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Drilling is a process whereby a hole is bored using a drill equipment to create a well for oil and natural gas production. Downhole drilling tools are machines that are used in drilling and well construction operations in the oil & gas industry. Downhole drilling equipment promote the drilling process and enable drillers to tackle drilling problems such as extreme depth, high temperature, and pressure difference. Such instruments guide or steer wells across a small reservoir by modifying the trajectory of wells. The process of extracting these valuable resources involves drilling through the surface until reaching the depths where the resources occur. The exploitation of such deposits requires multiple operations. Increase in exploration activities for shale and other resources have led to a widespread need for downhole drilling tools.
Market scope and structure analysis
Report Metric | Details |
Market size available for years | 2019–2027 |
Base year considered | 2019 |
Forecast period | 2020–2027 |
Forecast unit | Value (USD) |
Segments covered | Type, Application, and Region |
Regions covered | North America (U.S., Canada and Mexico), Europe (Germany, UK, France, Spain, Italy, and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and the Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and the Rest of LAMEA) |
Companies covered | Challenger Downhole Tools, Schlumberger, Halliburton, Bilco Tools, National Oilwell Varco, Logan International, American Oilfield Tools, Weatherford, Downhole Oil Tools, and Wenzel Downhole Tools |
Factors such as rise in rig counts due to new discoveries in oil & gas field is anticipated to boost the downhole drilling tools market. In addition, ongoing demand for technically advanced equipment, which function efficiently in high-pressure and high-temperature (HPHT) circumstances to increase the rate of penetration (ROP) boosts the growth of the market. Companies are constantly focusing on evolving new technology to strengthen their foothold in the competitive the market and to improve drilling operations with higher ROP and low-cost involvement. Furthermore, rapid increase in exploration and production (E&P) activities in deep-sea beds affiliated with drilling and completing productivity results in increasing cost of production, which significantly contributes toward the growth of the global market.
Modern downhole drilling techniques are being implemented periodically to increase the production efficiency. Developing automated drilling equipment and technological advancements in drilling activities are expected to present a substantial amount of opportunities for downhole drilling companies. High tubular requirements coupled with expanded directional drilling operations in developing regions further boost the demand for downhole drilling tools. However, adverse environmental effects of E&P operations such as the release of not only crude oil into the ecosystem but also of heavy metals may have significant environmental consequences. These factors are expected to restrain the growth of the global market.
Global downhole drilling tools market is expected to witness slowdown during the forecast period, owing to the breakdown of the COVID-19 pandemic. In addition, the lockdown implemented by governments and public authorities has taken industries to a standstill. As a result, many large-scale corporations have halted their oil & gas production operations. Various EPC projects have further witnessed an indefinite pause, which, in turn, has negative impacted the requirement for drilling and excavation services. Moreover, several firms have terminated their contracts with giant corporations, with the chances of revival not expected anytime soon.
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Key benefits of the report
Questions answered in the global downhole drilling tools market research report:
Key Market Segments
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