Drilling Tools Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
Growing drilling activities across the globe, as well as the development of unconventional hydrocarbon resources, is the major factors that contributing to the growth of the drilling tools market. The consumption of oil and gas is steadily growing over the past couple of years which increased production and exploration activities, thereby increasing demand for the drilling tools that fuel the growth of the drilling tools market. Rising development of oilfield and growing deepwater and ultra-deepwater activities support to the growth of the drilling tools market.
MARKET DYNAMICS
Advancement in drilling such as reduced drilling time and higher efficiency coupled with the necessity of drilling tools are some of the major factors that boost the growth of the drilling tools market. Moreover, increasing energy demand is result in growing drilling activities that required drilling tolls which propel the growth of the drilling tools market. However, the high maintenance cost and the long transition times of drilling tools is the major restraint for the growth of the drilling tools market. Growing shale gas production coupled with the increasing investment in oilfield development is expected to drive the growth of the drilling tools market.
MARKET SCOPE
The "Global Drilling Tools Market Analysis to 2028" is a specialized and in-depth study of the drilling tools industry with a special focus on the global market trend analysis. The report aims to provide an overview drilling tools market with detailed market segmentation by type, application, and geography. The global drilling tools market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading drilling tools market players and offers key trends and opportunities in the drilling tools market.
MARKET SEGMENTATION
The global drilling tools market is segmented on the basis of type, application. On the basis type the market is segmented as drill bits, drill motors, drill reamers and stabilizers, drill jars, drill swivels, drill collars, others. On the basis application the market is segmented as onshore, offshore.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global drilling tools market based on various segments. It also provides market size and forecast estimates from year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The drilling tools market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trend and opportunities prevailing in the region.
The report analyzes factors affecting drilling tools market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological factors effecting the drilling tools market in these regions.
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global drilling tools market based on various segments. It also provides market size and forecast estimates from year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The drilling tools market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trend and opportunities prevailing in the region.
The report analyzes factors affecting drilling tools market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological factors effecting the drilling tools market in these regions.
MARKET PLAYERS
The reports cover key developments in the drilling tools market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market players from drilling tools market are anticipated to lucrative growth opportunities in the future with the rising demand for drilling tools in the global market. Below mentioned is the list of few companies engaged in the drilling tools market.
The report also includes the profiles of key drilling tools companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of last 3 years, key development in past five years.
- Baker Hughes
- BICO Drilling Tools, Inc.
- Drilling Tools International
- Dynomax Drilling Tools Inc.
- Halliburton Energy Services, Inc.
- National Oilwell Varco
- Schlumberger Limited
- Scientific Drilling International
- Tianhe Oil Group Co. Ltd.
- Weatherford International Ltd.
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
![Segment Covered](https://www.theinsightpartners.com/assets/rdimages/segment_covered.png)
Segment Covered
This text is related
to segments covered.
![Regional Scope](https://www.theinsightpartners.com/assets/rdimages/regional_scope.png)
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
![Country Scope](https://www.theinsightpartners.com/assets/rdimages/country_scope.png)
Country Scope
This text is related
to country scope.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Drilling Tools Market - By Type
1.3.2 Drilling Tools Market - By Application
1.3.3 Drilling Tools Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. DRILLING 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. DRILLING 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. DRILLING TOOLS MARKET - GLOBAL MARKET ANALYSIS
6.1. DRILLING TOOLS - GLOBAL MARKET OVERVIEW
6.2. DRILLING TOOLS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. DRILLING TOOLS MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. DRILL BITS
7.3.1. Overview
7.3.2. Drill Bits Market Forecast and Analysis
7.4. DRILL MOTORS
7.4.1. Overview
7.4.2. Drill Motors Market Forecast and Analysis
7.5. DRILL REAMERS AND STABILIZERS
7.5.1. Overview
7.5.2. Drill Reamers and Stabilizers Market Forecast and Analysis
7.6. DRILL JARS
7.6.1. Overview
7.6.2. Drill Jars Market Forecast and Analysis
7.7. DRILL SWIVELS
7.7.1. Overview
7.7.2. Drill Swivels Market Forecast and Analysis
7.8. DRILL COLLARS
7.8.1. Overview
7.8.2. Drill Collars Market Forecast and Analysis
7.9. OTHERS
7.9.1. Overview
7.9.2. Others Market Forecast and Analysis
8. DRILLING TOOLS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. ONSHORE
8.3.1. Overview
8.3.2. Onshore Market Forecast and Analysis
8.4. OFFSHORE
8.4.1. Overview
8.4.2. Offshore Market Forecast and Analysis
9. DRILLING TOOLS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Drilling Tools Market Overview
