The latest market research report by Technavio
on the global
downhole tools market predicts a CAGR of more than 4% during
the period 2017-2021.
This press release features multimedia. View the full release here:
http://www.businesswire.com/news/home/20171202005001/en/
Technavio has published a new market research report on the global downhole tools market from 2017-2021. (Photo: Business Wire)
The report segments the global downhole tools market by application
(drilling, well intervention, and completion) and by geography (the
Americas, EMEA, and APAC). It provides a detailed illustration of the
major factors influencing the market, including drivers, opportunities,
trends, and industry-specific challenges.
Here are some key findings of the global downhole tools market,
according to Technavio energy
researchers:
-
Rise in unconventional oil and gas resources: a major market driver
-
The drilling segment dominated the global downhole tools market in
2016 and occupied a share of more than 67%
-
In 2016, the Americas held the highest share of more than 64% of the
global downhole tools market
-
General Electric, Halliburton, National Oilwell Varco, Schlumberger,
and Weatherford are the leading players in the market
This report is available at a USD 1,000 discount for a limited time
only: View
market snapshot before purchasing
Buy 1 Technavio report and get the second for 50% off. Buy 2
Technavio reports and get the third for free.
Rise in unconventional oil and gas resources: a major market driver
Rise in unconventional oil and gas resources is one of the major factors
driving the global downhole
tools market. The term unconventional oil and gas resources refer to
the crude oil and natural gas found in shale and tight sand formations.
Coalbed methane is also an unconventional source of natural gas. It is
found in coal seams or coal deposits. In the past decade, unconventional
energy sources have received substantial impetus primarily due to the
gradual decline of the conventional oil and gas reserves.
According to Thanikachalam Chandrasekaran, a lead analyst at Technavio
for research on oil
and gas, “Unconventional oil and gas resources such as shale gas,
coal bed methane, and tight oil, are expensive to produce and difficult
to exploit. But with technological innovations and operational
efficiencies, the cost incurred in the extraction process has reduced.
This has resulted in the flourishing of unconventional resource
exploitation. The increased supply from the shale formation was one of
the major reasons for the declining prices of crude oil.”
Looking for more information on this market? Request
a free sample report
Technavio’s sample reports are free of charge and contain multiple
sections of the report including the market size and forecast, drivers,
challenges, trends, and more.
Americas: largest downhole tools market
In 2016, the Americas held the highest share of more than 64% of the
global downhole
tools market. The market potential for downhole tools in the
Americas is high because of the increased number of rig counts that will
result in high drilling activities and the rise in exploration and
drilling of shale formations. The investments by oil and gas companies
in the US are expected to increase in the next couple of years. This is
primarily attributed to the upturn in the crude oil prices. Among the
oil and gas exploration and drilling companies, shale producers are
expected to resume operation. The major reason for increased investment
is stabilization of crude oil price that helps shale oil producers to
sustain in the market and compete with its counterparts.
Competitive vendor landscape
The global downhole tools market is dependent on the upstream oil and
gas industry. During the period of high crude oil prices, the market
potential increased mainly because of the increase in exploration and
drilling activities across the globe. The industry comprises of many
global players involved in manufacturing downhole tools with some even
providing services to the upstream companies. The key players include
General Electric, Halliburton, National Oilwell Varco, Schlumberger, and
Weatherford. The global downhole tools market is relatively consolidated
with key players accounting for a high market share, and they adopt
multiple strategies to gain a competitive advantage over the other
players. These strategies include M&A, joint ventures, contracts, and
agreements as well as partnerships. These strategies help them to
succeed in the global downhole tools market.
Get a sample copy of the global
downhole tools market report free of cost
Access Technavio’s continuously growing oil
and gas research library and find expert analysis on hundreds of
markets.
About Technavio
Technavio
is a leading global technology research and advisory company. Their
research and analysis focuses on emerging market trends and provides
actionable insights to help businesses identify market opportunities and
develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists
of more than 10,000 reports and counting, covering 800 technologies,
spanning across 50 countries. Their client base consists of enterprises
of all sizes, including more than 100 Fortune 500 companies. This
growing client base relies on Technavio’s comprehensive coverage,
extensive research, and actionable market insights to identify
opportunities in existing and potential markets and assess their
competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team
at media@technavio.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171202005001/en/
Copyright Business Wire 2017
