CHICAGO, May 29, 2024 /PRNewswire/ -- Downhole Tools Market in terms of revenue was estimated to be worth $6.1 billion in 2024 and is poised to reach $7.8 billion by 2029, growing at a CAGR of 4.8% from 2024 to 2029 according to a new report by MarketsandMarkets.
Downhole tools are essential because they are used in safe, efficient, and productive extraction of oil and gas from underground reservoirs. Downhole tools are critical for the oil and gas industry because they enable efficient drilling, ensure well integrity, optimize production, provide essential data, facilitate well maintenance, and enhance oil recovery.
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Downhole Tools Market Scope:
Report Coverage | Details |
Market Revenue in 2024 | $6.1 billion |
Estimated Value by 2029 | $7.8 billion |
Growth Rate | Poised to grow at a CAGR of 4.8% |
Market Size Available for | 2021-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Tool type, Application, Location of deployment |
Geographies Covered | Asia Pacific, North America, Europe, Middle East & Africa, and South America |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Increasing oil and gas discoveries |
Key Market Drivers | Increased drilling activity and investments |
The Well drilling, by application, is expected to grow as the largest segment during the forecast period.
Based on application, the Downhole Tools Market has been split into Well Intervention, Well Drilling, Well Completion & Production, and Formation & Evaluation. The Well drilling segment in the Downhole Tools Market is anticipated to be the largest because they facilitate the creation of the wellbore and ensure safe, efficient, and precise drilling operation. The Well drilling market for downhole tools is growing due to the increase in global deepwater drilling activities and multi-stage drilling for shale gas.
Onshore, by location of deployment, is expected to grow as the largest segment during the forecast period.
Based on location of deployment, the Downhole Tools Market has been split into Onshore and Offshore. The Onshore segment in the Downhole Tools Market is anticipated to be the largest because the onshore drilling operations are generally less expensive compared to offshore projects. The onshore segment experienced rapid growth because of the cost advantages, technological advancements, better infrastructure, and increased exploration and production activities.
Drilling tools, by tool type, are expected to grow as the largest segment during the forecast period.
This report segments the Downhole Tools Market based on offering into Various tool types: Drilling tools, Flow & Pressure Control tools, Impurity Control tools, Logging tools, and Handling Tools. Drilling tools are expected to be the fastest growing segment during the forecast period due to the optimization of drilling tools and the technological advancements associated with them. Expansion of Unconventional resource development, demand for deepwater drilling tools, optimization of drilling operations, and increased Exploration and production activities contributes to the fastest growth of drilling tools in the Downhole Tools Market.
Middle East & Africa is expected to be the Second largest region in the Downhole Tools Market
Middle East & Africa is expected to be the Second largest region in the Downhole Tools Market during the forecast period. The region's increasing focus on downhole tools is due to the Geopolitical stability, Abundant oil and gas reserves, and expanding Exploration & Production activities. The MEA region is home to some of the world's largest oil and gas reserves, particularly in countries like Saudi Arabia, Iran, Iraq, Kuwait, and the United Arab Emirates. The MEA region has significant offshore oil and gas reserves, particularly in the Persian Gulf, Red Sea, and offshore West Africa.
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Key Market Players of Downhole Tools Industry:
Some of the major players in the Downhole Tools Market are SLB (US), Baker Hughes Company (US), Halliburton Co (US), Tenaris (Luxembourg), TechnipFMC (France). The major strategies adopted by these players include sales contracts, product launches, investments, collaborations, partnerships, and expansions.
Recent Developments of Downhole Tools Industry:
- In April 2024, SLB and ChampionX Corporation announced a definitive agreement for SLB to purchase ChampionX in an all-stock transaction. ChampionX Corporation is a global leader in chemistry solutions, artificial lift systems, and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely, efficiently, and sustainably around the world. This acquisition would allow SLB to enhance its product portfolio.
- In February 2024, KCF Technologies, a leader in predictive maintenance and machine health solutions, today announced an integration with Nabors Industries, pioneer of the RigCLOUD® digital drilling platform, enabling customers to bring data from their wireless machine sensors into the open cloud system.
- In November 2023, Halliburton Co and Sekal AS announced an agreement to jointly provide leading well construction automation solutions as part of a longer-term strategy to deliver fully automated drilling operations. Under the agreement, Halliburton and Sekal are collaborating on several technologies and services that incorporate Halliburton digitally integrated well construction solutions and the Sekal DrillTronics automation platform. In addition, both parties' remote operations centers will provide expertise and support to these offerings.
- In November 2021, Expro Group, a leading provider of energy services, launched Galea, a fully autonomous well intervention system which is used to maximize production while reducing intervention costs, HSE risks and environmental impact. Galea replaces larger, conventional, and more labour-intensive wireline rig-ups for a range of slickline operations such as solids removal, plug setting/pulling and logging surveys.
The primary interviews conducted for this report can be categorized as follows:
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%
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Downhole Tools Market - Key Benefits of Buying the Report:
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.
The report provides insights on the following pointers:
- Rising global energy demand, increased exploration and production activities, technological advancements are some of the factors driving the Downhole Tools Market. Volatility in energy prices, environmental and regulatory concerns hinder Downhole Tools Market growth. The Expansion into emerging markets, Enhanced oil recovery techniques offer lucrative opportunities in this market. The operational challenges and supply chain disruptions are some of the challenges faced in this market.
- Product Development/ Innovation: The developments such as the high-performance mud motors and rotary steerable systems (RSS) is a pivotal trend in downhole tools development. RSS technology allows for precise control of the wellbore trajectory without stopping drilling operations. This capability is crucial for optimizing the drilling process, enhancing efficiency, and achieving desired wellbore paths. RSS allows for continuous rotation of the drill string while steering the wellbore in the desired direction.
- Market Development: The development of downhole tools is essential in providing safe and productive extraction of oil and gas during increasing demand periods. Favorable government policies promoting energy security, increasing investments in like oil & gas, advancements in Oilfield Technologies create Downhole Tools Market growth.
- Market Diversification: Baker Hughes Company acquired Altus Intervention, a leading international provider of well intervention services and downhole technology, which significantly enhances their existing portfolio.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like SLB (US), Baker Hughes Company (US), Halliburton Co (US), Tenaris (Luxembourg), TechnipFMC (France) among others in the Downhole Tools Market.
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