9.1.2 North America Drilling Tools Market Forecasts and Analysis
9.1.3 North America Drilling Tools Market Forecasts and Analysis - By Type
9.1.4 North America Drilling Tools Market Forecasts and Analysis - By Application
9.1.5 North America Drilling Tools Market Forecasts and Analysis - By Countries
9.1.5.1 United States Drilling Tools Market
9.1.5.1.1 United States Drilling Tools Market by Type
9.1.5.1.2 United States Drilling Tools Market by Application
9.1.5.2 Canada Drilling Tools Market
9.1.5.2.1 Canada Drilling Tools Market by Type
9.1.5.2.2 Canada Drilling Tools Market by Application
9.1.5.3 Mexico Drilling Tools Market
9.1.5.3.1 Mexico Drilling Tools Market by Type
9.1.5.3.2 Mexico Drilling Tools Market by Application
9.2. EUROPE
9.2.1 Europe Drilling Tools Market Overview
9.2.2 Europe Drilling Tools Market Forecasts and Analysis
9.2.3 Europe Drilling Tools Market Forecasts and Analysis - By Type
9.2.4 Europe Drilling Tools Market Forecasts and Analysis - By Application
9.2.5 Europe Drilling Tools Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Drilling Tools Market
9.2.5.1.1 Germany Drilling Tools Market by Type
9.2.5.1.2 Germany Drilling Tools Market by Application
9.2.5.2 France Drilling Tools Market
9.2.5.2.1 France Drilling Tools Market by Type
9.2.5.2.2 France Drilling Tools Market by Application
9.2.5.3 Italy Drilling Tools Market
9.2.5.3.1 Italy Drilling Tools Market by Type
9.2.5.3.2 Italy Drilling Tools Market by Application
9.2.5.4 United Kingdom Drilling Tools Market
9.2.5.4.1 United Kingdom Drilling Tools Market by Type
9.2.5.4.2 United Kingdom Drilling Tools Market by Application
9.2.5.5 Russia Drilling Tools Market
9.2.5.5.1 Russia Drilling Tools Market by Type
9.2.5.5.2 Russia Drilling Tools Market by Application
9.2.5.6 Rest of Europe Drilling Tools Market
9.2.5.6.1 Rest of Europe Drilling Tools Market by Type
9.2.5.6.2 Rest of Europe Drilling Tools Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Drilling Tools Market Overview
9.3.2 Asia-Pacific Drilling Tools Market Forecasts and Analysis
9.3.3 Asia-Pacific Drilling Tools Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Drilling Tools Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Drilling Tools Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Drilling Tools Market
9.3.5.1.1 Australia Drilling Tools Market by Type
9.3.5.1.2 Australia Drilling Tools Market by Application
9.3.5.2 China Drilling Tools Market
9.3.5.2.1 China Drilling Tools Market by Type
9.3.5.2.2 China Drilling Tools Market by Application
9.3.5.3 India Drilling Tools Market
9.3.5.3.1 India Drilling Tools Market by Type
9.3.5.3.2 India Drilling Tools Market by Application
9.3.5.4 Japan Drilling Tools Market
9.3.5.4.1 Japan Drilling Tools Market by Type
9.3.5.4.2 Japan Drilling Tools Market by Application
9.3.5.5 South Korea Drilling Tools Market
9.3.5.5.1 South Korea Drilling Tools Market by Type
9.3.5.5.2 South Korea Drilling Tools Market by Application
9.3.5.6 Rest of Asia-Pacific Drilling Tools Market
9.3.5.6.1 Rest of Asia-Pacific Drilling Tools Market by Type
9.3.5.6.2 Rest of Asia-Pacific Drilling Tools Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Drilling Tools Market Overview
9.4.2 Middle East and Africa Drilling Tools Market Forecasts and Analysis
9.4.3 Middle East and Africa Drilling Tools Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Drilling Tools Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Drilling Tools Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Drilling Tools Market
9.4.5.1.1 South Africa Drilling Tools Market by Type
9.4.5.1.2 South Africa Drilling Tools Market by Application
9.4.5.2 Saudi Arabia Drilling Tools Market
9.4.5.2.1 Saudi Arabia Drilling Tools Market by Type
9.4.5.2.2 Saudi Arabia Drilling Tools Market by Application
9.4.5.3 U.A.E Drilling Tools Market
9.4.5.3.1 U.A.E Drilling Tools Market by Type
9.4.5.3.2 U.A.E Drilling Tools Market by Application
9.4.5.4 Rest of Middle East and Africa Drilling Tools Market
9.4.5.4.1 Rest of Middle East and Africa Drilling Tools Market by Type
9.4.5.4.2 Rest of Middle East and Africa Drilling Tools Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Drilling Tools Market Overview
9.5.2 South and Central America Drilling Tools Market Forecasts and Analysis
9.5.3 South and Central America Drilling Tools Market Forecasts and Analysis - By Type
9.5.4 South and Central America Drilling Tools Market Forecasts and Analysis - By Application
9.5.5 South and Central America Drilling Tools Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Drilling Tools Market
9.5.5.1.1 Brazil Drilling Tools Market by Type
9.5.5.1.2 Brazil Drilling Tools Market by Application
9.5.5.2 Argentina Drilling Tools Market
9.5.5.2.1 Argentina Drilling Tools Market by Type
9.5.5.2.2 Argentina Drilling Tools Market by Application
9.5.5.3 Rest of South and Central America Drilling Tools Market
9.5.5.3.1 Rest of South and Central America Drilling Tools Market by Type
9.5.5.3.2 Rest of South and Central America Drilling 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. DRILLING TOOLS MARKET, KEY COMPANY PROFILES
11.1. BAKER HUGHES
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. BICO DRILLING TOOLS, INC.
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. DRILLING TOOLS INTERNATIONAL
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. DYNOMAX DRILLING TOOLS 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. SCIENTIFIC DRILLING INTERNATIONAL
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. TIANHE OIL GROUP CO. 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. WEATHERFORD INTERNATIONAL 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. Baker Hughes
2. BICO Drilling Tools, Inc.
3. Drilling Tools International
4. Dynomax Drilling Tools Inc.
5 .Halliburton Energy Services, Inc.
6. National Oilwell Varco
7. Schlumberger Limited
8. Scientific Drilling International
9. Tianhe Oil Group Co. Ltd.
10. Weatherford International 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.