Analysis of COVID-19 Crisis-driven Growth Opportunities in Downhole Tools Market

Downhole Tools Market: Introduction

The global downhole tools market was valued at ~US$ 7.8 in 2018 and is anticipated to expand at a CAGR of ~2% during the forecast period. Among types, the drilling tools segment accounted for a dominant share of the global downhole tools market in 2018. This can be primarily ascribed to increase in drilling activities worldwide.

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For instance, the number of wells drilled worldwide increased to 70,551 in 2018, which is a substantial increase from 65,746 wells drilled in 2017. This is likely to propel the drilling tools segment of the global market for downhole tools during the forecast period. Among applications, the well drilling segment held a significant share of the global downhole tools market in 2018, while the well completion & production segment accounted for a considerable market share in 2018. The downhole tools market in North America is estimated to expand at a substantial pace during the forecast period, owing to significant increase in drilling activities as well as well completion and production activities and increase in urbanization in the region.

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The growth in the discovery of oil and gas fields/wells/blocks is anticipated to drive the global downhole tools market during the forecast period. Spending on oil and gas exploration rose by 20% in 2018. About 140 discoveries were made in the year itself. Moreover, the total estimate for discovered resources stood at around 9 billion barrels of oil equivalent in 2018. Among these, offshore oil discoveries were prominent with 60% share, while gas resources accounted for about 40% share. These discoveries are expected to boost the development of oil and gas wells in the near future. Thus, with increase in the discovery of oil and gas fields/wells/blocks, the global downhole tools market is anticipated to expand significantly during the forecast period.

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Competition Landscape of Global Downhole Tools Market

The global downhole tools market is highly fragmented. Various large-sized, international players as well as local players held a significant share of the global market in 2018. Key players operating in the global downhole tools market are Halliburton Company, Excalibre Downhole Tools Ltd., Schlumberger Ltd., Bilco Tools Inc., Baker Hughes Inc., Wenzel Downhole Tools Ltd., Oil States International Inc., National Oil Varco Inc., Weatherford International Ltd. Vertex Downhole, United Drilling Tools Ltd., Ulterra, Cougar Drilling Solutions, and Toro Downhole Tools.

Global Downhole Tools Market: Segmentation

Downhole Tools Market, by Type

Drilling Tools
Completion Tools
Impurity Control Tools
Logging Tools
Downhole Tools Market, by Application

Well Drilling
Well Intervention
Well Completion & Production
Formation & Evaluation

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