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Downhole Tools Market Location of deployment (Onshore, Offshore), Tool type (Drilling tools, Flow and Pressure Control tools, Impurity Control tools, Logging tools, Handling tools), Application and Region - Global Forecast to 2029

Publisher MarketsandMarkets
Published May 29, 2024
Length 254 Pages
SKU # MKMK18868801

Description

Downhole Tools Market Location of deployment (Onshore, Offshore), Tool type (Drilling tools, Flow and Pressure Control tools, Impurity Control tools, Logging tools, Handling tools), Application and Region - Global Forecast to 2029



The downhole tools market is forecast to reach USD 7.8 billion by 2029 from an estimated USD 6.1 billion in 2024, at a CAGR of 4.8% during the forecast period (2024-2029). The rise in the demand for Exploration & production activities, and the need to provide steady supply of energy is driving the market.

“Well Intervention: The fastest segment of the downhole tools market, by application.”

Based on application, the downhole tools market has been split into four types: Well Intervention, Well Drilling, Well Completion & Production, and Formation & Evaluation. Well Intervention is expected to be the fastest segment in the market. Well Intervention is a process carried out in an oil or gas well to enhance production, restore optimal functionality, ensure its integrity. Well Intervention is performed to Increase the productivity of the oil and gas operations performed in the well.

“Drilling Tools segment is expected to emerge as the fastest segment by Tool type.”

Based on Tool type, the downhole tools market has been segmented into Drilling tools, Flow & Pressure Control tools, Impurity Control tools, Logging tools, and Handling Tools. The growth in the Drilling tools is driven by increased drilling activities, technological advancements, the development of unconventional resources, a focus on efficiency and cost reduction, the rise in deepwater drilling, enhanced drilling techniques, rising exploration investments, aging infrastructure redevelopment, and improved accessibility and infrastructure.

“North America is expected to be the largest region in the downhole tools market.”

North America is expected to be the largest region in the downhole tools market between 2024–2029. The market in North America comprises US, Canada, and Mexico. The growth of the downhole tools market in the North America region is largely supported by the abundant unconventional resources, Increasing Exploration & Production activities, and favorable regulatory environment. North America is home to major oilfield service companies such as Schlumberger, Halliburton, Baker Hughes, and Weatherford. These companies provide a wide range of downhole tools and services, contributing to the market's growth.

Breakdown of Primaries:

In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:

By Company Type: Tier 1- 45%, Tier 2- 30%, and Tier 3- 25%

By Designation: C-Level- 35%, Director Levels- 25%, and Others- 40%

By Region: North America- 10%, Europe- 15%, Asia Pacific- 60%, the Middle East & Africa- 10%, and South America- 5%

Note: Others include product engineers, product specialists, and engineering leads.

Note: The tiers of the companies are defined based on their total revenues as of 2022. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million

The Downhole tools market is dominated by a few major players that have a wide regional presence. The leading players in the Downhole tools market are SLB (US), Baker Hughes Company (US), Halliburton Co (US), Tenaris (Luxembourg), TechnipFMC (France).

Research Coverage:

The report defines, describes, and forecasts the downhole tools market, by tool type, by application, by location of deployment, for various regions. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the downhole tools market.

Key Benefits of Buying the Report

Rising global energy demand, increased exploration and production activities, technological advancements are some of the factors driving the downhole tools market. Volatility in energy prices, environmental and regulatory concerns hinder downhole tools market growth. The Expansion into emerging markets, Enhanced oil recovery techniques offer lucrative opportunities in this market. The operational challenges and supply chain disruptions are some of the challenges faced in this market.

Product Development/ Innovation: The developments such as the high-performance mud motors and rotary steerable systems (RSS) is a pivotal trend in downhole tools development. RSS technology allows for precise control of the wellbore trajectory without stopping drilling operations. This capability is crucial for optimizing the drilling process, enhancing efficiency, and achieving desired wellbore paths. RSS allows for continuous rotation of the drill string while steering the wellbore in the desired direction.

