The global downhole tools market size is expected to reach USD 5.16 billion by
2026, according to a new report by Grand View Research, Inc., progressing at a
CAGR of 4.2% during the forecast period. The growth of the market is primarily
driven by ongoing increase in drilling activities worldwide. The operational
cost incurred in E&P activities has dropped with advent of operational
efficiencies and technological innovations. This has resulted in rise in
exploration of unconventional resources, thereby spurring the global demand for
the product.
Enhanced efficiency of downhole tools will
facilitate in improved extraction of hydrocarbons without raising the cost
involved in production, which will provide an edge over conventional equipment.
The implementation of digital technology has also enhanced E&P activities,
which, in turn, has boosted the market over the last few years. Various digital
well construction planning and operation software have improved drilling
operations. Several wellbore technologies have been manufactured for premium
connections that are designed to reduce bottomhole failure and improve the rate
of connection on rig floor.
Regulatory trends and various industry
standardizations have a major impact on the growth of the market. There is an
increased stringency in rules and regulations by various governments for
protecting the environment and minimizing damage during well operations.
Specifications given by governments to meet standard tools are anticipated to
stimulate the growth of the downhole tools market.
Drilling tools were the leading product
segment and accounted for more than one fourth of the overall revenue in 2017.
Some of the major drilling equipment include reamers & stabilizers, jars
& impact tools, and tubulars. Evolution of various sensor technologies and
increasing investments from cross-industry players has enhanced drilling
equipment efficiencies.
Access Research Report of Downhole Tools Market @ https://www.grandviewresearch.com/industry-analysis/downhole-tools-market
Further key findings from the report suggest:
· The U.S. handling tools market is
anticipated to cross value of USD 175 Million by 2026
· The Asia Pacific market for well
intervention was valued at USD 101.13 million in 2017. It is estimated to
register a CAGR of 5.3% from 2018 to 2026
· The Middle East & Africa downhole tools
market is anticipated to reach USD 1.76 Billion by 2026, owing to selling off
ongoing rig operations and resuming operations in abandoned oil wells in
Persian Gulf
· In Brazil, increasing deep and
ultra-deepwater exploration and production activities in offshore sedimentary
oil & gas fields are expected to drive the demand for downhole tools over
the forecast period
· Key market players operating in the global
downhole tools market include Schlumberger, Halliburton, Weatherford
International, Baker Hughes (BHGE), and National Oilwell Varco (NOV).
Grand View Research has segmented the
global downhole tools market on the basis of product, application, and region:
Downhole Tools Product Outlook (Revenue,
USD Million, 2014 - 2026)
·
Drilling Tools
·
Handling Tools
·
Flow & Pressure Tools
·
Control Tools
·
Others
Downhole Tools Application Outlook
(Revenue, USD Million, 2014 - 2026)
·
Well Drilling
·
Well Intervention
·
Formation & Evaluation
·
Production & Well Completion
Downhole Tools Regional Outlook (Revenue,
USD Million, 2014 - 2026)
·
North America
o
U.S.
o
Canada
o
Mexico
·
Europe
o
U.K.
o
Russia
o
Norway
o
Kazakhstan
·
Asia Pacific
o
China
o
Australia
o
India
o
Indonesia
·
Middle East & Africa (MEA)
o
Saudi Arabia
o
U.A.E.
o
Qatar
o
Kuwait
o
Iran
o
Iraq
o
Nigeria
·
Central & South America (CSA)
o
Brazil
o
Venezuela
About Grand View Research
Grand View Research,
Inc. is a U.S. based market research and consulting company, registered in the
State of California and headquartered in San Francisco. The company
provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
No comments:
Post a Comment