Downhole tools Market is expected to reach USD 5.8 billion by 2025. The reports forecast the downhole tools market by type, application and region. It highlights COVID-19 impact on the bifacial solar panel industry.

Description

Global Downhole Tools Market: by Type (Contamination Control Tools, Drilling Tools, Pressure & Flow Control Tools, Handling Tools, and Others), by Application (Well Completion, Well Drilling, Formation & Evaluation, Oil & Gas Production, and Well Intervention) and by Region – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2020–2025) 

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The downhole tools market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating globally. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region wise and segment-wise market share/growth analysis. The report's study will outlook one of the most exhaustive analyses of the market, capturing all the downhole tools industry aspects.

Downhole Tools Market Introduction

The downhole tools market size was valued at USD 4.4 billion in 2019, which is expected to reach USD 5.8 billion by 2025, registering a CAGR of 5.2% during the forecast period (2020-2025). Downhole tools are an integral requirement for any good drilling and are an economical way to improve the overall performance of operations. Downhole tools provide the advantage of improving the production levels in oil & gas exploration and production activities. Downhole tools such as tubular tools, shock tools, fishing tools, drilling jars, and drag friction are used for fulfilling these activities. The trends in the specialty pharmacy market are increasing due to the introduction of new downhole tools such as flow & pressure control, impurity control, downhole control systems, handling tools, and drilling

Factors Affecting the Downhole Tools Industry over the Forecast Period 

•  The rapid growth in the industrial and manufacturing sectors in emerging economies, especially in Asia-Pacific economies, is due to the continuous rise in foreign direct investment in promoting the manufacturing industry in the respective economies. It will be expected to raise the demand for downhole tools, offering growth to the global market.
  •    The growth of downhole tools in the global market is driven by an increase in drilling activities across the globe, implementation of new & advanced technology in mature wells, and cost-effective downhole tools.
  •    Rapid urbanization, massive investments from large scale companies, and emphasis on the use of sustainable energy are some other factors expected to propel the growth of the global market. 
  •    The high cost of downhole tools and increasing prices of raw materials may restrain the growth of downhole tools in the global market over the forecast period.

Impact of COVID-19 on Downhole Tools Market

The COVID-19 pandemic has certainly impacted the growth of the downhole tools market across the globe. The imposition of lockdown in various nations impacted the energy sector, oil & gas exploration activities, leading to the decline in the global sales of the downhole tools market in 2020. The lockdown has decreased the demand for oil and natural gas, owing to which, the demand for downhole tools have considerably declined, especially during April-May 2020. Therefore, a considerable downfall in the downhole tools market can be expected in 2020, considering the impact of the COVID-19 pandemic on the downhole tools industry.  

Scope of the Report

The report outlines the study of the global downhole tools market based on type and application.

The downhole tools market has been segmented on the basis of type–

•  Contamination Control Tools
  •    Drilling Tools
  •    Pressure & Flow Control Tools
  •    Handling Tools
  •    Others

The downhole tools market has been segmented on the basis of application –

•  Oil & Gas Production
  •    Well Drilling
  •    Well Completion
  •    Formation & Evaluation
  •    Well Intervention 

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Downhole Tools Market: Regional Outlook

Based on the region, the global downhole tools market has been segmented into five geographical regions, namely, North America, Asia Pacific, Europe, South America, and the Middle East and Africa. In 2019, North America held the largest share in the downhole tools market, followed by Asia Pacific and Europe due to large number of exploration activities & mature oilfields in the region. Moreover, Asia Pacific is expected to project the highest CAGR globally over the forecast period, owing to recent developments in offshore activities in the region.

Downhole Tools Market by Region, 2019-2025 (USD Billion)

Downhole Tools Market Key Competitors Includes –

The downhole tools market is highly fragmented, with the presence of a large number of small players across the globe. The vital downhole tools market manufacturers operating in the global market are –

•  Anton Oilfield Services
  •    Baker Hughes Company
  •    BILCO Tools, Inc.
  •    Flotek Industries
  •    Frank’s International N.V
  •    Halliburton Company
  •    Logan Oil Tools
  •    National Oilwell Varco
  •    Rival Downhole tools
  •    Schlumberger 
  •    Stabiltec Downhole Tools, LLC
  •    Ulterra Drilling Technologies, L.P.
  •    United Drilling Tools Ltd.
  •    Varel International, Inc.
  •    Weatherford International PLC

The downhole tools market report provides a thorough analysis of macro-economic factors and every segment's market attractiveness. The report will include an in-depth qualitative and quantitative assessment of segmental/regional outlook with the market players' presence in the respective segment and region/country. The information concluded in the report includes the inputs. 

Downhole Tools Market Report Covers Comprehensive Analysis On:

•  Market Segmentation & Regional Analysis
  •    Market Size of 10 years
  •    Pricing Analysis
  •    Supply & Demand Analysis
  •    Product Life Cycle Analysis
  •    Porter's Five Forces & Value Chain Analysis
  •    Developed & Emerging Economies Analysis
  •    PEST Analysis
  •    Market and Forecast Factor Analysis
  •    Market Opportunities, Risks, & Trends
  •    Conclusion & Recommendation
  •    Regulatory Landscape

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