeen Nakra. "While North America continues to lead the downhole tools market with advanced technology in multi-well horizontal drilling and production, the Asia-Pacific Region and Middle East will be key markets as these regions continue to explore large untapped oil and gas reserves."
The total market is estimated to increase at a CAGR of 5.8 percent from 2015 to 2022, reaching $5.44 billion by 2022. The drilling tools segment is expected to grow at a higher CAGR of 6.6 percent from 2015 to 2022 due to a shale gas boom in the United States and high oil and gas demand globally.
"The downhole tools market is mature, with a mix of participants of different sizes and expertise. The top five participants constitute 69.5 percent of the total market share in downhole tools," noted Nakra. "In order to remain competitive in a volatile market, key players such as Schlumberger, Halliburton, Baker Hughes, and National Oilwell Varco (NOV) consider merger and acquisition strategies."
About Frost & Sullivan's Oil & Gas Team
Global Downhole Tools Market, Forecast to 2022 is part of the Oil & Gas Growth Partnership Subscription. Related studies include Malaysia Oil and Gas Services Sector Mergers and Acquisitions (M&A) Opportunities Forecast to 2025, Oil and Gas and Petrochemicals Market Update, Assessment of Global Liquefied Natural Gas Market, Strategic Analysis of Global Heavy-oil and Bitumen Market, and many more. All studies in the subscription provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Contact us: Start the discussion
Global Downhole Tools Market, Forecast to 2022
Corporate Communications – North America
P: (210) 247.2481
F: (210) 348.1003
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/tech-enhanced-downhole-tools-focus-on-cost-savings-in-a-volatile-oil-market-300411361.html
SOURCE Frost & Sullivan