The Global Downhole Drilling Tools market to grow at a CAGR of 10.20% over the period 2014-2019.
Global Downhole Drilling Tools Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the Global Downhole Drilling Tools market landscape and its growth prospects in the coming years. The report includes a discussion of the key vendors operating in this market.
One of the major trends is the advances in technology to improve the efficiency and effectiveness of drilling tools. Advances in drilling technology will significantly increase efficiency, control, and monitoring of the well. Moreover, market vendors are increasing their investments in R&D, which is likely to improve reliability and efficiency of downhole drilling tools.
According to the report, increased demand for oil and gas worldwide is one of the major growth drivers, which requires large investments in advanced technologies to increase efficiency of drilling activities. The growing demand for oil and gas will drive large investment in state-of-the-art technology to increase efficiency of downhole drilling tools, ensuring oil production.
Further, the report states that one of the major challenges in the market is the availability of non-conventional and renewable sources of energy. With the advent of peak oil theory, oil crisis, finite nature of oil and gas supplies, and rising environmental and human health concerns, renewable and sustainable sources of energy have gained momentum, thus hindering the growth of the Global Downhole Drilling Tools market.
The commonly used downhole drilling tools are categorized in the following:
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Sector: Oil and Gas Exploration and Production
(November 30, 2015 - 5:30 AM EST)
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