Downhole Tools Market Report by Application, Type (downhole control tools, handling tools, flow & pressure control tools, drilling tools), and By Region -Forecast till 2023

Pune, India -- (SBWire) -- 08/24/2018 --Downhole Tools Global Market - Overview

Global increasing demand for energy has resulted in rapid increase in the offshore drilling activities to meet the increasing demand, which ultimately has provided significant boost to the downhole tools market. Moreover, new oil reserve discoveries increase the drilling and exploration activities in coming years which upsurge the demand for the market. However, environmental risks and strict government regulations for drilling as well as increasing focus on renewable energy may hinder the market growth of the market.

Downhole Tools Market Top Key Players:-

The key players involved in downhole tools market are Schlumberger (U.S.), Halliburton (U.S.), Baker Hughes (U.S.), Weatherford International (Ireland), National Oilwell Varco Inc. (U.S.), Logan Oil Tools Inc. (U.S.), and Wenzel Downhole Tools Ltd. (U.S.). Saint Gobain (France), Oil States International Inc. (India), United Drilling tools (India), Anton Oilfield Services (China), and Excalibre Downhole Tools Ltd. (Canada) are among others.

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Downhole Tools Industry News:-

In December 2017, Oil States International, Inc. announced that it has entered into a definitive agreement to acquire GEODynamics, Inc., a provider of oil and gas perforation systems and downhole tools in support of completion, intervention, wireline and well abandonment operations.

In September 2017, Halliburton has launched GeoTech HE, a robust drill bit that incorporates new features and materials to deliver enhanced performance and increased reliability in high energy drilling systems characterized by very high weight-on-bit and drilling torque.

Downhole Tools Market - Segmentation

Global Downhole Tools Market is segmented in to two key dynamics for an easy grasp and enhanced understanding.

Segmentation:

Based on Type, the market has been segmented into Drilling, Downhole Control, Handling, Flow & Pressure Control, and others. Drilling tools dominates the type segment of global market. due to its wide use in drilling the wells. Increasing drilling activities across the globe increase the demand for the drilling tools.

Based on application, the market has been segmented into Drilling, Completion, Formation & Evaluation, Production, and Intervention. Well Intervention dominates the application segment of global market. Well drilling tools demand is expected to remain fairly stable over the forecast period.

Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia Pacific, Middle East & Africa and South America.

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Global Downhole Tools Market Analysis:-

The global downhole tools market is expected to witness a phenomenal growth over the forecast period. North America region is expected to account for the largest market share owing to greater number of new exploration activities and huge number of mature oilfields. U.S. is witnessing huge production from the shale rocks, which require advanced technology. Asia Pacific region is likely to command the second largest market share given the growing exploratory activities in the region for shale production. In April 2018, Eni, a major oil player has received a contract for the development for a gas field in Indonesia. The growth of downhole tools market is majorly attributed to the demand for reliable equipment for drilling and completion of the wells. The advantage of downhole tools market over conventional well completion tools is the leading force for the global downhole tools market.