Downhole Tools Market Forecast 2020-2028 - Latest Trends and Opportunities | General Electric, National Oilwell Varco, Halliburton Company, Baker Hughes

According to the latest report published by QMI, an increase in ultradeep drilling activities is expected to drive the growth of the downhole tools market during the forecast period. This has resulted in some of the key developments by companies operating in the market to consolidate their market positions and look for further niche opportunities.
Downhole tools are used mainly for drilling of a well. They are used in upstream oil and gas operations to improve efficiency.

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Segment Insights for better understanding of this market
Based on type, the downhole tools market has been segmented into drilling tools, flow & pressure control tools, contamination control tools, and handling tools. Among these, drilling tools are used widely, as there has been an increase in drilling activities around the world to obtain more resources.

Technological advancements in the oil & gas production process are expected to drive the downhole tools market, as they are likely to be more cost-effective in the future.
Moreover, stringent regulations regarding the use of tools to protect the environment and minimize the damage during drilling operations have been laid down by the government. These standard tool specifications which are prescribed by the governments drive the market.

However, fluctuating prices of crude oil and investments made in renewable energy can affect the downhole tools market negatively.

Significant Factors Impacting Market Growth:
o Increase in ultradeep drilling activities
o Increase in the number of oil rigs
o Increase in exploration and production activities

Regional segmentation and analysis to understand growth patterns:

The regional outlook for downhole tools market provides detailed information for markets including North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, and Rest of the World. North America and Western Europe are estimated to be key regions for the downhole tools market during the forecast period.

Being one of the industrialized regions, the energy & power sector is vital for the operations of various industries in this region. This is one of the important factors governing the growth of the downhole tools market in these regions. Some of the major countries covered in this region include the US, Germany, UK, France, Italy, Canada, and so on.

The Asia Pacific is estimated one of the fastest-growing regions for the downhole tools market during the forecast period. Some of the fastest-growing economies and increasing demand for energy & power to cater to high population & industries is expected to drive the demand in this region. China and India are projected to register major demand during the forecast period. Middle East that includes UAE, Saudi Arabia, Iran, Qatar, and others promises high market potential during the forecast period. The rest of the World including South America and Africa are emerging regions in terms of market demand during the forecast period.

What Does This Report Provide?

This report provides a detailed understanding, from qualitative and quantitative perspectives over the forecasted period. The study also offers competitive metrics with probable impacts during the duration of prediction on the demand and comprehensive analysis of the leading companies in this market.

The market report monitors the size of demand for key product types and application patterns that affect the sales shares of different products in key regions. The report provides insights into the revenues and volumes generated by key end-users. It also provides price and market share of top manufacturers in the global market.

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Companies Covered: General Electric, National Oilwell Varco, Halliburton Company, Schlumberger Limited, Baker Hughes, Weatherford International, Logan Oil Tools Inc., and United Drilling tools

By Type:
Drilling Tools
Flow & Pressure Control Tools
Contamination Control Tools
Handling Tools

By Application:
Well Drilling
Well Intervention
Well Completion
Oil & Gas Production
Formation & Evaluation

By Region:

North America
By Country (US, Canada, Mexico)
By Type
By Application

Western Europe
By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
By Type
By Application

Eastern Europe
By Country (Russia, Turkey, Rest of Eastern Europe)
By Type
By Application

Asia Pacific
By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
By Type
By Application

Middle East
By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
By Type
By Application

Rest of the World
By Region (South America, Africa)
By Type
By Application

Reasons to Buy This Report:
Market size estimation of the global downhole tools market on a regional and global basis
The unique research design for market size estimation and forecast
Profiling of major companies operating in the market with key developments
Broad scope to cover all the possible segments helping every stakeholder in the market

Customization:

We provide customization of the study to meet specific requirements:
By Segment
By Sub-segment
By Region/Country

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This release was published on openPR.