Global Downhole Tools Market 2017-2021
About Downhole Tools
Downhole tools refer to the equipment used in upstream oil and gas operations such as the production of oil and gas, drilling, well interventions, and well completions. Downhole drilling tools form a major part of the overall market for downhole tools. Some of the common drilling tools used in upstream operations are: Tubulars, Deflection tools, Downhole motors, Casing and cementing tools, Drill bits, Impact tools and coiled tubing (CT) tools, Miscellaneous downhole tools, and Others.
Technavio’s analysts forecast the global downhole tools market to grow at a CAGR of 4.43% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global downhole tools market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Downhole Tools Market 2017-2021
Technavio recognizes the following companies as the key players in the global downhole tools market: General Electric, Halliburton, National Oilwell Varco, Schlumberger, and Weatherford.
Other Prominent Vendors in the market are: Aker Solutions, American Oilfield Tools, Archer, Dril-Quip, C&J Energy Services, Hunting, Superior Energy Services, Tryton Tool Services, Vortex Tools, Weir Group, and Xtreme Drilling.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is new-generation automated drilling rigs. Accidents in the oil and gas industry have huge repercussions. Their cascading effects are staggering and containing the accident consequences are extremely challenging. Thus, it becomes crucial to reduce the human error and keep it to a minimum.”
According to the report, one driver in the market is increase in oil rig count. During 2014, when the crude oil price was trading over $110/bbl, the global number of rig count was at its peak. There were several exploration and drilling projects that were being executed, with some in the beginning stages of production and new ones in the planning stage. For instance, in 2014, Shell announced that it started the production from second Mars platform in the deepwater Gulf of Mexico. The production was through Olympus, which is the company's seventh and largest floating deepwater platform in the Gulf of Mexico.
Further, the report states that one challenge in the market is increasing investments in renewable energy. Over the past few years, there has been a substantial increase in investments made toward renewable sources of energy. Although, governmental support is crucial for the renewable energy sector to flourish, companies belonging to this sector are successful in raising the money from the market. The growing environmental awareness among individuals has increased investments in the field of renewables. The renewable sector grew in 2015 despite the fall in oil and gas prices.
General Electric, Halliburton, National Oilwell Varco, Schlumberger, Weatherford, Aker Solutions, American Oilfield Tools, Archer, Dril-Quip, C&J Energy Services, Hunting, Superior Energy Services, Tryton Tool Services, Vortex Tools, Weir Group, and Xtreme Drilling.
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