Downhole Tools Market Report

Downhole Tools Market Analysis, Market Size, Application Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2015 To 2022

Format: PDF  |  Report ID: GVR1776

Increased drilling activities globally continue to remain the main factor contributing to down-hole tools market growth. Enhanced efficiency of the downhole tools to increase the production of oil without increasing the cost involved in production, provide an edge over the conventional equipment. These tools are used in the bottom hole assembly for work-over and completion activities. Additionally, downhole tools find various applications in activities such as well completion, well intervention, logging, fracturing, and well measurements. Increased E&P in deep sea and ultradeep sea along with enhanced completion efficiency resulting in maximize production capability by market participants is expected to foster downhole tools demand on a large scale. These tools are useful in countering various challenges associated with drilling such as extreme depth, high temperatures, and pressure differentials which are further anticipated to contribute towards downhole tools market growth over the forecast period.

Uncertainty in the crude oil and natural gas market due to fluctuations in the demand & supply scenario is a major restraint for downhole tools market growth. This is further elevated with growing environmental concerns due to stringent government norms and regulations in most of the countries particularly in the U.S. and EU. Increasing use of renewable energy sources on a large scale is also expected to hinder down-hole tools demand over next seven years.

Downhole tools market is segmented on the basis of its application covering well drilling, well intervention, formation evaluation and production well completion. Well drilling tools demand is expected to remain fairly stable over the forecast period. Formation evaluation downhole tools are expected to witness stagnant growth in demand particularly in North America owing to high level of maturity and advent of advanced evaluation technologies such as radiology and logging while drilling.. Oil & gas production has increased manifolds in the recent years due to shale boom in U.S. and increase in the production rates particularly in the Middle East, and South East Asian countries. This trend is expected to continue over the forecast period hence elevating downhole tools demand. Well intervention tools are expected to witness significant growth particularly in U.S. and Canada owing to increasing drilling activities in these regions.

North America continued to be the dominant market for the down-hole tools with U.S. being the biggest player in this region. This may be attributed to the presence of several oil field services companies and use of advanced technologies on a large scale. Also shale boom backed by the major players in the market provided a great impetus to downhole tools market growth in the region. China was the largest consumer of downhole tools in the Asia Pacific region accounting for over 60% of the total market share in 2014 and is expected to witness significant growth over the forecast period. This may be attributed to the development of unconventional reserves such as Shale and CBM within the region. European region is expected to witness above average growth rates in the subsequent years owing to increased deep sea drilling in the North Sea. Countries such as Norway, Netherlands, and Russia present a good opportunity for market participants over the near future. In Africa, oil & gas production is on a rise with several new entrants in the market. These include Angola and Mozambique who have increased their oil & gas production rates in the recent years.

Key players in this market include Schlumberger, Baker Hughes, Halliburton, Weatherford, National Oil well Varco, Logan Oil Tools, and United Drilling Tools. These players indulge in various strategies to increase their presence and customer base such as M&A and setting up sales and manufacturing facilities in other countries. For instance, Halliburton recently acquired Baker Hughes for USD 35.0 billion. Also several manufacturers in North America and Europe such as Schlumberger and Halliburton offer customized drilling tools according to the requirement of the well bore and down-hole conditions. With the ongoing advent of increased production and increase in oil demand the number of players in down-hole tools market is expected to increase considerably during the forecasted period. 

 

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