Downhole Tools Market 2021-2031: Share and Forecast
The Downhole Tools Market is expected to register a CAGR of 5.4% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Tool Type (Drilling Tools, Pressure & Flow Control Tools, Control Tools, and Others). The report further presents analysis based on the Application (Well Drilling, Well Completion, Well Intervention, Well Production, and Others). The report further presents analysis based on the Deployment (Onshore and Offshore). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Downhole Tools Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Downhole Tools Market Segmentation
Tool Type- Drilling Tools
- Pressure & Flow Control Tools
- Control Tools
- Others
- Well Drilling
- Well Completion
- Well Intervention
- Well Production
- Others
- Onshore and Offshore
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South and Central America
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South and Central America
Strategic Insights
Downhole Tools Market Growth Drivers- Increasing Demand for Well Intervention: Rise in demand for increasing the life of oil & gas wells across the globe is expected to drive the demand for downhole tools in the coming years. More than 5,000 oil and gas wells are present globally, with the rise in demand for oil & gas there is rise in need for well intervention services to increase the production which in turn is expected to drive the Downhole Tools Market growth in the coming years.
- Increasing Oil & Gas Exploration and Production Activities Across the Globe: The increase in investment towards the exploration and production of oil & gas in Middle East & Africa, South America, and Asia Pacific is anticipated to drive the demand for downhole tools which in turn is expected to drive the market growth from 2023 to 2031.
- Advancements in Drilling Technology: Technological advancement of drilling techniques and equipment is also the major driver for the downhole tools market. The innovation regarding extended-reach drilling, directional drilling, and automated drilling systems has increased the requirement for more advanced downhole tools. These tools improve accuracy and efficiency in drilling along with safety, which have made them indispensable for modern oil and gas operations, especially with the advent of unconventional and offshore drilling.
- Rise in Shale Gas Production Activities in North America: In the US, natural gas production from the seven biggest shale basins is estimated to increase in 2023, per the US Energy Information Administration (EIA). Shale production is anticipated to expand from 23% of total gas production in the US in 2010 to approximately 49% by 2035. Such huge reserve and shale gas production in North America is expected to drive the Downhole Tools Market in the coming years.
- Focus on Automation and Remote Operations: With the increasing adoption of automation and remote operations in the oil and gas industry, the downhole tools will soon become more autonomous. Automated drilling systems and remotely operated tools will enable the operators to perform drilling and completion operations with minimal human intervention. This shift will help enhance operational efficiency, save on labor, and make it safer, affecting the design and implementation of more autonomous downhole tools.
- Growing Developments in the Offshore Gas Industry: Investment and focus on offshore gas drilling and production are growing across the globe. For instance, in October 2022, the Italian government announced plans to augment its gas production from the current gas production capacity. This plan also includes the construction of new offshore gas rigs across the country. In May 2023, the Chinese government announced that it had completed the construction of a new 12,000-ton offshore drilling rig. In June 2023, the government announced drilling deeper into offshore platforms to reduce its dependency on other countries regarding the import of oil and gas. Hence, it is expected to be the key trend in the downhole tools market
- Expansion in Unconventional Oil and Gas Resources: Growth in the exploration and production of unconventional oil and gas resources, including shale gas, tight oil, and oil sands, are going to present a large opportunity for the downhole tools market. These resources are demanding specialty tools, particularly those able to perform well in tough drilling environments like high-pressure, high-temperature (HPHT) reservoirs and extended horizontal wells. Advanced downhole tools capable of operating under these extreme conditions will therefore find increasing application with the intensifying efforts to exploit these unconventional resources.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Downhole Tools Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Downhole Tools Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
Have a question?
