PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1493848
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1493848
The downhole tools market is forecast to reach USD 7.8 billion by 2029 from an estimated USD 6.1 billion in 2024, at a CAGR of 4.8% during the forecast period (2024-2029). The rise in the demand for Exploration & production activities, and the need to provide steady supply of energy is driving the market.
Scope of the Report | |
---|---|
Years Considered for the Study | 2021-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Million/Billion) |
Segments | Tool type, Application, Location of deployment |
Regions covered | Asia Pacific, North America, Europe, Middle East & Africa, and South America |
"Well Intervention: The fastest segment of the downhole tools market, by application."
Based on application, the downhole tools market has been split into four types: Well Intervention, Well Drilling, Well Completion & Production, and Formation & Evaluation. Well Intervention is expected to be the fastest segment in the market. Well Intervention is a process carried out in an oil or gas well to enhance production, restore optimal functionality, ensure its integrity. Well Intervention is performed to Increase the productivity of the oil and gas operations performed in the well.
"Drilling Tools segment is expected to emerge as the fastest segment by Tool type."
Based on Tool type, the downhole tools market has been segmented into Drilling tools, Flow & Pressure Control tools, Impurity Control tools, Logging tools, and Handling Tools. The growth in the Drilling tools is driven by increased drilling activities, technological advancements, the development of unconventional resources, a focus on efficiency and cost reduction, the rise in deepwater drilling, enhanced drilling techniques, rising exploration investments, aging infrastructure redevelopment, and improved accessibility and infrastructure.
"North America is expected to be the largest region in the downhole tools market."
North America is expected to be the largest region in the downhole tools market between 2024-2029. The market in North America comprises US, Canada, and Mexico. The growth of the downhole tools market in the North America region is largely supported by the abundant unconventional resources, Increasing Exploration & Production activities, and favorable regulatory environment. North America is home to major oilfield service companies such as Schlumberger, Halliburton, Baker Hughes, and Weatherford. These companies provide a wide range of downhole tools and services, contributing to the market's growth.
By Company Type: Tier 1- 45%, Tier 2- 30%, and Tier 3- 25%
By Designation: C-Level- 35%, Director Levels- 25%, and Others- 40%
By Region: North America- 10%, Europe- 15%, Asia Pacific- 60%, the Middle East & Africa- 10%, and South America- 5%
Note: Others include product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined based on their total revenues as of 2022. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The Downhole tools market is dominated by a few major players that have a wide regional presence. The leading players in the Downhole tools market are SLB (US), Baker Hughes Company (US), Halliburton Co (US), Tenaris (Luxembourg), TechnipFMC (France).
The report defines, describes, and forecasts the downhole tools market, by tool type, by application, by location of deployment, for various regions. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the downhole tools market.
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