Downhole Tools Market worth $7.8 billion | MarketsandMarkets™

May 29, 2024, 06:45 ET

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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:

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:

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