Downhole Tools Market to Reach Valuation of ~US$ 8.5 Bn by 2027

Key Drivers of Downhole Tools Market

Rise in the production of unconventional oil and gas is projected to drive the global downhole tools market during the forecast period. Unconventional oil and gas production has been an important breakthrough for the global oil industry.

Read Report Overview :https://www.transparencymarketresearch.com/downhole-tools-market.html

Unconventional gases include shale gas, tight gas, gas hydrates, and coalbed methane gas. Modern downhole tools are required to extract unconventional oil and gases, due to lack of natural pressure to lift the fuel. Thus, rise in the production of unconventional oil and gases is anticipated to boost the global downhole tools market during the forecast period.

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.

Request Free Sample of the Report -https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=2567

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.

North America Offers Lucrative Opportunities to Downhole Tools Market

North America led the global downhole tools market in 2018, owing to increase in drilling activities for new oil and gas wells in the region. Furthermore, rising demand for crude oil and gas led by increase in urbanization is likely to propel the market for downhole tools in North America during the forecast period.

Request free Customization -https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=2567

Major Developments in Downhole Tools Market

In November 2019, Coretrax, a specialist well construction and intervention company, announced the acquisition of Churchill Drilling Tools as part of its expansion strategy. Scientists at SINTEF Petroleum Research, one of the largest independent research organizations in Europe, have developed an innovative oil drilling tool with specific characteristics.

This tool can extract oil from small oil-filled pockets that lie close to large fields on the continental shelf. Over the past few years, Schlumberger has made high investments in the development of electronic components that can withstand high downhole temperatures. Schlumberger has developed a proprietary ceramic electronics technology that can operate at a temperature of 200°C (400°F) with the life expectancy that exceeds operational requirements of the company.

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.

Make an Enquiry before Buying -https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=2567

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

Downhole Tools Market, by Region

North America
U.S.
Canada
Europe
U.K.
Norway
Russia & CIS
Rest of Europe
Asia Pacific
China
India
Australia
ASEAN
Rest of Asia Pacific
Latin America
Mexico
Brazil
Venezuela
Rest of Latin America
Middle East & Africa
GCC Countries
Nigeria
Rest of Middle East & Africa

More Trending Reports by Transparency Market Research -

Wire & Cable Recycling Market-https://www.transparencymarketresearch.com/wire-cable-recycling-market.html

Recycled Plastic & Plastic Waste to Oil Market-https://www.transparencymarketresearch.com/recycled-plastics-plastic-waste-oil-market.html

Silicon Transformer Oil Market- https://www.transparencymarketresearch.com/silicon-transformer-oil-market.html

Industrial Wastewater Treatment Market-https://www.transparencymarketresearch.com/industrial-wastewater-treatment-market.html

Air Cooled Heat Exchanger Market-https://www.transparencymarketresearch.com/air-cooled-heat-exchangers-market.html

About Us:

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports

Contact Us:

Rohit Bhisey

Transparency Market Research Inc.

CORPORATE HEADQUARTER DOWNTOWN,

1000 N. West Street,

Suite 1200, Wilmington, Delaware 19801 USA

Tel: +1-518-618-1030

USA - Canada Toll Free: 866-552-3453

Email: sales@transparencymarketresearch.com

This release was published on openPR.