Downhole tools play an important role in oil & gas exploration and production activities with applications in a variety of operations such as fishing, casing, cementing, well bottom communication, drilling, logging, fracturing, and well measurements. The market for downhole tools is estimated to be USD 3.53 Billion in 2014 and is projected to grow with a CAGR of 4.9% from 2014 to 2019.
Seattle, WA -- (SBWIRE) -- 12/12/2017 -- The report "Downhole Tools Market by Tool Type (Flow & Pressure Control, Drilling, Impurity Control, Downhole Control, and Handling), Application (Drilling, Completion, Well Intervention, Formation & Evaluation, and Oil & Gas Production) & by Region - Global Trends & Forecast to 2019", defines and segments the global downhole tools market with analysis and forecast of the market size.
Downhole tools market is expected to grow from an estimated USD 3.53 Billion in 2014 to USD 4.49 Billion by 2020, at a CAGR of 4.9% from 2014 to 2019. The increase in exploration activities for shale and other resources, especially in the North American region, followed by South & Central America and Asia-Pacific have led to a widespread need for downhole tools. However, the current oil price decline has impacted the downhole tools market growth. By 2018, oil price is anticipated to reach $80 a barrel, delayed and cancelled projects are likely to resume and push the market growth.
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Well Intervention: Largest market segment
Market is sub-segmented by application into well intervention, well completion, well drilling, Oil & gas production and formation and evaluation. Downhole tools market for Well intervention application held the largest share in 2014 driven by the demand from large number of matured wells across the globe. Some of the downhole tools used in well intervention process includes fishing tools, tubing tools, wireline tools and others.
Drilling Tools Held Major Share in Downhole Tools Market
Downhole tools are also segmented on the basis of tools application type into flow & pressure control tools, drilling tools, impurity control tools, downhole control tools and handling tools. Drilling tools held the largest share within the global market driven by the increasing drilling activities worldwide. The rise in unconventional drilling methods and explorations in deep waters have also pushed the demand for more robust drilling tools. Flow & pressure control tools are the second largest market and is expected to grow at a highest CAGR during the forecast period.
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North America will continue to be the global leader in downhole tools market by value for the next five years
North America leads the global downhole tools market owing to drilling activities and shale exploration activities in the U.S. and Gulf of Mexico region. Asia-Pacific stood at the second position in terms of market size, followed by the Middle East and Europe. However, the sharp decline in the oil prices slowed the market growth for downhole tools all over.
To provide an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the downhole tools market include Schlumberger (U.S.), Halliburton (U.S.), Saint Gobain (France), Baker Hughes (U.S.), and Weatherford International (Ireland), and others.
The scope accordingly aids market participants to identify high growth markets and help managing key investment decisions. For this report, major players in the downhole tools market have been identified using various primary and secondary sources, which include annual reports of top market players, interviews with key opinion leaders such as CEOs, directors, and marketing people. Based on this research, the market shares have been evaluated and validated.
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