NEW YORK, June 3, 2021 /PRNewswire/ -- The downhole tools market is expected to grow by USD 12.68 billion during 2021-2025, according to Technavio. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the downhole tools market in optimistic, probable, and pessimistic forecast scenarios.
Technavio's in-depth market research reports include value chain analysis and validation techniques to help industry leaders improve their business. Download Free Sample Report
The downhole tools market will witness a negative impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio's pandemic-focused market research, market growth is likely to increase in 2021 as compared to 2020.
Market Segmentation by Application: Based on the segmentation by application, the market generated maximum revenue in the passenger vehicles segment in 2020. The segment is driven by factors such as the increase in crude oil extraction owing to the growing popularity of hydraulic fracturing and horizontal drilling techniques which increases the demand for drilling, which in turn leads to the growth of the global downhole 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 46% in 2020 and the market growth in the region is expected to be faster compared to the growth of the market in other regions. The growth of the market in North America can be attributed to the rise in the exploration and drilling of shale formations. The US is a key market for downhole tools in North America.
Environmental risks and strict government regulations
Downhole Tools Market 2021-2025: Key Highlights
CAGR of the market during the forecast period 2021-2025
Detailed information on factors that will assist downhole tools market growth during the next five years
Estimation of the downhole tools market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the downhole 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 tools market vendors
Related Report on Energy Include: Global Downhole Drilling Tools Market- The downhole drilling tools market is segmented by product (Tubulars, Deflection and downhole motors, Casing and cementing tools, Drill bits, and Others) and geography (North America, MEA, APAC, Europe, and South America). Download FREE Sample Report
Global Subsea Well Access and Blowout Preventer System Market- The subsea well access and blowout preventer system market is segmented by product (subsea BOP and subsea WAS) and geography (APAC, Europe, MEA, North America, and South America). Download FREE Sample Report
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 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
About Us Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.