Press release
Downhole Tools Market 2022: In-depth Research with Emerging Growth Trends, Regional Status of Top Key Players, Driving Factors, Business Strategies and Industry Size Forecast to 2027
Downhole Tools Market 2022-2027
New study report" Downhole Tools Market 2022 Market Opportunities, Challenges, Strategies, and Forecasts 2027″ 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 market was worth USD 4.06 billion in 2019 and will exhibit a CAGR of 8.6% during the forecast period, 2020-2027.
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,"
Driving Factors:
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.
List of Companies Covered in the Downhole Tools Market Report:
National Oilwell Varco
Schoeller-Bleckmann Sales
Weatherford
Core Laboratories
Baker Hughes
Hunting PLC
Schlumberger
RPC, Inc.
APS Technology Inc.
Flotek Industries, Inc.
TechnipFMC
United Drilling Tools Ltd
Rival Downhole Tools
Covide-19 Impact:
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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Method of Research:
Fail-safe, modern research methodologies are employed for the Downhole Tools market analysis. An exhaustive primary and secondary research conducted on the market using robust research techniques aid in the prediction of the market size at the end of forecast period. Top-up and bottom-down approaches were maintained in the entire market study.
Report Coverage:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into the regional developments.
List of major industry players.
Key strategies adopted by the market players.
Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Key Industry Development:
April 2020: Maersk Drilling announced that it has received an early contract termination for two rigs. BG International Limited terminated the contract for the semi-submersible Maersk Developer with immediate effect.
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Segmentation:
The regional summarization of the Downhole Tools market offers competitive strategies in different regions across the globe. Moreover, the market's key players are contributing to the market growth that tends to maximize the profits through the partnership in several places. The Downhole Tools market research is done broadly with the mentioned region to embrace the outlook and the latest trend with the prospects in the given period of 2022-2027.
Regional Insights:
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.
Major Table of Content:
Introduction
Executive Summary
Market Dynamics
Key Insights
Downhole Tools Market Analysis, Insights and Forecast, 2022-2027
North America Downhole Tools Market Analysis, Insights and Forecast, 2022-2027
Europe Downhole Tools Market Analysis, Insights and Forecast, 2022-2027
Asia Pacific Downhole Tools Market Analysis, Insights and Forecast, 2022-2027
Middle East and Africa Downhole Tools Market Analysis, Insights and Forecast, 2022-2027
Latin America Downhole Tools Market Analysis, Insights and Forecast, 2022-2027
Market Share Analysis, By Key Players, 2022
Competition Matrix
Company Profile
Continue….
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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.
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