Naveen
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The Downhole Tools Market is estimated to witness a CAGR of 5.4% from 2023 to 2031
The major factors driving the Downhole Tools Market are: Increasing Demand for Well Intervention and Increasing Oil & Gas Exploration and Production Activities Across the Globe
Growing Developments in the Offshore Gas Industry is the key future trend of the Downhole Tools Market
The leading players operating in the Downhole Tools Market include Anton Oilfield Services Ltd., Logan Oil Tools Inc., Moog Inc., Oil States International Inc., National Oilwell Varco Inc., Weatherford International Ltd., Baker Hughes, Schlumberger Ltd., United Drilling Tools Ltd., Bilco Tools Inc.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on the request are an additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Downhole Tools Market - By Type
1.3.2 Downhole Tools Market - By Application
1.3.3 Downhole Tools Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. DOWNHOLE TOOLS MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. DOWNHOLE TOOLS MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. DOWNHOLE TOOLS MARKET - GLOBAL MARKET ANALYSIS
6.1. DOWNHOLE TOOLS - GLOBAL MARKET OVERVIEW
6.2. DOWNHOLE TOOLS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. DOWNHOLE TOOLS MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. DRILLING TOOLS
7.3.1. Overview
7.3.2. Drilling Tools Market Forecast and Analysis
7.4. HANDLING TOOLS
7.4.1. Overview
7.4.2. Handling Tools Market Forecast and Analysis
7.5. FLOW AND PRESSURE TOOLS
7.5.1. Overview
7.5.2. Flow and Pressure Tools Market Forecast and Analysis
7.6. CONTROL TOOLS
7.6.1. Overview
7.6.2. Control Tools Market Forecast and Analysis
7.7. OTHERS
7.7.1. Overview
7.7.2. Others Market Forecast and Analysis
8. DOWNHOLE TOOLS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. WELL DRILLING
8.3.1. Overview
8.3.2. Well Drilling Market Forecast and Analysis
8.4. WELL INTERVENTION
8.4.1. Overview
8.4.2. Well Intervention Market Forecast and Analysis
8.5. FORMATION AND EVALUATION
8.5.1. Overview
8.5.2. Formation and Evaluation Market Forecast and Analysis
8.6. PRODUCTION AND WELL COMPLETION
8.6.1. Overview
8.6.2. Production and Well Completion Market Forecast and Analysis
9. DOWNHOLE TOOLS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Downhole Tools Market Overview
9.1.2 North America Downhole Tools Market Forecasts and Analysis
9.1.3 North America Downhole Tools Market Forecasts and Analysis - By Type
9.1.4 North America Downhole Tools Market Forecasts and Analysis - By Application
9.1.5 North America Downhole Tools Market Forecasts and Analysis - By Countries
9.1.5.1 United States Downhole Tools Market
9.1.5.1.1 United States Downhole Tools Market by Type
9.1.5.1.2 United States Downhole Tools Market by Application
9.1.5.2 Canada Downhole Tools Market
9.1.5.2.1 Canada Downhole Tools Market by Type
9.1.5.2.2 Canada Downhole Tools Market by Application
9.1.5.3 Mexico Downhole Tools Market
9.1.5.3.1 Mexico Downhole Tools Market by Type
9.1.5.3.2 Mexico Downhole Tools Market by Application
9.2. EUROPE
9.2.1 Europe Downhole Tools Market Overview
9.2.2 Europe Downhole Tools Market Forecasts and Analysis
9.2.3 Europe Downhole Tools Market Forecasts and Analysis - By Type
9.2.4 Europe Downhole Tools Market Forecasts and Analysis - By Application
9.2.5 Europe Downhole Tools Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Downhole Tools Market
9.2.5.1.1 Germany Downhole Tools Market by Type
9.2.5.1.2 Germany Downhole Tools Market by Application
9.2.5.2 France Downhole Tools Market
9.2.5.2.1 France Downhole Tools Market by Type
9.2.5.2.2 France Downhole Tools Market by Application
9.2.5.3 Italy Downhole Tools Market
9.2.5.3.1 Italy Downhole Tools Market by Type
9.2.5.3.2 Italy Downhole Tools Market by Application
9.2.5.4 United Kingdom Downhole Tools Market
9.2.5.4.1 United Kingdom Downhole Tools Market by Type
9.2.5.4.2 United Kingdom Downhole Tools Market by Application
9.2.5.5 Russia Downhole Tools Market
9.2.5.5.1 Russia Downhole Tools Market by Type
9.2.5.5.2 Russia Downhole Tools Market by Application
9.2.5.6 Rest of Europe Downhole Tools Market
9.2.5.6.1 Rest of Europe Downhole Tools Market by Type
