2018-2023 Downhole Tools Market Size and Business Development Strategies by Top Professional Brands - Schlumberger, Halliburton, Weatherford International, Wenzel Downhole Tools, Saint Gobain

Global Downhole Tools Market Report by Application (drilling, completion, formation & evaluation, production, intervention), Type (downhole control tools, handling tools, flow & pressure control tools, drilling tools), and By Region -Forecast till 2023

Global Leaders Analysis:-
Schlumberger (U.S.), Halliburton (U.S.), Baker Hughes (U.S.), Weatherford International (Ireland), National Oilwell Varco Inc. (U.S.), Logan Oil Tools Inc. (U.S.), Wenzel Downhole Tools Ltd. (U.S.), Saint Gobain (France), and Oil States International Inc. (India), among other are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Downhole Tools Market.

Industry News:-

In December 2017, Oil States International, Inc. announced that it has entered into a definitive agreement to acquire GEODynamics, Inc., a provider of oil and gas perforation systems and downhole tools in support of completion, intervention, wireline and well abandonment operations.

In September 2017, Halliburton has launched GeoTech HE, a robust drill bit that incorporates new features and materials to deliver enhanced performance and increased reliability in high energy drilling systems characterized by very high weight-on-bit and drilling torque.

In January 2017, Schlumberger announced the acquisition of Peak Well System, an Aberdeen-based manufacturer of downhole tools for well intervention.

In July 2016, American Securities LLC, a leading U.S. private equity firm, Completes Acquisition of Ulterra Drilling Technologies, L.P. Ulterra is a leading manufacturer of polycrystalline diamond compact ("PDC") drill bits for the oil and gas industry. The Company was owned by ESCO Corporation.

Trican Well Service Ltd. is pleased to announce that it has closed the previously announced acquisition of i-TEC Well Solutions ("i-TEC"), a privately owned company based in Norway that has developed a field-proven portfolio of completion systems and intervention tools

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Global Downhole Tools Market Overview:-
Downhole tools are used extensively in bottom hole assembly for several completion and work-over operations. The bottom hole assembly is selected majorly dependent on the formation of the reservoirs.

According to a recent study report published by the Market Research Future, The global market of Downhole Tools is booming and expected to gain prominence over the forecast period. The global Downhole Tools market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, CAGR during the estimated period (2017 – 2023).

Global increasing demand for energy has resulted in rapid increase in the offshore drilling activities to meet the increasing demand, which ultimately has provided significant boost to the downhole tools market. Moreover, new oil reserve discoveries increase the drilling and exploration activities in coming years which upsurge the demand for the market. However, environmental risks and strict government regulations for drilling as well as increasing focus on renewable energy may hinder the market growth of the market.

Global Downhole Tools Market - Competitive Analysis:-

Characterized by the presence of several well-established and small players, the global Market of Downhole Tools appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position.

These key players compete based upon pricing, and services. Vendors operating in the market strive to deliver the best quality products and services based on innovative technologies, and best practices. These Key Players make a substantial investment for R&D and to secure a guaranteed resource for the customers. Downhole Tools market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in to intensified competition further

Segmentation:-

Based on Type, the market has been segmented into Drilling, Downhole Control, Handling, Flow & Pressure Control, and others. Drilling tools dominates the type segment of global market. due to its wide use in drilling the wells. Increasing drilling activities across the globe increase the demand for the drilling tools.

Based on application, the market has been segmented into Drilling, Completion, Formation & Evaluation, Production, and Intervention. Well Intervention dominates the application segment of global market. Well drilling tools demand is expected to remain fairly stable over the forecast period.

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Global Downhole Tools Market Regional Analysis:-

North America dominates the downhole tools market. The U.S. accounts for the largest market share in the North American region. The advancements in unconventional drilling technologies, which have attracted capital for oil and gas drilling projects. Additionally, vast hydrocarbon resources in the U.S. Shale basins and continuous offshore drilling in the Gulf of Mexico region, are driving the demand of the market. Additionally, most of the major downhole tool manufacturer are operating in this region. This has the positive influence on the growth of the market.

Asia Pacific and Europe are the other major market for the downhole tools. Increasing demand for energy due to urbanization & industrialization from the countries such as India, China, and Indonesia among others driving the demand of the market in Asia Pacific region. The Europe drill bit market is expected to be dominated by countries such as U.K, Norway and Russia. The development of unconventional oil and gas exploration activities such as shale, is driving the market in the region. It is expected to contribute significantly during the forecast period.

TABLE OF CONTENT:-

1 EXECUTIVE SUMMARY

2 SCOPE OF THE REPORT

2.1 MARKET DEFINITION

2.2 SCOPE OF THE STUDY

2.2.1 DEFINITION

2.2.2 RESEARCH OBJECTIVE

2.2.3 ASSUMPTIONS

2.2.4 LIMITATIONS

2.3 RESEARCH PROCESS

2.3.1 PRIMARY RESEARCH

2.3.2 SECONDARY RESEARCH

2.4 MARKET SIZE ESTIMATION

2.5 FORECAST MODEL
3 MARKET LANDSCAPE

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Akash Anand,
Market Research Future
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Email: akash.anand@marketresearchfuture.com

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