Market Development: The development of downhole tools is essential in providing safe and productive extraction of oil and gas during increasing demand periods. Favorable government policies promoting energy security, increasing investments in like oil & gas, advancements in Oilfield Technologies create downhole tools market growth.

Market Diversification: Baker Hughes Company acquired Altus Intervention, a leading international provider of well intervention services and downhole technology, which significantly enhances their existing portfolio.

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like SLB (US), Baker Hughes Company (US), Halliburton Co (US), Tenaris (Luxembourg), TechnipFMC (France) among others in the downhole tools market.

Table of Contents

254 Pages
    • STUDY OBJECTIVES
    • MARKET DEFINITION
    • STUDY SCOPE
    • CURRENCY CONSIDERED
    • LIMITATIONS
    • STAKEHOLDERS
    • SUMMARY OF CHANGES
    • IMPACT OF RECESSION
    • GEOPOLITICAL SCENARIO IMPACTING MARKET GROWTH
    • RESEARCH DATA
    • PRIMARY AND SECONDARY RESEARCH
    • MARKET SCOPE
    • MARKET SIZE ESTIMATION
    • MARKET BREAKDOWN AND DATA TRIANGULATION
    • RESEARCH ASSUMPTIONS
    • RESEARCH LIMITATIONS
    • RISK ASSESSMENT
    • RECESSION IMPACT
    • DOWNHOLE TOOLS MARKET SNAPSHOT
    • ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN DOWNHOLE TOOLS MARKET
    • DOWNHOLE TOOLS MARKET IN NORTH AMERICA, BY LOCATION OF DEPLOYMENT AND COUNTRY
    • DOWNHOLE TOOLS MARKET, BY APPLICATION
    • DOWNHOLE TOOLS MARKET, BY TOOL TYPE
    • DOWNHOLE TOOLS MARKET, BY LOCATION OF DEPLOYMENT
    • INTRODUCTION
    • MARKET DYNAMICS
    • TRENDS/DISRUPTIONS IMPACTING CUSTOMERS' BUSINESSES
    • PRICING ANALYSIS
    • VALUE CHAIN ANALYSIS
    • ECOSYSTEM ANALYSIS
    • TECHNOLOGY ANALYSIS
    • PATENT ANALYSIS
    • TRADE ANALYSIS
    • KEY CONFERENCES AND EVENTS, 2024-2025
    • TARIFFS AND REGULATORY LANDSCAPE
    • PORTER'S FIVE FORCES ANALYSIS
    • KEY STAKEHOLDERS AND BUYING CRITERIA
    • CASE STUDY ANALYSIS
    • INVESTMENT AND FUNDING SCENARIO
    • INTRODUCTION
    • ONSHORE
    • OFFSHORE
    • INTRODUCTION
    • DRILLING TOOLS
    • FLOW & PRESSURE CONTROL TOOLS
    • HANDLING TOOLS
    • IMPURITY CONTROL TOOLS
    • LOGGING TOOLS
    • INTRODUCTION
    • WELL DRILLING
    • WELL COMPLETION & PRODUCTION
    • WELL INTERVENTION
    • FORMATION & EVALUATION
    • INTRODUCTION
    • NORTH AMERICA
    • ASIA PACIFIC
    • SOUTH AMERICA
    • EUROPE
    • MIDDLE EAST & AFRICA
    • OVERVIEW
    • KEY STRENGTHS/RIGHT TO WIN, 2021-2023
    • MARKET SHARE ANALYSIS, 2023
    • REVENUE ANALYSIS OF TOP FIVE PLAYERS, 2019-2023
    • COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023
    • COMPANY EVALUATION MATRIX: START-UPS/SMES, 2023
    • COMPETITIVE SCENARIOS AND TRENDS
    • COMPANY VALUATION AND FINANCIAL METRICS, 2024
    • BRAND/PRODUCT COMPARISON
    • KEY PLAYERS
    • OTHER PLAYERS
    • INSIGHTS FROM INDUSTRY EXPERTS
    • DISCUSSION GUIDE
    • KNOWLEDGESTORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL
    • CUSTOMIZATION OPTIONS
    • RELATED REPORTS
    • AUTHOR DETAILS
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