Downhole Tools Market Buoyed by Canada’s Growing Reliance on Geothermal Wells for Energy

Downhole tools perform a key role in processes like oil and gas production and drilling of wells. The Downhole Tools Market deals with the manufacture and distribution of various down hole tools like drill-pipes, shock tools, drilling jars, etc.

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In recent years, drilling companies have witnessed a significant rise in need for downhole equipment which has been directly proportional to the amount of drilling activity taking place in major countries like Canada and Mexico. Over the years, the Downhole Tools Market has undertaken numerous R&D efforts to develop the ideal drilling equipment demanded by oil and gas companies. Drilling equipment, a major type of downhole equipment, is vital for the smooth functioning of oil and gas procedures.

Scope & Regional Forecast of the Downhole Tools Market
Bottom hole assembly is yet another major application for down hole tools. Downhole equipment is essential for oil and gas companies to reduce costs while making sure oil production keeps rising. Other situations like cementing, fracturing, logging, etc., require the drilling equipment to withstand extreme temperatures and pressure. Another potential growth application includes shale exploration activities in Canada.

During the last few months, the oil and gas companies in North America have been experiencing plenty of turbulence due to President Trudeau’s efforts to insert a national carbon tax and his agreement with U.S. to ban Arctic drilling. But the Downhole Tools Market expects things to settle down pretty quickly. The election of President Donald Trump, who is pro-drilling, and Canada’s dependence on hydrocarbon production revenues ensure that drilling jobs will hold steady.

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If the adoption of clean energy keeps rising to significant levels, then Canada is already in a good position to exploit the situation. Canada is considered to be one of the leaders in drilling geothermal wells for more than 30 years. The same situations faced by oil and gas drilling companies hold true when it comes geothermal wells. In terms of geothermal drilling technology, Canada is considered to be ahead of even Iceland. With clean energy attracting several government incentives, Canadian drilling companies are well positioned to tackle future energy needs.

Segmentations & Key Players Involved in the Downhole Tools Market
According to IndustryARC findings, the Downhole Tools Market can be broken down into various segmentations on the basis of –

Type: Flow & Pressure Control Tools, Impurity Control Tools, Drilling Tools, Handling Tools and Others.
Application: Drilling, Completion, Well Intervention, Formation & Evaluation, Production and Others.
Geography: North America, Europe, Asia-Pacific and Rest of the World.

Some of the key players involved in the Downhole Tools Market according to IndustryARC are as follows:
Drill King International
Enventure Global Technology
Fike Corporation
FMC Technologies, Inc.
GE Oil & Gas

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