Transparency Market Research Report Added "Downhole Tools Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020" to its database.
Albany, NY -- (SBWIRE) -- 07/15/2014 -- Downhole tools include drilling jars, roller centralizers, drag friction, drill-pipes, fishing tools, shock tools and tubular tools among others. These tools are used in various applications such as oil and gas production, well drilling, well completion and well interventions. The adoption of downhole tools is increasingly seen in well intervention activities due to increasing drilling activities in countries such as U.S and Mexico. In these activities a number of downhole tools used. Some examples of tools used in well intervention include fishing tools, wire-line tools and tubing tools among others.
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Downhole tools are used in BHA (bottom hole assembly) for work-over and completion operations. BHA is selected depending on the formation characteristics of the reservoir. These tools reduce the cost associated with the oil recovery activities and ensure increased oil production. Various operations for which downhole tools are used include casing, fishing, well-bottom communication, cementing, drilling, fracturing, logging and well measurements. These tools are mostly used in very extreme conditions such as high pressure and temperature. Increasing drilling activities in countries such as U.S, Mexico and Germany is driving the growth of downhole tools market. In addition growing shale exploration activities and offshore exploration in North America and Europe is expected to fuel the growth of this market over the forecast period.
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The global downhole tools market can be segmented based on its types and applications. Depending on the types, the downhole tools market can be segmented into five major categories as impurity control, drilling tools, flow and pressure control, handling tools and downhole control system. The downhole tools market can be segmented on the basis of its applications into five categories which include formation and evaluation, well drilling, well completion, well intervention and, oil and gas production. The downhole tools market can also be segmented based on major geographical regions into North America, Europe, Asia Pacific and Rest of the World (Africa, Middle East and Latin America).
Among all the regional markets, North America is the dominating market for downhole tools, owing to the increasing shale and drilling activities in the United States and Mexican region. Among all types of downhole tools, drilling tools is dominating the global downhole tools market. This growth is attributed to the increasing adoption of drilling tools in oil and gas industry. Manufacturers in dominating regions such as North America and Europe, offer customized drilling tools according to the requirement of the well bore and downhole conditions.
Some of the key players in downhole tools market include Halliburton Company, Baker Hughes Inc., Bilco Tools Inc., Logan Oil Tools Inc., Excalibre Downhole Tools Ltd., Oil States International Inc., National Oil Varco Inc., United Drilling Tools Ltd., Schlumberger Ltd., Wenzel Downhole Tools Ltd. and Weatherford International Ltd. among others. Key players in downhole tools market focus on increasing their presence and customer base by setting up sales and manufacturing facilities in other regional markets. For example, in 2013, Logan Oil Tools announced opening of sales and facilities situated in Colombia. In addition, players in this market make consistent investment in research and developments activities to offer innovative and cost effective products and techniques to their customers. For example, in 2014, Schlumberger Ltd introduced new fracturing techniques namely BroadBand Sequence for well drilling in unconventional reservoirs.
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