Downhole Tools Market to Rise at 8.6% CAGR till 2027; Increasing Demand for Oil and Gas Resources to Aid Growth, says Fortune Business Insights™
Key Companies Covered in Downhole Tools Market Research Report Are National Oilwell Varco (United States), Schoeller-Bleckmann Sales (United States), Weatherford (Switzerland), Core Laboratories (Netherlands), Baker Hughes (United States), Hunting PLC (United Kingdom), Schlumberger (United States), RPC, Inc. (United States), APS Technology Inc. (United States), Flotek Industries, Inc. (United States), TechnipFMC (United Kingdom), United Drilling Tools Ltd (India), Rival Downhole Tools (United States).
Pune, May 19, 2020 (GLOBE NEWSWIRE) -- The global downhole tools market size is projected to reach USD 5.30 billion by 2027. The increasing hydrocarbon exploration activities will have a positive impact on the growth of the overall market in the coming years. According to a report published by Fortune Business Insights, titled “Downhole Tools Market Size, Share & Industry Analysis, By Tool Type (Drilling Tools, Pressure & Flow Control Tools, Handling Tools, Impurity Control Tools, and Others), By Application (Well Drilling, Well Completion, Well Intervention, Well Production, Formation & Evaluation), By Location (Onshore and Offshore {Shallow Water, Deepwater and Ultra-Deepwater}) and Regional Forecasts, 2020-2027,” the market was worth USD 4.06 billion in 2019 and will exhibit a CAGR of 8.6% during the forecast period, 2020-2027.
Downhole tools are equipment used in oil and gas exploration activities, particularly for drilling. The equipment is also used for well intervention and workover activities. The massive global demand for oil and gas as well as hydrocarbon has led to a wider adoption for the devices across the world. The rising demand for oil and gas has attracted massive investments from large scale companies. The presence of several large scale companies will subsequently contribute to the growth of the overall market in the coming years. The increasing hydrocarbon exploration activities, coupled with the emphasis on the use of sustainable energy will open up a huge potential for the companies operating in the market. The ability of downhole tools to minimize the overall costs associated with oil and gas drilling activities will contribute to the growing adoption for the devices across the world.
An Overview of the Impact of COVID-19 on this Market:
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Despite the Negativities, Few Companies Still Continuing Drilling Activities
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Although the coronavirus outbreak has had a negative influence on the overall market, the constant need for resources such as oil and gas will prove beneficial for large scale companies. In March 2020, Maersk Drilling secured a new contract for the offshore project in Egypt. The company announced that it secured a one-well contract for the semi-submersible rig Maersk Discoverer. The contract is said to be worth an estimated USD 3.8 million. The company is hopeful that the coronavirus outbreak will not affect its operations and plans to begin work in the March 2020. Maersk’s latest contract for offshore drilling in Egypt will not just benefit the company, but will have a direct impact on the growth of the overall market in the coming years.
North America to Witness Significant Growth; Emphasis on Hydrocarbon Exploration Will Aid Growth
The report analyzes the ongoing market trends across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, the market in North America is likely to emerge as the dominant region. The increasing emphasis on exploration of hydrocarbon reserves will aid the growth of the market in this region. Due to the high potential that hydrocarbons present, several large scale companies are focused on exploration of hydrocarbon and research activities associated with the same, with a bid to acquiring a wider consumer base. As of 2019, the market in North America was worth USD 1.47 billion and this value is projected to increase further in the coming years. Although the market will witness a slight downfall in 2019, newer opportunities will help the market recover after the coronavirus pandemic is brought under control. The market in Asia Pacific derives growth from the constantly rising population and the subsequently rising demand for oil and gas resources in numerous countries across this region.
List of key companies profiled in the Downhole Tools Market Research Report are:
National Oilwell Varco (United States)
Schoeller-Bleckmann Sales (United States)
Weatherford (Switzerland)
Core Laboratories (Netherlands)
Baker Hughes (United States)
Hunting PLC (United Kingdom)
Schlumberger (United States)
RPC, Inc. (United States)
APS Technology Inc. (United States)
Flotek Industries, Inc. (United States)
TechnipFMC (United Kingdom)
United Drilling Tools Ltd (India)
Rival Downhole Tools (United States)
Industry Developments:
April 2020: Maersk Drilling announced that it has received an early contract termination for two rigs. BG International Limited terminated the contract for the semi-submersible Maersk Developer with immediate effect.
1. Introduction 1.1. Research Scope 1.2. Market Segmentation 1.3. Research Methodology 1.4. Definitions and Assumptions 2. Executive Summary 3. Market Dynamics 3.1. Market Drivers 3.2. Market Restraints 3.3. Market Opportunities 4. Key Insights 4.1. Key Emerging Trends – For Major Countries 4.2. Latest Technological Advancement 4.3. Regulatory Landscape 4.4. Industry SWOT Analysis 4.5. Porters Five Forces Analysis 5. Qualitative Analysis – Impact of COVID-19 5.1. Impact of COVID-19 on the Oil and Gas Industry 5.2. Steps Taken by Government to Overcome the Impact 5.3. Key Developments in the Industry in Response to COVID-19 5.4. Potential Opportunity and Challenges due to Outbreak 6. Global Downhole Tools Market Analysis (USD Billion), Insights and Forecast, 2016-2027 6.1. Key Findings / Summary 6.2. Market Analysis, Insights and Forecast – By Tool Type 6.2.1. Drilling Tools 6.2.2. Pressure & Flow Control Tools 6.2.3. Handling Tools 6.2.4. Impurity Control Tools 6.2.5. Others 6.3. Market Analysis, Insights and Forecast – By Application 6.3.1. Well Drilling 6.3.2. Well Completion 6.3.3. Well Intervention 6.3.4. Well Production 6.3.5. Formation & Evaluation 6.4. Market Analysis, Insights and Forecast – By Location 6.4.1. Onshore 6.4.2. Offshore 6.4.2.1. Shallow Water 6.4.2.2. Deepwater 6.4.2.3. Ultra-Deepwater 6.5. Market Analysis, Insights and Forecast – By Region 6.5.1. North America 6.5.2. Latin America 6.5.3. Europe 6.5.4. Asia Pacific 6.5.5. Middle East & Africa
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