Downhole Drilling Tools Market to Record USD 7.56 Bn Growth | Baker Hughes Co., Halliburton Co., and NOV Inc. emerge as dominant players | Technavio

• Total Pages: 120
• Companies: 10+ – Including Baker Hughes Co., Halliburton Co., NOV Inc., Nine Energy Service Inc., RUBICON OILFIELD PRODUCTS LTD., Schlumberger Ltd., Schoeller-Bleckmann Oilfield Equipment AG, Tasman Oil Tools Ltd., Weatherford International Plc, and Wenzel Downhole Tools
• Coverage: Key drivers, trends, and challenges; Product insights & news; Value chain analysis; Parent market analysis; Vendor landscape; COVID impact & recovery analysis
• Segments: Product (tubulars, deflection and downhole motors, casing and cementing tools, drill bits, and others) and Application (onshore and offshore)
• Geographies: North America, MEA, APAC, Europe, and South America

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According to the recent market study by Technavio, the Downhole Drilling Tools Market Size is expected to increase by USD 7.56 billion from 2020 to 2025, progressing at a CAGR of 4.73% during the forecast period. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets.

North America will register the highest growth rate, occupying 42% of the global market share. The US and Canada are the key markets for downhole drilling tools in North America. However, the market growth in this region will be slower than the growth of the market in APAC and MEA.

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Vendor Insights-

The downhole drilling tools market is fragmented due to the presence of many vendors offering differentiated products.

Baker Hughes Co.: The company offers downhole drilling products such as Retrievable bridge plugs, STONE WALL V0-rated well barriers, and Cement retainers.

Halliburton Co.: The company offers downhole drilling products such as Rotary Steerable Drilling and Turbine Drilling.

NOV Inc.: The company offers downhole drilling products such as Agitator, Bowen, and Vector Series 50.

Nine Energy Service Inc.: The company offers downhole drilling products through brands such as Trident, Nine Lite, and Rapid Set 1.

RUBICON OILFIELD PRODUCTS LTD.: The company offers downhole drilling products brands such as Drilling Jar System, NightHAWK Accelerator, and Drilling Shock Tool.

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Regional Market Outlook
The downhole drilling tools market growth in North America will be significant during the forecast period. The growth of unconventional E&P activities, such as drilling of shale in the US and oil sands in Canada is driving the downhole drilling tools market in North America. In addition, increasing petroleum consumption and rising demand for energy are fueling the growth of the regional market.

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Latest Drivers & Trends Driving the Market-

• Downhole Drilling Tools Market Driver:
• Increase in oil and gas E&P activities:

The growing global demand for energy has led to an increase in the number of oil and gas exploration and production activities worldwide. Several unconventional oil and gas reserves have been found in countries such as the US, Canada, China, and Argentina. Governments in these countries are carrying out various drilling activities to tap unconventional resources. In addition, increasing investments by oil and gas E&P companies has resulted in a surge in the demand for drilling tools, which is fueling the growth of the global downhole drilling market.

• Downhole Drilling Tools Market Challenge:
• Increase in deep-water and ultra-deepwater upstream projects:

The depletion of available resources is driving oil and gas E&P companies to look for unexplored areas. This has resulted in an increase in the number of deepwater and ultra-deepwater drilling projects worldwide. Besides, the recovery in crude oil prices is encouraging oil and gas companies to increase their efforts in large reserves, especially in the Gulf of Mexico and Brazil. Many such factors are increasing the number of drilling activities, thereby positively influencing the market growth.

Find additional information about various other market Drivers & Trends mentioned in our FREE sample report.

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SOURCE Technavio