Downhole Tools Market Industry Analysis, Opportunities, Segmentation & Forecast 2021 To 2028

Downhole Tools Market 2021-2028

New study report " Downhole Tools Market 2021 Global Market Opportunities, Challenges, Strategies, and Forecasts 2028" has been added to Fortune Business Insights.

Market Overview-

The global downhole tools market size is projected to reach USD 5.30 billion by 2027. The increasing hydrocarbon exploration activities will have a positive impact on the growth of the overall market in the coming years. According to a report published by Fortune Business Insights, titled “Downhole Tools Market Size, Share & Industry Analysis, By Tool Type (Drilling Tools, Pressure & Flow Control Tools, Handling Tools, Impurity Control Tools, and Others), By Application (Well Drilling, Well Completion, Well Intervention, Well Production, Formation & Evaluation), By Location (Onshore and Offshore {Shallow Water, Deepwater and Ultra-Deepwater}) and Regional Forecasts, 2020-2027,” the market was worth USD 4.06 billion in 2019 and will exhibit a CAGR of 8.6% during the forecast period, 2020-2027.

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

Key Players-

The key players have an essential part to play in fostering the product improvement as per the demand of the consumers with ample supply in particular regions. The well-known brands are also acknowledged and aware of the potential links with the global Downhole Tools Market 2021-2028 for showing a prominent place to the key players in the market.



Top Key Players in this market are:

National Oilwell Varco (United States)
Schoeller-Bleckmann Sales (United States)
Weatherford (Switzerland)
Core Laboratories (Netherlands)
Baker Hughes (United States)
Hunting PLC (United Kingdom)
Schlumberger (United States)
RPC, Inc. (United States)
APS Technology Inc. (United States)
Flotek Industries, Inc. (United States)
TechnipFMC (United Kingdom)
United Drilling Tools Ltd (India)
Rival Downhole Tools (United States)

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Competitive Landscape-

Introduction of Advanced Security Solutions to Energize the Market

The competitive landscape of this market is dominated by tech giants such as Cisco and IBM. These companies have the financial wherewithal to invest and develop advanced cyber-security solutions for various end-users. The smaller players, on the other hand, are engaged in broadening their offerings through mergers and collaborations.

Despite the Negativities, Few Companies Still Continuing Drilling Activities

The report encompasses several factors that have contributed to the growth of the overall market in recent years. Although the coronavirus outbreak has had a negative influence on the overall market, the constant need for resources such as oil and gas will prove beneficial for large scale companies. In March 2020, Maersk Drilling secured a new contract for the offshore project in Egypt. The company announced that it secured a one-well contract for the semi-submersible rig Maersk Discoverer. The contract is said to be worth an estimated USD 3.8 million. The company is hopeful that the coronavirus outbreak will not affect its operations and plans to begin work in the March 2020. Maersk’s latest contract for offshore drilling in Egypt will not just benefit the company, but will have a direct impact on the growth of the overall market in the coming years.

North America to Witness Significant Growth; Emphasis on Hydrocarbon Exploration Will Aid Growth

The report analyzes the ongoing market trends across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, the market in North America is likely to emerge as the dominant region. The increasing emphasis on exploration of hydrocarbon reserves will aid the growth of the market in this region. Due to the high potential that hydrocarbons present, several large scale companies are focused on exploration of hydrocarbon and research activities associated with the same, with a bid to acquiring a wider consumer base. As of 2019, the market in North America was worth USD 1.47 billion and this value is projected to increase further in the coming years. Although the market will witness a slight downfall in 2019, newer opportunities will help the market recover after the coronavirus pandemic is brought under control. The market in Asia Pacific derives growth from the constantly rising population and the subsequently rising demand for oil and gas resources in numerous countries across this region.

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The report also contains the following:

Detailed insights into the drivers, trends, and restraints shaping the market;
In-depth evaluation of the all the market segments;
Precise computation of relevant market figures and values; and
Comprehensive analysis of the regional dynamics and competitive milieu of the market.
Table of Content:

1.Introduction

2.Executive Summary

3.Market Dynamics

4.Key Insights

5.Qualitative Analysis – Impact of COVID-19

6.Global Downhole Tools Market Analysis (USD Billion), Insights and Forecast, 2016-2027

7.North America Downhole Tools Market Analysis (USD Billion), Insights and Forecast, 2016-2027

8.Latin America Downhole Tools Market Analysis (USD Billion), Insights and Forecast, 2016-2027

9.Europe Downhole Tools Market Analysis (USD Billion), Insights and Forecast, 2016-2027

10.Asia Pacific Downhole Tools Market Analysis (USD Billion), Insights and Forecast, 2016-2027

11.Middle East & Africa Downhole Tools Market Analysis (USD Billion), Insights and Forecast, 2016-2027

12.Competitive Analysis

Continue….

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About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

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