9.2.5.6.2 Rest of Europe Downhole Tools Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Downhole Tools Market Overview
9.3.2 Asia-Pacific Downhole Tools Market Forecasts and Analysis
9.3.3 Asia-Pacific Downhole Tools Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Downhole Tools Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Downhole Tools Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Downhole Tools Market
9.3.5.1.1 Australia Downhole Tools Market by Type
9.3.5.1.2 Australia Downhole Tools Market by Application
9.3.5.2 China Downhole Tools Market
9.3.5.2.1 China Downhole Tools Market by Type
9.3.5.2.2 China Downhole Tools Market by Application
9.3.5.3 India Downhole Tools Market
9.3.5.3.1 India Downhole Tools Market by Type
9.3.5.3.2 India Downhole Tools Market by Application
9.3.5.4 Japan Downhole Tools Market
9.3.5.4.1 Japan Downhole Tools Market by Type
9.3.5.4.2 Japan Downhole Tools Market by Application
9.3.5.5 South Korea Downhole Tools Market
9.3.5.5.1 South Korea Downhole Tools Market by Type
9.3.5.5.2 South Korea Downhole Tools Market by Application
9.3.5.6 Rest of Asia-Pacific Downhole Tools Market
9.3.5.6.1 Rest of Asia-Pacific Downhole Tools Market by Type
9.3.5.6.2 Rest of Asia-Pacific Downhole Tools Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Downhole Tools Market Overview
9.4.2 Middle East and Africa Downhole Tools Market Forecasts and Analysis
9.4.3 Middle East and Africa Downhole Tools Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Downhole Tools Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Downhole Tools Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Downhole Tools Market
9.4.5.1.1 South Africa Downhole Tools Market by Type
9.4.5.1.2 South Africa Downhole Tools Market by Application
9.4.5.2 Saudi Arabia Downhole Tools Market
9.4.5.2.1 Saudi Arabia Downhole Tools Market by Type
9.4.5.2.2 Saudi Arabia Downhole Tools Market by Application
9.4.5.3 U.A.E Downhole Tools Market
9.4.5.3.1 U.A.E Downhole Tools Market by Type
9.4.5.3.2 U.A.E Downhole Tools Market by Application
9.4.5.4 Rest of Middle East and Africa Downhole Tools Market
9.4.5.4.1 Rest of Middle East and Africa Downhole Tools Market by Type
9.4.5.4.2 Rest of Middle East and Africa Downhole Tools Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Downhole Tools Market Overview
9.5.2 South and Central America Downhole Tools Market Forecasts and Analysis
9.5.3 South and Central America Downhole Tools Market Forecasts and Analysis - By Type
9.5.4 South and Central America Downhole Tools Market Forecasts and Analysis - By Application
9.5.5 South and Central America Downhole Tools Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Downhole Tools Market
9.5.5.1.1 Brazil Downhole Tools Market by Type
9.5.5.1.2 Brazil Downhole Tools Market by Application
9.5.5.2 Argentina Downhole Tools Market
9.5.5.2.1 Argentina Downhole Tools Market by Type
9.5.5.2.2 Argentina Downhole Tools Market by Application
9.5.5.3 Rest of South and Central America Downhole Tools Market
9.5.5.3.1 Rest of South and Central America Downhole Tools Market by Type
9.5.5.3.2 Rest of South and Central America Downhole Tools Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. DOWNHOLE TOOLS MARKET, KEY COMPANY PROFILES
11.1. ATEC, INC.
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. BAKER HUGHES
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. BILCO TOOLS INC.
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. COIL SOLUTIONS INC.
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. HALLIBURTON ENERGY SERVICES, INC.
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. NATIONAL OILWELL VARCO
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. SCHLUMBERGER LIMITED
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. UNITED DRILLING TOOLS LTD
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. WEATHERFORD INTERNATIONAL LTD.
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. WENZEL DOWNHOLE TOOLS LTD.
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1. ATEC, INC.
2. Baker Hughes
3. Bilco Tools Inc.
4. Coil Solutions Inc.
5 .Halliburton Energy Services, Inc.
6. National Oilwell Varco
7. Schlumberger Limited
8. United Drilling Tools LTD
9. Weatherford International Ltd.
10. Wenzel Downhole Tools Ltd.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Get Free Sample For