Home
»
Press Room
»
Downhole Tools Market Size To Reach $6.56Bn By 2030

Downhole Tools Market Size To Reach $6.56 Billion By 2030

January 2025 | Report Format: Electronic (PDF)

Downhole Tools Market Growth & Trends

The global downhole tools market size is estimated to reach USD 6.56 billion by 2030, registering to grow at a CAGR of 4.8% from 2024 to 2030 according to a new report by Grand View Research, Inc. The growth of the market is primarily driven by ongoing increase in drilling activities worldwide. The operational cost incurred in E&P activities has dropped with advent of operational efficiencies and technological innovations. This has resulted in rise in exploration of unconventional resources, thereby spurring the global demand for the product.

Enhanced efficiency of downhole tools will facilitate in improved extraction of hydrocarbons without raising the cost involved in production, which will provide an edge over conventional equipment. The implementation of digital technology has also enhanced E&P activities, which, in turn, has boosted the market over the last few years. Various digital well construction planning and operation software have improved drilling operations. Several wellbore technologies have been manufactured for premium connections that are designed to reduce bottomhole failure and improve the rate of connection on rig floor.

Regulatory trends and various industry standardizations have a major impact on the growth of the market. There is an increased stringency in rules and regulations by various governments for protecting the environment and minimizing damage during well operations. Specifications given by governments to meet standard tools are anticipated to stimulate the growth of the downhole tools market.

Drilling tools were the leading product segment and accounted for more than one fourth of the overall revenue in 2017. Some of the major drilling equipment include reamers & stabilizers, jars & impact tools, and tubulars. Evolution of various sensor technologies and increasing investments from cross-industry players has enhanced drilling equipment efficiencies.

key Request a free sample copy or view report summary: Downhole Tools Market Report

Downhole Tools Market Report Highlights

The downhole control tool segment held the largest market revenue share of 30.0% in 2023.
The drilling segment held the largest market revenue share in 2023. The growing oil and gas exploration activities, particularly in unconventional resources such as shale formations, drive the segment growth.
The completion segment is expected to grow at the fastest CAGR over the forecast period.
North America held the largest market revenue share of 34.8% in 2023.