Global Drilling Tools Market Report and Forecast 2023-2028
According to the report by Expert Market Research (EMR), the global drilling tools market is projected to grow at a CAGR of 5% between 2023 and 2028. Aided by the rising demand for energy and the broadening applications of drilling tools in various sectors, the market is expected to grow significantly by 2028.
Drilling tools are critical components in the oil and gas industry, where they are used to create cylindrical holes (boreholes) for extracting natural resources. These tools also play a crucial role in construction, mining, and other industries where drilling operations are performed. Apart from their essential functionality in drilling operations, these tools possess various attributes such as durability, precision, and reliability, making them an indispensable part of many industrial processes.
The ever-increasing global energy demand is the primary driver of the global drilling tools market growth. With growing populations and industrialisation worldwide, there has been a significant increase in energy consumption. This surge in energy needs has led to increased exploration and extraction activities for oil and gas, boosting the demand for drilling tools. Additionally, the escalating trend of deep-sea exploration and drilling activities has further amplified the demand for advanced drilling tools, leading to market expansion.
The expanding applications of drilling tools in various industries are also significantly contributing to the drilling tools market development. In the mining industry, drilling tools are employed to create holes for extracting minerals and metals. The construction industry uses these tools for various applications such as foundation construction, roadwork, and infrastructure development. Moreover, with the advancement of technology, the advent of more efficient and long-lasting drilling tools has further broadened their usage in several industries, thus increasing the drilling tools market demand.
Furthermore, the increasing focus on renewable energy sources has intensified the demand for drilling tools. As geothermal energy harnessing involves drilling deep into the earth's crust, the need for efficient drilling tools in this field is also surging. With the rise of environmental consciousness and the growing preference for sustainable energy sources, drilling tools have emerged as critical components in renewable energy extraction, thereby propelling the drilling tools market expansion.
The market can be divided based on type, application, and region.
Market Breakup by Type
- Drill Bits
- Drill Collars
- Drilling Jars
- Drilling Motors
- Drilling Tubulars
- Drill Swivels
- Drill Reamers and Stabilisers
- Mechanical Thrusters
- Shock Tools
Market Breakup by Application
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global drilling tools companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Schlumberger Limited
- NOV Inc.
- Sandvik AB
- Drilling Tools International
- Tianhe Oil Group Huifeng Petroleum Equipment CO. ltd.
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.